PM outlines initiatives to address trade protectionism in smart era

Addressing a panel discussion on global trade and development in the smart era in Davos on January 21, Chinh emphasized the need for a comprehensive approach across four dimensions, from geopolitics and security (with peace and cooperation aspects given priority) and economics (rapid and sustainable development), to the environment (sustainable resource utilization); and social affairs (progress, fairness, and inclusivity).

Vietnam, he said, must prepare its resources for this new era with a focus on innovative thinking, vision, and motivation derived from its people and businesses.

For her part, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD) Rebeca Grynspan expressed admiration for Vietnam’s economic growth achievements, averaging 7% over the past 30 years. She emphasized that the 2025 hosting of UNCTAD 16 in a dynamically developing country like Vietnam, which has successfully embraced openness and integration, marks a significant milestone in the new phase of UNCTAD’s journey.

She highlighted the importance of trade as a key driver of growth and noted that Southern Hemisphere nations will play a crucial role in global trade, accounting for 70% of total trade value within the next five years. However, she cautioned about potential risks to global trade, including protectionism, competition, and the threat of trade wars. She and other speakers called for enhanced international cooperation, openness, integration, and the strengthening of multilateral trade to foster growth, reduce inequality, and ensure no one is left behind.

Echoing the UNCTAD Secretary-General, leaders of international organizations, experts, and scholars praised Vietnam’s socio-economic achievements, particularly its effective engagement in global supply chains and implementation of the policy of leaving no one behind.

They agreed that the country’s efforts in agriculture, rural development, and innovation, which have placed it among the top 15 countries in the Global Innovation Index, were recognized as exemplary.

They also recommended that Vietnam leverage the dynamism and creativity of its youth, convert foreign investment into tangible benefits, and use innovation to overcome the middle-income trap.

The panel discussion was designed by the World Economic Forum (WEF) specifically for Vietnam that is scheduled to host UNCTAD 16 in October 2025.

The gathering was attended by leaders and senior representatives from international organizations such as the World Trade Organization (WTO), the Organisation for Economic Co-operation and Development (OECD), the International Fund for Agricultural Development (IFAD), the World Intellectual Property Organization (WIPO), the International Renewable Energy Agency (IRENA), as well as renowned scholars and experts.