Vietnam proposes UNCTAD provide continued support for developing countries

The Vietnamese Deputy FM led a Vietnamese delegation to the Global Leadership Forum (GLF) held on the occasion of the 60th anniversary of the establishment of UNCTAD which took place at the UN headquarters in Geneva from June 12 to June 13.

The event was attended by the UN Secretary General, the secretary general of UNCTAD, leaders of many countries, along with ministers, deputy ministers, ambassadors, and representatives of 195 UNCTAD member countries and international organisations.

With the theme "Charting a new development course in a changing world", the forum consisted of seven discussions focusing on developing industrial policies for the purpose of trade and development, maintaining and promoting growth and a digital future, reshaping global value chains, and outlining orientations for developing countries in the context of a changing world economy facing various challenges.

Members hailed UNCTAD's efforts and role over the past six decades, agreeing that UNCTAD needs to work as a means of further enhancing its role in representing the voice of developing countries in terms of reshaping global governance whilst also promoting an agenda for sustainable development.

The forum therefore welcomed UNCTAD's recent reforms, consenting to change the organisation's name to the UN Trade and Development Agency to truly reflect a higher level of commitment, thereby expanding its approach and intensifying support offered to developing nations.
At the forum, Deputy FM Hang spoke at two discussion sessions aimed at boosting sustainable investment capital flows whilst improving the efficiency of global supply chains and preparing for the future economy, specifically urgent options and actions.

She noted her appreciation of UNCTAD's numerous achievements and contributions over the past 60 years in its role as representing the voice of developing countries and promoting global trade and investment.

Sharing her assessment of the opportunities and challenges posed to global economic growth, trade, investment, and sustainable development, the Vietnamese diplomat laid stress on five key challenges. These include the adaptability of developing countries that cannot keep up with the rapid and profound changes in the world; the big gap in development, technology, and investment between nations; limited financial, human, and natural resources; complex climate change occurring alongside environmental challenges; and growing geopolitical tensions, fragmentation trends, and competition.

Amid this context, Deputy FM Hang proposed five directions for UNCTAD to continue to enhance its role and support for developing countries in the coming time. First is to continue to take the lead in promoting multilateralism and strengthening global co-operative actions.

Second is to develop an open trade and investment system, thus bringing greater benefits to all countries and stakeholders.

Third is UNCTAD moving to support the raising of the voice of developing countries in the policy-making process, global regulations, and standards, especially in new areas such as green growth, digital transformation, and creative innovation.

Fourth is UNCTAD assisting developing countries in increasing their resilience to external shocks and multiple crises. Finally, seeking to increase the connection of UNCTAD's activities with global agendas.

The Vietnamese official also shared the nation’s economic development achievements, policies, development orientations, investment policies, and international integration.

She thanked UNCTAD for its support given to the country in recent times and asked UNCTAD to continue accompanying it in the coming development journey, while affirming the nation’s commitment to support UNCTAD's co-operation goals and orientations.

As part of her attendance at the event, Deputy FM Hang held a host of meetings with Rebeca Grynspan, secretary general of the UNCTAD; Ngozi Okonjo-Iweala, director general of the World Trade Organization (WTO); Mirek Dusek, executive director of the World Economic Forum (WEF); and Senior Minister of Cambodia in charge of Special Mission (Multilateral Trade and Economic Affairs) Dr. Osman Hassan.

At the meetings, the leaders highly appreciated the Vietnamese Government's management and national development achievements and agreed to promote co-operation and accompany the country on the path of development.

Grynspan highlighted Vietnam as a successful model of international economic openness and integration, while Okonjo-Iweala said that Vietnamese macroeconomic indicators are the wish of many economies.

Meanwhile, the WEF emphasized that the country is a promising investment destination for member corporations.