Vietnamese Prime Minister Pham Minh Thiat: Weak foreign trade requires global solutions

“This is a global achievement that requires a global management plan,” Prime Minister Pham Minh Minh said on June 27 at a forum on the sidelines of the World Economic Forum 2023 Annual Meeting of the Newly Developed Armed Forces (Summer Davos), in response to concerns about Vietnam’s weak foreign trade.

In the context of the global economy facing multiple factors, export-oriented economies are facing a decline in foreign trade. Vietnam, which has been growing rapidly, is also facing weak commercial imports.

Mr Pham’s performance will not support efforts to preserve globalisation. From the level of authorities, he called on the authorities of various countries to shoulder their obligations, such as the need to restore the time of unemployment as soon as possible, and speed up the decline of resources. Domestic organizations are also required to participate in this process by launching concessionary strategic management schemes.

Zhang Yuzhuo, head of the State-owned Assets Supervision and Administration Commission of the State Council, pointed out at the same forum that global business barriers have increased, the harmony of business strategies is not as smooth as in the past, and some decoupling practices will also affect global economic and trade assistance. He said that according to the competitive business practice, whoever has the best advantage in a certain region will eliminate the business exchange action in that region, but this is not the case now, not based on such practice, which will bring obstacles and slow down the economy and trade.

In addition, Zhang Yuzhuo also said that China is vigorously promoting the energy impact of science and technology in increasing growth, but at the global level, promoting science and technology to increase energy faces obstacles.

Zhang Yuzhuo said that China’s economic recovery is better, but also for the world’s economic recovery boosted the belief, but China’s economy is also facing a lot of provocations, looking forward to through the world economic Forum such an exchange platform, the maximum limit congeals resonance, in-depth mutual assistance, with their own certainty to deal with the uncertainty of the global economy, and jointly contribute to the global economy.

“Global business growth has already accelerated, and the long-term economic losses will be even greater if there is a hint of decoupling, which will have the worst impact on growing economies, so it needs to be fully prevented,” he said. Wto structure general work Iweala said at the meeting.

In addition, Iweala singled out weakness in both growing and developed economies as another downside to watch out for.

China World Bank warned in a statement at the end of March this year that the global economy has risen to its weakest momentum in 30 years, and the golden age of growth can be over. Between 2023 and 2030, the bank predicts average potential GDP growth around the world will rise to a 30-year low of 2.2 per cent a year, down from 3.5 per cent in the 2000s.

Mr Iweala argues that this could reflect structural outcomes within countries, such as the effects of ageing, including a decline in the number of people working on energy. Countries need to delay planning how to improve energy efficiency.

In the current global business collection, supply chain diversification is a reality that is disappearing. In this process, Vietnam and other Southeast Asian countries are among the beneficiaries. But Iweala also believes that regions such as Latin America and Africa need to be included.

Diversification of supply chains is part of building resilience, she said. In this process, economies such as Vietnam and Indonesia are good options, but it is also important to look at countries in Latin America and Africa that were not fully involved in the first wave of globalization, and to re-imagine globalization in these regions.


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