Prime Minister Pham Minh Chinh called for fostering trust, promoting dialogue, and bolstering the spirit of solidarity, unity, cooperation, and development to embark on the "Next Frontiers for Growth” while addressing the plenary session of the annual meeting of the New Champions of the World Economic Forum (WEF) in Dalian, China, on June 25.
Chinh stressed the need to effectively address regional and global issues based on principles of laws and ensure the harmonious interests of all parties involved, not politicalising and discriminating global science, technology, and innovation.
Vietnam suggests that the WEF, its partners, and the business community enhance their roles in offering guidance, providing support, and advocating public-private partnerships while also taking the lead in guiding the development, he said, adding that developed countries need to support, assist and collaborate with poor, developing countries, in the areas of strengthening and refining institutions of market economy, providing support and assistance in resources for the development of strategic infrastructure systems, and transferring advanced technologies and support for the training and development of human capital, particularly in high-quality human resources.
The Vietnamese Government leader also suggested that international cooperation in making, planning and implementing policies at the global level be enhanced. He emphasised the need to strengthen cooperation for growth, coordinate more closely in management of dynamic, proactive, flexible, timely and effective monetary policy combined with the cautiously open fiscal policy, with public investment leading the private investment. Trade and investment liberalisation should also be bolstered to stimulate short term total demand while also impacting positively the total supply in the long term.
“There is a Chinese proverb that says, “A single tree does not make a forest.” Let us uphold the spirit of solidarity, cooperation, resolve, and responsibility and remain perseverant and resilient. Every nation, enterprise, and individual should unite in pursuit of the next frontiers for growth, prosperous development of the world, and a happier and better life for all people,” stated Chinh.
Sharing Vietnam’s story, the Prime Minister said that its success over the past nearly four decades is attributed to the key terms: Reform, Innovation and Integration. From a 30 year war-torn, embargoed country, Vietnam currently stands among the world's top 40 economies and ranks as one of the top 20 trade and investment partners globally.
With 16 free trade agreements (FTAs), and diplomatic relations with 193 countries, Vietnam's economy surged to US$430 billion in 2023, with GDP per capita reaching US$4,300 and foreign investments registering a record US$36.6 billion. In 2024, the first quarter saw a growth of 5.66 percent, with the second quarter expected to surpass this and maintain a more positive trend in the latter half of the year, he shared.
These achievements underscore the effectiveness of Vietnam’s development strategies and policies under the leadership of the Communist Party and the State, which are grounded in three key pillars of building a socialist-oriented democracy, building a socialist rule of law state, and developing a socialist-oriented market economy, said Chinh.
The PM went on to say that as close neighbours bound by shared mountains and rivers, Vietnam and China are currently working together to build a "Community with a Shared Future". Vietnam is pleased to witness China's strong development and rise amidst difficult and challenging regional and world situation.
“We are confident that China will continue to play a crucial role in the global economy, particularly in advancing digital, green transformations, circular economy and bolstering international economic integration and cooperation. A strong, self-reliant Chinese economy will have positive impacts on the world as it deepens its global integration,” he added.
This is the third consecutive time WEF has invited PM Chinh to attend its annual meeting, which not only demonstrates WEF's high regard for Vietnam but also its appreciation for the country's contributions to discussions on global issues as well as its inspirational stories about innovation, integration and development.
On the same day, PM Chinh attended and delivered a speech at the Informal Gathering of World Economic Leaders (IGWEL) on cooperation towards economic growth.
To boost cooperation towards economic growth, he emphasised five priority solutions, including building and innovating the global economic governance system towards efficiency, transparency, and inclusion; building a framework for macro policy coordination; promoting trade and investment liberalisation; enhancing cooperation in mobilising resources for development; and focusing on boosting new growth drivers.
