Vietnam chairs UNCTAD’s 14th session in Geneva

The event featured the participation of representatives of all member countries, intergovernmental and investment promotion agencies, and non-governmental groups.

The meeting offered an opportunity in which member states and investment and development stakeholders can come together to discuss major and emerging issues   related to investment, business, and technology. This is along with focusing on their impacts on the sustainable development process and exchanging views on effective solutions and policies for all parties to refer to.

The major content of this session focuses on the latest developments occurring in trends and policies on investment, business, and science and technology for development; best practices in implementing business and investment support policies to serve sustainable development; as well as development directions in using digital business and investment support tools for launching widespread e-government activities.

This is along with exploiting blockchain technology for the purpose of sustainable development, as well as challenges which developing countries are facing when adopting blockchain technology.

Under the chair of Ambassador Dung, delegates held discussions and proposed many specific solutions to the main contents. The Group of 77 and China appreciates UNCTAD's work and analysis on foreign direct investment (FDI) and other investment flows mentioned in the annual World Investment Report (WIR). The also used the event as a platform in which to express concern over insufficient investment capital needed to promote the Sustainable Development Goals (SDGs).

They underlined the urgent need to significantly increase both public and private investment to achieve the SDGs before the 2030 deadline.

The Asia-Pacific Group moved to support UNCTAD's initiatives on investment facilitation and welcomed the topic of blockchain technology at the meeting, noting that despite significant progress, the ASEAN region does not yet have the space to improve, attract, facilitate, and maintain investment.

The group of African countries reaffirmed the need for strategic and sustainable investment in the continent in order to address FDI fluctuations, as well as gaps which hold back the development of critical infrastructure.

Representatives of the group of African countries also evaluated the important role of technology and digital trade in terms of helping countries to overcome barriers in attracting sustainable investment based on the three pillars of society, economics, and the environment.

The commission is set to continue to discuss the main contents of the session in upcoming meetings. In addition, countries will also listen to presentations; discuss and approve two reports of the commission, including a report on investment, innovation, and entrepreneurship to improve production capacity and sustainable development; and a report of an intergovernmental working group consisting of experts on international accounting and reporting standards.

Vietnam being elected for the first time as chairman at a meeting of a commission within the UNCTAD framework shows the great appreciation of this agency and its member states for policies and achievements in the nation’s investment attraction, and sustainable development over recent years. Indeed, it focuses on Vietnamese priority areas such as digital transformation, green transformation, science - technology, and artificial intelligence.

This is also viewed as an opportunity for the nation to demonstrate its proactive role at UNCTAD, as well as at other UN international forums.