OECD-Southeast Asia to be a model for building global investment partnership frameworks

Accordingly, on the afternoon of October 26 in Hanoi, Deputy Prime Minister Tran Luu Quang attended and spoke at the OECD-Southeast Asia Ministerial Forum 2023. In his speech, the Deputy Prime Minister proposed five orientations to promote investment cooperation between the Organization for Economic Cooperation and Development (OECD) and Southeast Asia.

The OECD will be a model for building global investment partnership frameworks. — Deputy Prime Minister Tran Luu Quang attends the OECD-Southeast Asia Ministerial Forum 2023.

Specifically: First of all , the two sides continue to strengthen policy advice, technical assistance and experience sharing with Southeast Asian countries in institution building and enhancing national governance capacity on sustainable investment.

Along with that, effectively implement the OECD-ASEAN Memorandum of Understanding, promote priority projects, especially on tax, trade and investment facilitation, and coordinate to standardize and harmonize investment regulations, environmental protection policies, and green investment.

Second, the two sides create momentum for investment cooperation on sustainable development in emerging and key areas, such as energy transition, green growth, digital economy, circular economy, and ecological agriculture.

The Deputy Prime Minister called on OECD countries to cooperate with Southeast Asian countries to build high-tech centers and innovation centers, thereby helping ASEAN to fully exploit its potential and become a center for connecting global supply chains and a center for research and development of technology to adapt to climate change.

Third, the Deputy Prime Minister proposed that OECD support the establishment of foundations for sustainable investment, such as cooperation in upgrading and connecting strategic infrastructure in Southeast Asia, enhancing connectivity between Southeast Asia and OECD through supporting the implementation of the ASEAN Connectivity Master Plan 2025, infrastructure development initiatives of OECD and member countries; developing high-quality human resources and management human resources to meet the needs of high-tech projects and source technology.

Fourth, creating models of sustainable and quality investment cooperation. Accordingly, to meet the huge investment needs, especially in developing countries, there needs to be an effective combination of resources from the state, the private sector, and multilateral development banks, through a unified vision and action among countries, regional and global organizations.

"With great potential and advantages, the OECD-Southeast Asia investment cooperation relationship will be a model for building global investment partnership frameworks," the Deputy Prime Minister emphasized.

Fifth , constantly consolidate a peaceful and stable environment for cooperation and development. On this issue, the Deputy Prime Minister affirmed that Vietnam and ASEAN always persistently promote the resolution of disputes and disagreements by peaceful means.

Faced with escalating conflicts at hotspots around the world, the Deputy Prime Minister called on relevant parties to exercise restraint, not take actions that complicate the situation, and soon resume negotiations to resolve disagreements through peaceful means, on the basis of international law and the United Nations Charter.

In recent years, cooperation between OECD and Southeast Asia has seen many positive developments with effective mechanisms and active participation of the business community through specific projects. This year's Forum is a prominent demonstration of the joint efforts of both sides to deepen the OECD-Southeast Asia partnership.

In the current development strategy, Vietnam identifies investment as an important growth driver of the economy; public investment is always given attention and strongly promoted by the Government; foreign investment is encouraged and facilitated for long-term development in an environment of equal competition.

Regarding foreign investment, at the recent Dialogue Conference with foreign enterprises, Prime Minister Pham Minh Chinh clearly stated Vietnam's three commitments: Protecting the legitimate and legal rights and interests of investors; accompanying enterprises to overcome difficulties and challenges on the principle of harmonious benefits and shared risks; creating an equal, transparent, healthy and sustainable production and business environment and ecosystem.

Deputy Prime Minister Tran Luu Quang believes that the achievements, along with the above-mentioned development orientation and the strong commitment of the head of the Government, will be the foundation for enhancing high-quality and sustainable investment cooperation between Vietnam and its partners, including OECD and Southeast Asian countries.

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