Viet Nam proposes new growth drivers at SPIEF 2025

Le made the call while addressing the opening ceremony of the 28th St. Petersburg International Economic Forum (SPIEF) themed "Common Values – The Foundation of Growth in a Multipolar World," in Saint Petersburg, Russia on June 19.

Deputy Prime Minister Le was among the keynote speakers, alongside Russian Deputy Prime Minister Alexander Novak; Saudi Arabia's Minister of Energy, Prince Abdulaziz bin Salman Al Saud; President of the New Development Bank Dilma Rousseff; and BSEC Secretary General Lazar Comanescu.

In his remarks, Le praised SPIEF as a premier platform for policy dialogue and the exchange of transformative ideas at both regional and global levels.

Regarding global challenges, he underscored the importance of shared values—trust, sincerity, solidarity, responsible cooperation, and adherence to international law and the UN Charter—as the foundation for inclusive and sustainable development.

He reaffirmed that people must remain at the center of policymaking—both as beneficiaries and agents of change.

Highlighting the role of innovation, science, and digital transformation in shaping future growth, Le also stressed the urgency of reforming outdated global governance mechanisms. He reiterated Viet Nam's commitment to serving as a bridge for cooperation between the Eurasian Economic Union and ASEAN.

Touching on global trade dynamics, Le warned that continued escalation of retaliatory tariff measures could seriously undermine the multilateral trading system and stall global economic growth—effects that are difficult to measure.

As one of the world's most open economies, Viet Nam is especially vulnerable to shifts in global trade policy, facing risks such as declining exports, disrupted FDI inflows, and increased macroeconomic pressure, said Le.

He noted that Viet Nam was one of the first countries to initiate reciprocal trade talks with the U.S. Three negotiation rounds have already been completed at both technical and ministerial levels, with efforts ongoing to reach a fair and balanced agreement that respects the legitimate interests of all parties.

To navigate the evolving global trade landscape, Viet Nam is actively pursuing market diversification, business support, and economic restructuring strategies, Le said.

Regarding global security concerns, Deputy Prime Minister Le reaffirmed Viet Nam's stance against war and conflict. As a nation that has endured multiple wars, Viet Nam advocates for peaceful solutions through dialogue and diplomacy. He affirmed the country's readiness to contribute constructively to global peace, stability, and shared prosperity./.