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New technologies are changing global value chains

Deputy Prime Minister Nguyen Chi Dung acknowledged that new technology industries are fundamentally changing the structure of the economy and reshaping the global value chain.

Báo Yên BáiBáo Yên Bái30/05/2025

On May 30, Deputy Prime Minister Nguyen Chi Dung spoke at the 30th Future of Asia Conference in Tokyo (Japan). This conference has been established and developed for 30 years and is currently a leading prestigious policy dialogue forum in the region and the world .
The theme of this conference is Asia's challenges in a volatile world. Deputy Prime Minister Nguyen Chi Dung acknowledged that the world and Asia are facing unprecedented challenges, each of which is not just a separate problem but increasingly complex and intertwined.
According to the Deputy Prime Minister, one of the challenges comes from the uncertainty caused by geopolitical and economic shocks and fluctuations that are becoming more "frequent" and "multi-dimensional", from strategic competition, military conflicts, tariff protection, climate change, natural disasters, and epidemics. In particular, new technology industries are fundamentally changing the structure of the economy and reshaping the global value chain.
In addition, the decline of traditional growth drivers is increasingly having a profound and negative impact on the growth prospects of most economies. Specifically, according to Mr. Dung, the story of the "Asian miracle" partly stems from the effective exploitation of opportunities brought about by economic globalization, but these favorable conditions are changing fundamentally.
Another challenge is the decline in trust stemming from intensifying strategic competition, which limits the role of multilateral cooperation mechanisms in responding to unexpected shocks and global economic and political fluctuations. The role of the global governance system is at risk of being eroded, and the rise of nationalism is challenging the fundamental principles of the international legal system and multilateral cooperation institutions.
"Faced with these unprecedented challenges, what will be the fulcrum for Asia in the new development stage?", the Deputy Prime Minister asked.
Over the past three decades, the region has experienced the 1997 Asian financial crisis, the 2008 global financial crisis, and the Covid-19 pandemic. However, according to Mr. Dung, after each major crisis, Asia has overcome and emerged stronger, in line with the spirit of the Japanese proverb: "Fall seven times, stand up eight times."
He assessed that Asia still has all the necessary conditions to make a breakthrough and become the main driving force for global economic growth. According to him, Asia continues to maintain its role as a dynamic and stable growth region, a pillar of the global economy. In addition, Asia is increasingly becoming a convergence point of dynamic industrial and production networks, a region of peace and stability.
At the forum, Vietnam proposed five pioneering measures that countries in the region need to coordinate in the coming time. These include "renewing" multilateral cooperation mechanisms, strengthening the free trade system based on the "win-win" principle; promoting the development of science and technology, digital transformation, and innovation.
At the same time, Asia needs to take a pioneering role in promoting inclusive development, putting people at the center and driving force of all policies; creating new economic models, especially green and digital transformation; and strengthening solidarity, cooperation and mutual respect.
Also in his speech, the Government leader mentioned Vietnam's vision and relations with Japanese partners in the new era.
After nearly 40 years of Renovation, Vietnam has risen from a backward and underdeveloped economy to 32nd in the world in terms of economic scale, among the top 20 countries in trade and FDI attraction. GDP per capita in 2024 will reach 4,700 USD, approaching the upper middle-income threshold.
Up to now, Vietnam has become a model of healing and rising up after the war with open, comprehensive foreign relations and deep, substantive, and effective international integration, and is an active and responsible member of the international community.
However, with a highly open economy, Vietnam is also being strongly affected by the increasingly complex international context, intertwined with internal challenges.
"Vietnam has determined that in order to develop quickly and sustainably, it must have a new mindset, vision, and attitude, and at the same time must take drastic actions, reform strongly, and have the companionship and support of international friends, including Japan," said the Deputy Prime Minister. Along with that, according to him, Vietnam is also promoting three strategic breakthroughs (institutions, infrastructure, and human resources) and implementing the "four pillars", taking advantage of being a latecomer to "rise up".
Referring to the international context, the Deputy Prime Minister said that Japan is increasingly consolidating its role as a key link in the regional and global value chain.
"In the context of the world and Asia facing many epochal changes, Vietnam consistently views Japan as a leading important partner and a sincere and trustworthy friend," the Deputy Prime Minister emphasized. He said Vietnam hopes to continue receiving support, close cooperation, effective companionship and assistance from Japan to successfully achieve its development goals.
He cited the famous Japanese saying "one arrow is easy to break, three arrows are hard to break" and the Vietnamese proverb "one tree cannot make a forest, three trees together can make a high mountain", affirming that solidarity is the unparalleled strength to overcome difficulties, turning challenges into opportunities for innovation and breakthrough development.
In that spirit, the Deputy Prime Minister called on countries to "join hands", join hands, be united, overcome challenges, for peace, cooperation and common prosperity of the region and the world.
(According to VnExpress)

Source: https://baoyenbai.com.vn/12/351039/Cac-nganh-cong-nghe-moi-dang-thay-doi-chuoi-gia-tri-toan-cau.aspx


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