Vietnam proposes solutions to promote sustainable and inclusive development

Deputy Prime Minister Bui Thanh Son speaks at the Summit on a sustainable, inclusive and resilient global economy. (Photo: Ministry of Foreign Affairs)

Deputy Prime Minister Bui Thanh Son speaks at the Summit on a sustainable, inclusive and resilient global economy. (Photo: Ministry of Foreign Affairs )

On September 24, Deputy Prime Minister Bui Thanh Son attended and delivered a speech at the First Summit on a Sustainable, Inclusive and Resilient Global Economy : Delivering on Financial Commitments for the Sustainable Development Goals (SDGs).

Held at the initiative of United Nations Secretary-General Antonio Guterres to implement the Compact for the Future adopted by United Nations members in September 2024, the conference is of great significance, creating a solid foundation for implementing financial commitments for development, mobilizing and effectively allocating resources and reshaping global policy and governance frameworks.

The conference attracted high-level participation from United Nations member countries, including 8 Presidents, 3 Vice Presidents, 5 Prime Ministers, 3 Deputy Prime Ministers, more than 60 Ministers and heads of international organizations such as United Nations Secretary-General Antonio Guterres, President of the United Nations General Assembly, Director-General of the World Trade Organization...

Speaking at the opening session of the conference, the UN Secretary-General emphasized the need for a comprehensive multilateral financial system to address capital shortages and debt crises in developing countries; affirming that this summit aims to strengthen cooperation, cohesion and inclusiveness in global finance, focusing on mobilizing more resources for sustainable development with key solutions including: Strengthening domestic research capacity, tripling the lending capacity of multilateral development banks, mobilizing private finance and promoting international tax cooperation.

The President of the United Nations Economic and Social Council stressed the need to strengthen links between the United Nations and international financial institutions, enhance the voice of developing countries in decision-making, and promote comprehensive and equitable reforms.

Conference scene. (Photo: Ministry of Foreign Affairs)

Statements by countries and international organizations also highlighted serious challenges caused by conflicts, climate change and debt crises, while the $4 trillion annual financial gap is hindering the implementation of the SDGs; emphasized the need to focus on mobilizing resources, especially for low-income countries, and affirmed the important role of infrastructure and education in creating jobs for young people, along with the need to improve policies and transparent legal frameworks in implementation.

To achieve the goal of financing development, countries called for reforming international financial institutions, strengthening the role of the private sector, enhancing the capacity of multilateral development banks and improving debt relief processes.

The European Union (EU) has committed to mobilizing 300 billion euros by 2027 through the Global Gateways Initiative to support economic, digital and green connectivity globally.

The IMF stressed the role of sound macroeconomic policies, strong institutions and a dynamic private sector, and recommended fiscal consolidation, increased revenue and structural reforms to boost private investment.

Deputy Prime Minister Bui Thanh Son welcomed the initiative to hold the conference, emphasizing that this is a turning point moment for countries to turn commitments into actions, promote resources for sustainable development, resolve the debt crisis, and strongly promote the role of southern countries in the international financial structure.

Sharing about the 40-year journey of Doi Moi, from a war-ravaged country to a middle-income developing country with a comprehensive, inclusive and sustainable economy, Deputy Prime Minister Bui Thanh Son emphasized that Vietnam's achievements today are a testament to the resilience and persistent efforts of the Vietnamese people as well as the valuable support from the international community.

Vietnam has attracted and effectively used international financial support, especially ODA and preferential loans, for poverty reduction, infrastructure development, education and health care, and improving people's lives.

Based on the experience and efforts of the Vietnamese Government in perfecting the legal framework, promoting reforms and removing bottlenecks to continue attracting quality ODA capital, meeting current financial needs to complete strategic breakthroughs in institutions, infrastructure and human resources and implementing the Sustainable Development Goals, the Deputy Prime Minister shared three specific proposals.

Firstly, people are the center and driving force of all development policies and strategies so that no one is left behind.

Second, finance for development needs to be prioritized for new growth drivers such as science, technology, innovation, green transformation and digital transformation to prevent the technology gap from becoming a new barrier to sustainable development.

Third, call for a comprehensive approach at the regional and global levels, accelerate global financial governance reforms towards greater transparency, equity and inclusion, and encourage the active participation of regional institutions, especially those led by southern countries.

Source: https://nhandan.vn/viet-nam-de-xuat-cac-giai-phap-thuc-day-phat-trien-ben-vung-bao-trum-post910399.html