Full speech by Deputy PM Bui Thanh Son at WGS' emerging economies forum

SPEECH

BY DEPUTY PRIME MINISTER BÙI THANH SƠN

AT THE EMERGING ECONOMIES FORUM

"Emerging Economies Harnessing Digital Innovation and Renewable Energy to Drive Economic Growth and Competitiveness"

(09:00-11:00, E&Hall, Madinat Jumeirah, Dubai)

Your Excellencies,

Distinguished Guests,

1. It is a great honor for me to address the 2025 World Governments Summit in the vibrant and dynamic city of Dubai.

I greatly appreciate the initiative of the UAE Government in organizing this annual Summit over the past 12 years, as a prestigious platform for sharing visions and innovative initiatives contributing to a sustainable and prosperous future for humanity.

Under today's theme on Emerging Economies, I would like to share with you my perspectives on the current global landscape and the opportunities for emerging economies and Viet Nam's development orientations.

Distinguished guests,

2. Over the past half-decade, the world has witnessed rapid and unprecedented developments. Three major trends are reshaping the global economic and political landscape:

First, digital transformation converging with emerging fields such as biotechnology, quantum technology, and artificial intelligence is not only revolutionizing production forces but also restructuring supply chains and generating unprecedented value. This profound shift is ushering the world into a new era—one defined by digitalization and intelligence.

Second, the polarization of politics, geopolitics, and geoeconomics is intensifying, while trade, science and technology, and innovation are undergoing increasing fragmentation, decoupling and complexity.

Third, global challenges—both traditional and emerging—are growing more complex than ever, creating urgent demands for innovation in global, national, and corporate governance.

Despite these challenges, the evolving international landscape also presents significant opportunities, particularly for emerging economies. They are making "leapfrog" advancements—closing gaps, forging ahead, and even surpassing global benchmarks. History has shown that nations capable of seizing opportunities, leveraging internal strengths in sync with global shifts, and making bold, strategic decisions at the right moment can achieve remarkable transformations and development miracles.

In this context, Iwould like to highlight three key areas of connectivity:

First, innovation connectivity - linking innovation hubs between developed and emerging economies, fostering innovation ecosystems, and leveraging technology to drive energy transition and sustainable development.

Second, infrastructure connectivity — enhancing both hard and soft infrastructure, harmonizing regulations and standards in production, trade, and investment. Developed countries should support technology transfer, share best practices on smart and transparent governance, and collaborate on building resilient and sustainable supply chains.

Thirdly, resource connectivity - expanding financial cooperation through public-private partnership, trilateral collaborations, green finance, inclusive finance, and development finance.

Viet Nam will host the P4G Summit (Partnering for Green Growth and the Global Goals 2030) on April 16-17, 2025, in Hanoi, and we look forward to the strong support and participation of countries and international partners.

Distinguished guests,

3. Viet Nam has consistently demonstrated innovation, adaptability, and flexibility in their development strategies, becoming key drivers of global economic growth. Once an underdeveloped economy devastated by war, Viet Nam has made remarkable strides, transforming into the world's 33rd largest economy. Viet Nam has shown strong economic recovery. In 2024, the country achieved an impressive GDP growth rate of 7.09%. We are aiming for a growth target of over 8% for 2025.

Viet Nam remains a safe and attractive destination for international investors. In 2024, it is among the top 15 developing countries attracting the largest foreign investment globally, with total foreign investment reaching approximately $40 billion. Viet Nam is also one of the 20 largest trading economies in the world, benefiting from 17 free trade agreements (FTAs), and ranks 44th in the Global Innovation Index, becoming a crucial link in regional and global supply chains.

These achievements have created momentum, strength, and confidence for Viet Nam to move forward to the new era, characterized by strong development and prosperity, becoming a upper middle income country by 2030, and a high-income developed country by 2045, the Vietnamese government remains committed to strong reforms, focusing on developing and refining a comprehensive institutional framework.

We place the people at the center, businesses as the pioneering force, and the government as the guiding and facilitating entity. Based on this principle, we are advancing the following strategic priorities:

First, we remain steadfast in our foreign policy of independence and self-reliance, alongside the diversification and multilateralization of international relations, being a good friend, a reliable partner, and a responsible member of the international community, actively contributing to peace, cooperation, and development at both regional and global levels. At the same time, we firmly uphold our "Four No's" defense policy.

Second, we aim to build an independent, self-reliant, and resilient economy that is deeply integrated into the global economy. Our focus is on implementing three strategic breakthroughs in institutions, human resources, and infrastructure. This includes developing modern strategic infrastructure, international financial centers, and innovation hubs.

Third, Viet Nam considers science, technology, innovation, and digital transformation as the foremost strategic breakthroughs—the only path for rapid, sustainable, and transformative development. We are undergoing a profound transformation towards a digital economy, green economy, high-tech industry, and sustainable development.

Fourth, we are committed to inclusive, rapid, and sustainable development, We are accelerating national digital transformation, advancing the green transition and energy reform, and nurturing emerging sectors such as AI, big data, cloud computing, the Internet of Things, biotechnology, and expanding the frontiers of development.

Fifth, we are expediting governance reform, institutional streamlining, bureaucracy simplification, thus improving the efficiency of the whole political system.

The UAE's remarkable development journey, driven by a sound development strategy, unwavering will, and determination, has inspired many developing nations, including Viet Nam. With a rich historical legacy, steadfast determination, and the collective unity of our people, we are confident in achieving the development goals we have set.

4. On our path forward, we hope that investors from the UAE, the Middle East, and around the world will continue to stand by and support Viet Nam. Viet Nam focuses on attracting investment projects in green transformation, digital transformation, innovation, high-tech, AI, semiconductors, renewable energy, the development of international financial centers, and innovation hubs.

Viet Nam is committed to being a strategic partner and a safe, attractive destination for businesses and investors to build long-term, effective, and sustainable economic collaborations. The success of our partners is our success. The Vietnamese government will always stand with businesses and investors to overcome challenges, turn risks into opportunities, and achieve rapid and sustainable development.

Ladies and Gentlemen,

5. Viet Nam and Middle Eastern countries have consistently deepened and expanded their cooperation across all fields. I am confident that the Comprehensive Partnership and the Comprehensive Economic Partnership Agreement (CEPA) with the UAE will be implemented effectively, laying a solid foundation to further the cooperation between Viet Nam and the UAE as well as the Middle East region to new heights.

With the determination and responsibility of governments and nations, we are confident that together, we can shape the future of governments and the future of the world.

Thank you very much!