Speaking at the event, Minister of Planning and Investment Vo Hong Phuc noted that global economies, including those in the GMS, have shown signs of recovery, but the recovery process is unsteady. In the face of imminent risks and unexpected developments, GMS countries should cooperate closely to overcome the global financial and economic turmoil, address climate change issues, and boost regional and global economies in a rapid and sustainable manner.

Vietnam is committed to promoting cooperation with other countries to undertake regional cooperation initiatives, said Mr Phuc.

He expressed his hope that delegates would further examine the adverse impact of the global recession on GMS development and put forward practical solutions to overcome difficulties.

“I believe that with their own efforts and effective support from the international community, GMS economies will overcome challenges to achieve sustainable development and prosperity in the future, “said Mr Phuc.     

Delegates focussed their discussions on the impact of the global financial crisis and GMS response, development cooperation and investment under the GMS Programme, and the role of the Asian Development Bank (ADB) in regional development programmes. They also looked at opportunities and challenges facing Vietnam in the GMS Programme, Thailand’s lessons to ride out the crisis, and investment promotion in Vietnam, Laos and Cambodia.

Presentations showed that GMS has many regional cooperation initiatives which have been undertaken, bringing a facelift to the region and its member countries.

Vietnam is one of the first six countries to have taken part in all GMS cooperation programmes and initiatives. It is also one of the countries which has benefited most from these programmes. It has integrated GMS priority programmes into its development plans.

Delegates shared the view that GMS countries have made considerable achievements in cooperation thanks to effective assistance from donors. However, they said there remains challenges and difficulties lying ahead. Due to the global recession, many GMS projects have either failed to mobilise capital or been delayed, causing great consequences on the region. They hope to receive additional financial support from donors and international organisations.

According to Ayumi Konishi, ADB Country Director for Vietnam, the bank has financed 41 projects capitalised at US$11 billion and provided technical assistance to 179 other projects worth US$208 million. Of the total, Vietnam has taken part in 14 financed and 135 technical assistance projects.

Japanese Ambassador to Vietnam Sakaba Mitsuo pointed out that Japan considers the GMS is a key area and it will continue to inject official development assistance (ODA) capital into this area. He said Japan is to grant approximately US$5.5 billion in ODA to the region.

Delegates agreed that in the coming year, major goals are to improve the living conditions of people living in the river basin, especially the poor, encourage the efficient use of land and water, develop hydro power harmoniously, improve fishing with a focus on developing aquaculture and conserving indigenous species of fish, increase waterway transport, mitigate the impact of droughts and floods, and protect the environment.