Despite maintaining remarkable growth in the wake of the global financial crisis, some East Asian and Latin American countries still face immediate and long-term,challenges that require renewing their models for sustainable development.
The Ministry of Foreign Affairs’ Economic Department said the potential for economic restructuring and growth model cooperation between Vietnam and FEALAC member nations is huge.
Multilateral ties between Vietnam and FEALAC’s members have gradually strengthened, with some even developing into strategic partnerships.
Several Latin American countries have joined China, Japan, the Republic of Korea, and ASEAN members in representing Vietnam’s leading trading partners and major sources of foreign direct investment (FDI).
Vietnam can learn from FEALAC’s comparatively successful response to the 2008-2009 global economic recession while it can share its Doi Moi (Renewal) experiences over the past 27 years
After two years of economic restructuring,Vietnam has secured macroeconomic stability, reducing inflation to under 7 percent in 2012 and continuing to keep it in check in 2013..
FEALAC members need to expand multilateral cooperation in a manner that takes advantage of individual countries’ strengths.
Chilean Ambassador to Vietnam Fernando Urrutia emphasised the importance of Southeast Asian and Latin American regional cooperation on sustainable development. But the idiosyncrasies of what specific countries require must all be taken into consideration.
A transparent multilateral system facilitating experience exchanges and coordinating responses to pressing concerns can only assist sustainable development.
Members should open their markets, share information, and transfer technology.
Venezuelan Ambassador to Vietnam Jorge Rondon Uzcategui said the economic and financial difficulties besieging industrialized countries force emerging nations to reinforce their friendships, prioritise multi-faceted cooperation, and use their individual resources in a manner that benefits general development.
In this context, regional organisations promoting international integration should be more active in encouraging business cooperation, he said..
FEALAC member countries’ socio-economic development successes demonstrate dynamic and reliable growth is possible without falling prey to the middle income trap.
The recent international economic turmoil is a stark reminder that historically successful growth models are not sure bets and must be updated, tailored, or even dispensed with if found to be unsuitable in a rapidly changing world.