Addressing the two-day event, which opened in Kuala Lumpur on June 15, Minister Ninh said that with the strong integration of the global economy, the slowdown was having a significant impact on Asian economies. He added that Vietnam is being affected by high inflation.

Borge Brende, managing director of the World Economic Forum, said at the opening session that the fuel crisis and food shortages were proving a testing time.

"The region cannot afford to be complacent. The question is whether Asia can maintain its growth momentum against the strong headwinds," he said.

Participants in the forum agreed that Asia first needs to enhance regional cooperation instead of resorting to protectionism.

The Japanese Minister of Financial Services and Administrative Reform, Yoshimi Watanebe, called on Asian nations to help one another and not to fall into the trap of protectionism.