Deputy Prime Minister Ho Duc Phoc: Unblocking financial resources, promoting new growth drivers

(Chinhphu.vn) - Speaking at the plenary discussion session of the FfD4 Conference, Deputy Prime Minister Ho Duc Phoc proposed to unlock financial resources to serve the development of new growth drivers such as green transformation, innovation, digital transformation, and circular economy, with priority given to developing countries.

Deputy Prime Minister Ho Duc Phoc attended and delivered an important speech at the Plenary Session of the FfD4 Conference. Photo: VGP/Tran Manh

Continuing activities within the framework of the Fourth International Conference on Finance for Development (FfD4 Conference) in Seville, Spain, on July 1 (local time), Deputy Prime Minister Ho Duc Phoc attended and delivered an important speech at the Plenary Session of the FfD4 Conference.

Speaking at the Discussion Session, Deputy Prime Minister Ho Duc Phoc emphasized that the world is witnessing an increase in non-traditional challenges, geopolitical tensions, escalating armed conflicts, and trade policies that pose many risks to cooperation and development.

Considering that the FfD4 Conference takes place at a crucial time, the Deputy Prime Minister emphasized that countries must unite, act responsibly, peacefully resolve disputes, respect international law and the United Nations Charter ; Let us work together to revitalize multilateralism , promote positive multilateralism , and work together to repair the rift in international development cooperation, trade and investment.

Deputy Prime Minister Ho Duc Phoc emphasized that countries must unite, act responsibly, and join hands to restore the broken ties in development cooperation, international trade and investment.

Sharing the country's development policies and goals, Deputy Prime Minister Ho Duc Phoc affirmed that Vietnam will continue to adhere to the growth target of 8% in 2025 and double digits in the 2026-2030 period; determined to make strategic breakthroughs in institutions, infrastructure and human resources; develop science and technology, innovation, digital transformation and develop the private economy. Along with that, Vietnam is continuing to promote the revolution in administrative unit arrangement.

The Deputy Prime Minister proposed solutions to unlock financial resources to serve the development of new growth drivers such as green transformation, innovation, digital transformation, and circular economy, with priority given to developing countries. Photo: VGP/Tran Manh

In that spirit, Deputy Prime Minister Ho Duc Phoc made three specific proposals:

First, accelerate the reform of global financial governance institutions, first of all multilateral development banks, towards providing practical financial resources.

Second, cooperate and share achievements in science and technology development, innovation and digital transformation to create new momentum for growth.

Third, unlock financial resources to serve the development of new growth drivers such as green transformation, innovation, digital transformation, and circular economy, with priority given to developing countries.

Vietnam is ready to join hands, join efforts, and stand united with partners to overcome difficulties, strongly implement commitments for peace, cooperation and prosperity worldwide as well as in each country.

Affirming that Vietnam welcomes the outcome documents approved at the Conference, Deputy Prime Minister Ho Duc Phoc hopes that the contents of the documents will be implemented resolutely and effectively.

Vietnam is ready to join hands, join efforts, and stand united with partners to overcome difficulties, strongly implement commitments for peace, cooperation and prosperity worldwide as well as in each country./.

Tran Manh

Source: https://baochinhphu.vn/pho-thu-tuong-ho-duc-phoc-khoi-thong-cac-nguon-luc-tai-chinh-thuc-day-cac-dong-luc-tang-truong-moi-102250701192856035.htm