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Vietnamese premier pinpoints six headwinds to global economic growth: WEF

Vietnamese premier pinpoints six headwinds to global economic growth: WEF

Wednesday, June 28, 2023, 11:15 GMT+7
Vietnamese premier pinpoints six headwinds to global economic growth: WEF
Vietnamese Prime Minister Pham Minh Chinh (R, 3rd) is pictured at the discussion session of the 14th Annual Meeting of the New Champions of the World Economic Forum in China on June 27, 2023. Photo: Nhat Bac

Vietnam's Prime Minister Pham Minh Chinh listed six headwinds facing the Vietnamese and global economic growth, and put forward various solutions to major challenges at the discussion session of the the 14th Annual Meeting of the New Champions of the World Economic Forum (WEF) in China’s Tianjin on Tuesday.

The session was themed 'Confronting Headwinds: Regain Growth Amid Global Economic Uncertainties.’

Among the six headwinds are the global economic downturn and higher inflation; the prolonged COVID-19 pandemic; and geostrategic competition and protectionism, causing weak connectivity between nations.

Global conflicts, typically Russia’s attack on Ukraine, which may threaten food and energy security, were also listed as a headwind to global economic growth.

Developing countries vulnerable to outside impacts have weak resistance and adaptation, according to the Vietnamese government leader.

The last headwind pinpointed by PM Chinh includes complicated climate change, natural disasters, and diseases.

These hindrances should be taken into account due to their worldwide influence, said PM Chinh.

As such, it is vital to bolster international solidarity and multilateralism; put people first; focus on business and production recovery; and enrich cash flows to eliminate global hardships, according to the top Vietnamese official.

Vietnamese Prime Minister Pham Minh Chinh (2nd, right, first row) attends the opening session of the 14th Annual Meeting of the New Champions of the World Economic Forum in China on June 27, 2023. Photo: Duong Giang / Tuoi Tre

Vietnamese Prime Minister Pham Minh Chinh (R, 2nd, first row) attends the opening session of the 14th Annual Meeting of the New Champions of the World Economic Forum in China on June 27, 2023. Photo: Duong Giang / Tuoi Tre

He also called on international organizations, financial institutions, and major nations to smooth capital resources and activate new growth drivers.

Nations worldwide should join hands to focus on digitalization, green growth, circular economy, market diversity, fight against protectionism, and support for poor and developing countries.

The prime minister also underlined efforts in countering the politicization of economic relations.

Settling conflicts between nations is a need to maintain global peace and economic growth.

Furthermore, it is necessary to create favorable conditions for enterprises, especially small and medium ones, to do business.

PM Chinh affirmed that Vietnam is focusing on three main strategic breakthroughs, including infrastructure, mechanisms, and workforce.

The Southeast Asian nation will not sacrifice fairness, social welfare, and the environment to pursue growth, he stressed.

Vietnam pledges to keep creating the most favorable conditions for domestic and international investors, while improving the business climate.

PM Chinh called on WEF members to tap the Vietnamese market, mainly in the technology, financial, and training fields.

WEF president Borge Brende said that Vietnam is known as one of the countries with a rapid economic growth pace, and boasts much potential to contribute to the global economic development.

Speaking at the event, Chinese Prime Minister Li Qiang affirmed that the Chinese economy is moving toward high-quality, stable and sustainable growth, expanding cooperation and facilitating economic recovery.

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Tieu Bac - Ngoc An / Tuoi Tre News

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