AEF 2026: Countries urged to balance openness with economic resilience

The forum, themed ‘The Convergence of New Global Growth Engines,’ is taking place from Monday to Thursday in the city’s An Khanh Ward.

Speaking at the forum’s high-level plenary session, officials from the Philippines, the United Arab Emirates, the United Kingdom, China and Cambodia highlighted the growing importance of international cooperation in artificial intelligence, digitalization, clean energy, and sustainable manufacturing.

Arsenio M. Balisacan, Secretary of the Philippines’ Department of Economy, Planning and Development, said global integration had boosted incomes and development for decades but had also exposed economies to risks when they relied too heavily on particular industries, suppliers, markets or trade routes.

“We cannot assume that the conditions that underpinned growth in the past will return. But the answer is not to stop integrating. It is to reduce excessive dependence and build each country’s own capabilities,” he said.

He pointed to ASEAN as an example of how regional cooperation can support broader global objectives.

As ASEAN chair, the Philippines has promoted energy security and regional connectivity through initiatives such as the ASEAN Petroleum Security Agreement and the ASEAN Power Grid.

He also highlighted the conclusion of negotiations for the ASEAN Digital Economy Framework Agreement, which is expected to be signed in November and is intended to expand cross-border digital trade, including opportunities for small businesses.

“Openness creates opportunities. Productivity turns opportunities into growth. Resilience makes growth sustainable,” Balisacan said.

Saeed Bin Mubarak Al Hajeri, Minister of State at the United Arab Emirates (UAE) Ministry of Foreign Affairs, said the next phase of economic growth would depend on international partnerships as well as national capabilities.

He described AI as a driver of the entire economy and emphasized the need to translate technological advances into tangible benefits for people.

Al Hajeri said Vietnam’s industrial base, expanding innovation ecosystem, and integration into global value chains created significant opportunities for cooperation with the UAE.

The two countries’ comprehensive economic partnership agreement, which took effect in February this year, provides a framework for expanding trade, investment and private-sector ties.

The UAE is seeking deeper cooperation with Vietnam in advanced technology, clean energy, logistics, manufacturing, and innovation, he said.

Baroness Rosalie Winterton, Parliamentary Under-Secretary of State for Indo-Pacific at the Foreign, Commonwealth and Development Office, said the UK stands ready to support Ho Chi Minh City’s efforts to develop an international financial center.

She stressed that such a center would require a robust legal system, reliable regulation and financial services capable of mobilizing long-term capital.

She also identified opportunities for UK-Vietnam cooperation in AI, cybersecurity, financial technology, health technology, and semiconductors.

The transition to clean energy could create jobs and business opportunities while strengthening energy security, she added.

Zhang Qi, vice-president of the Development Research Center of China’s State Council, said global investment in green energy reached US$2 trillion last year, while the digital economy had grown by 10-12 percent annually for several consecutive years, outpacing global GDP growth.

Citing International Monetary Fund figures, Zhang said emerging and developing economies accounted for more than 70 percent of global growth, while the Global South contributed more than half of the increase in world trade.

“Openness and cooperation are not optional; they are essential to unlocking growth potential,” she said, calling for stable global supply chains, stronger innovation capabilities, financing mechanisms suited to developing countries and closer interregional cooperation.

Zhang also highlighted Vietnam’s economic performance, saying GDP growth exceeded nine percent in the first three quarters of 2026, alongside progress in exports, foreign direct investment and industrial upgrading.

She urged China, Vietnam and other ASEAN countries to strengthen cooperation in infrastructure, technology and trade frameworks.

Meanwhile, Khuong Sreng, governor of Phnom Penh, said Cambodia was pursuing digitalization, technological innovation, renewable energy and industrial modernization under the first phase of its Pentagonal Strategy. The country aims to achieve carbon neutrality by 2050.

He called for stronger regional cooperation in cross-border digital connectivity, green investment, and supply chains to support sustainable industrial growth.

The forum’s plenary session also featured presentations from the mayor of Yangon, the United Nations resident coordinator in Vietnam, and the European Union ambassador to Vietnam.