Viet Nam contributes US$10 million to ACMECS Development Fund

Prime Minister Pham Minh Chinh made the announcement while attending the 10th ACMECS Summit that took place in Kunming, China's Yunnan province on November 7.

ACMECS is a framework for cooperation between five countries in the Mekong River basin, namely Cambodia, Laos, Myanmar, Thailand, and Viet Nam.

At the summit, leaders of the five member countries agreed to strengthen cooperation in the sustainable management of transboundary water resources, particularly in cooperating with the Mekong River Commission; sharing hydrological data; and establishing disaster early warning systems.

The summit adopted the Concept Paper on water resource management in the Mekong subregion with the goal of enhancing strategic coordination among the ACMECS member countries in addressing both short-term and long-term challenges.

Addressing the event, Prime Minister Pham Minh Chinh underscored that ACMECS plays a central role in the Mekong subregion cooperation, and it serves as an indispensible component of the ASEAN Community, a gateway connecting ASEAN with Northeast Asia, Southeast Asia, and a bridge between the Pacific and Indian Oceans.

It is high time for ACMECS to redefine a new mission of working together to build a community of solidarity and sustainable development, said Pham, adding that future ACMECS cooperation should features the spirit of "five commons", namely common aspirations, common vision, common determination, common voice, and common action.

From that perspective, ACMECS should focus on the following contents:

Firstly, ACMECS should tighten coordination to ensure consistency from strategy formulation to actual implementation. Cooperation plans and programs need to be substantial, highly feasible and closely aligned with the development needs of the member countries.

Secondly, ACMECS needs to ensure synchronous and harmonious development between traditional economic sectors and new and modern technology sectors; support its member countries to renew traditional growth drivers, promote investment, consumption and trade.

ACMECS should prioritize comprehensive and extensive digital transformation through mobilizing funding for digital infrastructure and services, support startups and innovation, and promote the application of digital technology in manufacturing and processing, information and communications, finance, banking, customs, and smart border gates.

Thirdly, ACMECS should give top priority to luring green finance for the development of green industry, clean agriculture, and low-emission transportation given the needs for climate change response and sustainable development in the subregion.

Furthermore, it is necessary to strengthen cooperation among the five countries in the management and sustainable use of the Mekong River's water resources.

Fourthly, ACMECS needs to promote the simplification and harmonisation of procedures, and focus on developing transport infrastructure for intra-regional and inter-regional connections, especially railway and expressway systems.

The five member countries should enhance the sharing of information and coordination in building economic development plans and policies to increase mutual complementarity and spread benefits; and convince development partners to make joint investments with ACMECS to ensure "seamless connectivity for an integrated Mekong sub-region."

Fifthly, people and businesses should be placed at the center of all strategies, action plans, and projects of ACMECS to bring practical and inclusive benefits and ensure that no one is left behind.

Sixthly, ACMECS also needs to expand cooperation in combating transnational crimes, particularly drug trafficking and cybercrime, not allowing anyone to use the territory of this country to harm another.

Following the summit, the leaders adopted Vientiane Declaration and witnessed the transfer of the ACMECS Chairmanship from Laos to Myanmar./.