Viet Nam stresses urgency of revitalizing int'l development cooperation

Ho stressed the point while addressing the roundtable "Revitalizing international development cooperation" within the framework of the 4th International Conference on Financing for Development (FFD4).

International development cooperation represents a critical source of financing and support for sustainable development in many developing countries. However, rapidly rising demands coupled with recent shifts and reductions in ODA are putting scarce resources under increasing stress.

In addition, growing fragmentation is also increasing transaction costs and runs counter to long-standing effectiveness principles.

This backdrop requires the international community to act together, uphold multilateralism, promote solidarity as well as fair and mutually-beneficial partnership, said the Vietnamese Deputy Prime Minister.

He suggested that international development cooperation should be reformed towards multiple goals, not only to eliminate poverty and reduce hunger but also to serve transformation of economic structure in a sustainable manner.

Ho called for accelerating international financial architecture to turn it into a fair, inclusive and people-centric system; for building a more coordination mechanism between countries, development partners and private sector to enhance complementarity and synergy of resources.

The Deputy Prime Minister also called for giving priority to assisting the least developed countries, landlocked countries and countries that are most vulnerable to climate change and sea level rise; expanding South-South cooperation and tripartite cooperation through technology transfer.

He affirmed that Viet Nam stands ready to join hands with development partners in ensuring food security and adapting to climate change for peace, cooperation and prosperity across the globe./.