Vietnam makes good impression at G20 Summit

This was the first time at the G20 Summit that Vietnam had the opportunity to share its opinions, initiatives and experiences and actively contribute to resolving global economic issues. Its viewpoints on regional and international affairs left a good impression on the participants.

Prime Minister Nguyen Tan Dung and the Vietnamese delegation left Toronto, Canada on June 29 after attending the G20 Summit at the invitation of Canadian Prime Minister Stephen Harper.

VOV reporter interviewed the Deputy Minister of Foreign Affairs, Doan Xuan Hung, about the outcomes of the G20 Summit, as well as Vietnam’s contributions.

VOV: Could you tell us about the most important issues discussed at the G20 Summit?

Mr Hung: This was the fourth time the G20 nations held a summit, with the first and the third taking place in Washington and Pittsburgh in the US and the second in London, UK. These three summits took place in the context of the global economic crisis, so leaders of the G20 countries focused their discussions on looking for solutions to help the world economy weather the storm.

This year’s G20 Summit was held at a time when the global economy was experiencing a downturn. But the participants in the summit discussed and agreed on effective measures to promote a sustainable economic recovery in a stronger and more balanced manner. The summit is the world’s prestigious and democratic forum to deal with global economic issues and boost international economic cooperation.

Developing countries have been striving to cushion themselves from the impact of the global economic downturn but their economic recovery is not strong enough to be sustainable, while most newly-emerging economies are bouncing back a steady growth rate to serve a key driving force behind the global economic recovery.

The G20 Summit focus on dealing with many challenges, such as the debt crisis in Europe and the high unemployment rate (8-9 percent) in some developed countries. A number of European nations emphasised the need for fiscal consolidation and the settling of debts to prevent another economic recession, while the US and some other countries suggested boosting economic recovery and generating jobs to clear debt.

The participants at the fourth G20 Summit reached a consensus on fiscal consolidation and stepping up a sustainable economic recovery in accordance with the different conditions in individual countries.

The Summit only concentrated on developed countries like the G8 but also paid attention to developing countries. It stressed the need to strengthen international cooperation with the Association of Southeast Asian Nations (ASEAN) and the Africa Union (AU).

The Summit identified promoting trade liberalisation, completing the Doha negotiations, narrowing the development gap, reforming international financial institutions and increasing the right of developing countries to vote, as the most important issues that need to be dealt with.

The Summit discussed openly and constructively how to address global economic issues and called for a united assessment to ensure a strong, sustainable and balanced growth in the world economy.

VOV: What did the Vietnamese delegation contribute to the G20 summit?

Mr Hung: This was the second time that ASEAN countries had been invited to take part as a guest.

After consulting with other ASEAN member countries, Vietnam presented ASEAN’s viewpoints on the main topics at the G20 summit, such as global economic development. The ASEAN Secretary General said such presentation was highly praised by several member countries as realistic.

During the meetings between the deputy ministers and ministers of finance and foreign affairs, Vietnam consistently put forward ASEAN’s viewpoints and pursued benefits for developing countries.

Prime Minister Nguyen Tan Dung also took part in discussions on global issues. He highlighted the G20’s efforts to deal with issues related to the global economy to promote its sustainable growth and development. He also praised various frameworks that the G20 approved in Pittsburgh last year and measures for this year.

In addition, PM Dung highlighted issues that the G20 should pay more attention to countries that apply for fiscal support on the basis of friendly growth, which does not cause a negative effect on capital inflows from the developed to developing countries, and emerging countries, including ODA.

He emphasized the need for co-operation between blocs, and called for an early end to the Doha round of negotiations.

PM Dung initiated a co-operation mechanism between ASEAN and the G20 to stimulate global economy and discussed ways of ending the Doha negotiations as soon as the G20 has seemingly come to a standstill on the issue.

VOV: What do you think of Vietnam’s first participation in a major forum like the G20 to discuss global economic issues?

Mr Hung: I am very happy to say that Vietnam has been praised by our international friends. Although Vietnam is only a small economy, its track record as well as its role in ASEAN have been highlighted. The leaders of many countries met with PM Dung and expressed their wishes to forge closer ties with Vietnam.

In addition to joining the world’s leading countries to discuss measures to deal with global economic issues, Vietnam represented developing countries to have a say in many issues of common concern.

The G20 provided an excellent chance for Vietnam to raise its image and prestige and strengthen its relationship with other countries. On the sidelines of the summit, PM Dung also met with dozens of world leaders, including the US, China, Russia and the EU.

VOV: Thank you very much.

Tags: G20 Summit