Viet Nam calls for accelerating reform of global financial architecture
VGP – Deputy Prime Minister Ho Duc Phoc called for accelerating the reform of global financial architecture (GFA), especially multilateral development banks to address unique circumstances.
Deputy Prime Minister Ho Duc Phoc addresses the 4th International Conference on Financing for Development (FFD4) in Sevilla, Spain, July 1, 2025. Photo: VGP
Ho made the call while addressing the 4th International Conference on Financing for Development (FFD4) in Sevilla, Spain on July 1.
Multilateral development banks must show greater transparency and flexibility, especially by simplifying administrative procedures, stressed the Deputy Prime Minister.
He also called for strengthening cooperation and sharing of advancements in science and technology, innovation and digital transformation to inject new momentum for growth.
The Vietnamese Deputy Prime Minister suggested that financial sources should be unlocked for new growth drivers like green transition, innovation, digital transformation, circular economy, giving priority to developing countries.
Achieving sustainable development goals and climate targets in the face of rising debt levels requires financial resources which the current GFA is failing to meet.
The calls for reforming GFA are not just for raising more finance, but for making the GFA more equitable, just and responsive to crises by addressing longstanding limitations affecting most countries worldwide./.
