Vietnam’s premier proposes 3 strategic assurances for global growth at G20 Summit

PM Chinh is attending the two-day summit, scheduled for November 22–23, at the invitation of South African President Cyril Ramaphosa, the current G20 chair.

This marks Vietnam’s seventh attendance at the annual event.

During the summit’s first working day, G20 leaders focused on two key issues, inclusive and sustainable economic growth, as well as the group’s role in building a more resilient world, according to the Vietnamese Ministry of Foreign Affairs.

They noted that the global economy is facing rising risks and uncertainties, as slowing growth and prolonged geopolitical tensions continue to narrow development space for many countries.

The leaders stressed the need for closer coordination of fiscal, monetary, and trade policies to address macroeconomic imbalances and inequality, while strengthening market confidence, enhancing regional connectivity, and mobilizing investment resources.

At the summit, PM Chinh emphasized that global governance must prioritize peace, stability, and inclusive, comprehensive development, leaving no one behind.

Reaffirming Vietnam’s readiness to pursue active, equal, and mutually beneficial cooperation with all partners, Chinh outlined three strategic assurances guided by the principle of ‘unity for strength, cooperation for shared interests, and dialogue for trust.’

First, Chinh stressed the need to ensure stability for development in international relations, global politics, and the macroeconomic environment.

He urged the G20 to lead in building mechanisms for international cooperation based on mutual respect, peaceful conflict resolution, and the creation of favorable conditions for development.

He also called for stronger policy coordination to prevent systemic risks, enhance crisis response, reduce trade barriers, limit supply chain fragmentation, and promote debt transformation initiatives to safeguard global macroeconomic stability.

Second, PM Chinh underscored the importance of strengthening a rules-based multilateral trading system with the WTO at its core, alongside a balanced, transparent, and open global financial system.

He called for equal access to science, technology, and development finance, and urged the G20 to oppose the politicization of science and trade.

He also encouraged stronger support for developing countries through fair trade policies, more effective financial mechanisms, and enhanced capacity for digital transformation to meet the demands of rapid and sustainable development.

Third, Chinh called for more flexible and effective global governance, along with the creation of a strong development ecosystem in the era of digital and green transformation.

He urged the G20 and other multilateral mechanisms to step up dialogue and develop a global governance framework that balances economic, social, and environmental dimensions, while strengthening cooperation on artificial intelligence, climate change, disaster risk management, and disease prevention.

Leaders at the summit welcomed Chinh’s speech, expressing strong support and high appreciation for his proposals.

They reaffirmed that international trade remains a key driver of growth and voiced support for strengthening the multilateral trading system, reforming the WTO, and enabling small- and medium-sized enterprises to integrate more deeply into global value chains.

They also called for accelerated reform of the international financial system, greater transparency and sustainability in debt management, and more effective debt restructuring mechanisms.

The leaders emphasized the urgent need to enhance disaster resilience, strengthen cooperation in disaster risk management, develop early warning systems, and build high-quality infrastructure to ensure water, food, and health security.

In addition, they agreed to intensify efforts to mobilize resources for the green energy transition and the promotion of sustainable agriculture.

Founded in 1999, the G20 is an intergovernmental forum, consisting of 19 countries and the European Union, representing the world's major developed and emerging economies.

In 2023, the African Union was added as a G20 permanent member, according to the group’s official website.