Vietnam backs central role of UN in dealing with common global challenges

Ambassador Le Thi Tuyet Mai, permanent representative of Vietnam to the UN, the World Trade Organisation (WTO), and other international organisations in Geneva, made the statement at a high-level segment entitled "Looking at the future: Getting the economy back on track and addressing the most pressing challenges" within the 77th executive session of the Trade and Development  Board and UNCTAC.

Leaders and representatives of various countries stated that the world is facing an extremely complex and challenging period, in which developing countries face even greater challenges. Financial space is in the process of shrinking, whilst food and energy prices are soaring and debt continues to pile up.

Simultaneously, recent international geopolitical tensions have put additional pressure on the already fractured multilateral system.

Speakers emphasised that solving the current series of crises facing the world and moving the global economy in the right direction requires greater will and strong actions. The solutions and recommendations presented at the session primarily focused on expanding the financial space of developing countries, reforming the global financial system, and reviving the multilateral system.

The majority of the opinions expressed by countries also outlined the need to strength international solidarity, uphold multilateralism, promote North-South co-operation, South-South co-operation, and tripartite co-operation. Indeed, these efforts are seen as the keys to achieving the goal of building the self-reliance of countries and reinforcing the multilateral system to cope with today's intertwined challenges.

In her speech, Ambassador Mai, shared that Vietnam highly appreciates and supports the implementation of visions and roadmaps outlined in the Bridgetown Agreement, adopted by UNCTAD members at the UNCTAD-15 conference held in October, 2021. This aims to help countries overcome inequality and vulnerability, move towards a comprehensive and sustainable recovery from the COVID-19 pandemic, and transform the model of national development and international cooperation to bring prosperity to  everyone.

The Vietnamese representative also emphasised the need for co-ordinated solutions and actions at international, regional, and national levels to address the intertwined challenges and create conditions specifically for inclusive and sustainable growth. Indeed, this would see people placed at the centre of all development policies and strategies.

The Ambassador went on to emphasise that the support of development partners is needed to come up with innovative solutions and actions in order to ensure resources and finance to increase support for low-income countries. This is especially true for developing and under-developed countries in  addressing global issues to promote trade and inclusive and sustainable development.

Moreover, Ambassador Mai also shared Vietnamese success in bringing the COVID-19 pandemic under control and implementing the Socio-Economic Development and Recovery Program. Through this, the country has maintained a strong GDP growth rate in the 2020 to 2022 period with a stable socio-economic situation, guaranteed macroeconomic balance, and controlled inflation.

Vietnam is also in the process of transforming the economic model towards a digital economy, innovation, green growth, sustainability, harmony between economic development, environmental protection, and social welfare for the people, she went on to say.

Ambassador Mai emphasised that Vietnam continues to contribute to global food security whilst maintaining open trade on the basis of a rules-based multilateral trading system with the World Trade Organization (WTO) being as the centre, while promoting sustainable agriculture.

As one of the most vulnerable countries due to the negative impacts of climate change, the nation continues to participate in climate change adaptation initiatives and commitments such as the goal of becoming carbon neutral by 2050. It also looks forward to continuing to receive active support from UN agencies and other partners in promoting green finance and building the Just Energy Transition Partnership (JETP).