Sustainability is key to ensure future prosperity for Asia

Prime Minister Nguyen Xuan Phuc outlined the main growth principles to secure Asia's prosperity

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The conference’s theme this year is “Globalism at a crossroads—Asia's next move.”According to the PM, regardless of whether we support globalisation, and the underlying principles of freedom of production and trade and opening up domestic markets for fair competition, the process has already been going on for hundreds of years and it is an inevitable trend.

“Globalisation is not only an economic process, but reflects people’s wish to reach further, to pursue happiness, and overcome challenges,” PM Phuc explained.

According to the PM, pushing green, sustainable, and inclusive economic growth is the way for Asia to take advantage of the benefits of this process and minimise the bad effects.

The PM emphasised that globalisation poses opportunities as well as challenges for Asia

Accordingly, countries need to create a coalition and push cooperation in multiple aspects and at multiple levels. The cooperation should include soft infrastructure, in order to create a policy environment that is conducive to business and trade.

Countries should also cooperate in transport and hard infrastructure in order to ensure the safe and unhampered movement of people and goods. They should cooperate in culture, working hand-in-hand to solve environmental problems, such as climate change, pollution, water security, and natural disasters.

The conference saw the participation of high-level leaders from Asian countries and major global companies

At the conference, PM Phuc also took the chance to introduce Vietnam as an attractive market thanks to its increasing purchasing power, with the fast growing middle class accounting for over 10 per cent of the population.

He said that in the context of globalisation, the Vietnamese government is determined to be honest and committed to serving people and businesses. The government’s orientation is to grow the country through increasing global integration. It would create an environment where the private sector is the primary driver of growth and is able to join in the global supply chain with its productivity and creative capacity.

“Vietnam’s policies are balancing between promoting economic growth and managing the scarce natural resources, ensuring environmental sustainability, and to meet the demands of the fourth industrial revolution—all while improving the quality of human resources,” he said.