PM addresses WEF on East Asia

(VOV) – Vietnam persists in developing a dynamic and competitive market economy, proactively integrating into regional and global economies.

Prime Minister Nguyen Tan Dung affirmed Vietnam’s consistent policy at the 22nd World Economic Forum (WEF) on East Asia in Myanmar on June 6.

He noted that East Asia is a dynamically developing region which is home to the world’s largest economies and many emerging economies, with its development based on multiple layer and multi-sectoral cooperation and integration for mutual benefit.

Prime Minister Dung says it's time to transform the East Asian economy (Photo:VGP)Prime Minister Dung says it’s time to transform the East Asian economy (Photo:VGP)

It presents a great opportunity, but requires regional countries to reform, improve themselves and adapt to the fiercely competitive integration environment, he said.

The PM recalled Vietnam’s economic development over the past two decades, saying economic transition from a centrally planned to a market economy has helped the country overcome many challenges and make many important achievements.

He said during the era of globalisation, developing countries like Vietnam are trying to achieve their growth target, reduce poverty and become industrialised nations.

According to the Vietnamese PM, the sufficient conditions for these countries to realise the goal, alongside national efforts, include an international environment of peace, stability and cooperation on the basis of respect for international law; trade and investment liberalisation through economic integration, and effective cooperation among nations in addressing common challenges of the region and the world.

Therefore, the enhanced process of international integration in East Asia and ASEAN in particular is of paramount importance, said Dung.

He acknowledged the need to enhance economic connectivity and integration between ASEAN and Mekong River countries, including the establishment of the transnational economic corridors, considering this an integral part of international integration.

Since 1998, with the support of ADB, regional countries have built a number of economic corridors, aiming to promote trade exchanges between countries, increase the competitiveness of the region, develop infrastructure and create socio-economic development opportunities in remote areas.

These corridors will eventually bridge links between South Asia, Central Asia and East Asia, and between the Indian and Pacific Oceans.

This is an important factor that any business that has ambitions to expand the market cannot ignore, said the Vietnamese PM.

However, support from development partners and the involvement of the private sector are needed to form prosperous economic corridors, meeting regional countries’ expectations.

To this end, PM Dung called on businesses to invest in socio-economic development projects in localities along the corridors in the interests of businesses, communities and the whole region.

He affirmed the government of Vietnam is ready for dialogues with businesses to further improve and create favourable business environment for all parties.

He proposed corridor countries and development partners further strengthen cooperation to promptly ease difficulties and promote the development of the corridors.

He expressed his belief that the summit will put forward initiatives, giving fresh impetus to sustainable development in the region.

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