VGP – Deputy Prime Minister and Foreign Minister Pham Binh Minh called on Asia to present a stronger voice and play a stronger role in global issues while he was addressing at the 25th International Conference on the Future of Asia in Tokyo, Japan on Thursday. 

Deputy Prime Minister and Foreign Minister Pham Binh Minh at the 25th
International Conference on the Future of Asia in Tokyo, Japan on May 30, 2019

Deputy PM, FM Minh's full remarks at 25th Int'l Conference on Future of Asia 

Asian countries must lead the process of cooperation for a fairer and more equitable, cooperative, sustainable and effective world order, Minh said. 

Specifically, Asian countries need to strengthen the international economic integration and linkage process and regional connectivity initiatives; so as to maintain an international environment that facilitates growth, investment and trade.

The continent should uhold inclusive multilateralism and equal, mutually beneficial cooperation, based on international norms and laws, to foster the healthy connectivity among economies, achieve consensus on priorities and coordinate actions to together address common challenges.

The dynamism, innovation and growing connectivity of Asia is ground for us to be optimistic about the bright economic future of the region, according to Deputy PM, FM Minh.

He said the contribution of Asia to global GDP has grown from 14% to 36% within a mere thirty years from 1988 to 2018 and the continent will account for 55% of global output and two-thirds of global growth by 2050.

Technologically speaking, Asia, once a backward region, has  become a powerhouse in experimenting new technologies with 51% of businesses in this continent has invested into technologies to stay ahead for the 5G network. 

It is expected that by 2021 digital technology shall contribute an additional US$1.160 trillion to regional GDP, and accelerate per-annum growth by another 0.8%. In Southeast Asia alone, the number of internet users is now 53% of the population.

In terms of economic linkages, Asia today is home to 2/3 of all FTAs in the world. In spite of the rising wave of trade protectionism in the world, the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) has been signed and come into force, the first new-generation FTA in the world. The negotiation for Regional Comprehensive Economic Partnership (RCEP) is going strong, and may well be signed by the end of this year.

Regarding Viet Nam’s policy, Deputy PM, FM Minh affirmed the country is steadfast in pursuing the foreign policy of independence, self-reliance, cooperation and development, diversification and multilateralization of external relations, proactive and active international integration. 

“We are also stepping up economic reforms, improving the business environment, promoting the development of all economic stakeholders, and investing into education and human resources development,” stressed Minh, adding that international integration has truly become a key driver for growth and socio-economic development.

After 30 years of reform, Viet Nam has become an inseparable element of the region and the world and is now one of the fastest-growing and most open economies in Southeast Asia.

The country’s GDP growth was nearly 7.1% in 2018, among the fastest-growing economies in the world; total trade value was US$485 billion, or 200% of GDP.

Viet Nam is also the only ASEAN country that has established  strategic partnerships and comprehensive partnerships with every G7 country and 16 out of 20 G20 countries.

Among all major trade and investment partners of Viet Nam, G7 alone accounts for 27% of all FDI inflow into Viet Nam and 50% of her total trade value in 2017 – which is growing at 10 to 12% per annum on average./.