Deputy Foreign Minister Nguyen Minh Hang proposed promoting sustainable economic transformation.

On October 21, the 16th Ministerial Conference of the United Nations Conference on Trade and Development (UNCTAD 16) continued in Geneva, Switzerland with general discussions on the theme "Shaping the Future: Accelerating Economic Transformation towards Equitable, Inclusive and Sustainable Development".

Deputy Minister Nguyen Minh Hang speaks at the General Discussion Session on October 21 within the framework of attending the UNCTAD Ministerial Conference. (Photo: Bao Chi)

Speeches at the Conference highlighted the world context with many intertwined challenges - from geopolitical polarization, supply chain disruption, debt crisis and rising inequality. Delegates agreed that fair, transparent and inclusive trade is a key driver to promote growth, create jobs and narrow the development gap between countries.

Many countries emphasized the central role of UNCTAD in supporting countries to build sustainable trade policies, attract responsible investment, transfer technology and turn debt into a tool for development, while calling for reform of the multilateral system, increased coordination and substantive action so that global trade truly becomes a driving force for peace , prosperity and sustainable development.

Speaking at the General Discussion Session of the Conference, Deputy Foreign Minister Nguyen Minh Hang assessed that the world is facing turning-point changes in economics, technology and geopolitics, while the global trade environment is becoming fragmented and unpredictable, deeply impacting developing countries.

Deputy Minister Nguyen Minh Hang met with Mr. Namgyal Dorji, Minister of Industry, Commerce and Employment of Bhutan. (Photo: Bao Chi)

In that context, Vietnam's economy has shown good resilience to external shocks, maintaining a high growth rate, expected to reach about 8%, among the highest in the region and the world; currently continuing to promote reforms, focusing on reforming the legal system, encouraging the development of the private economic sector, promoting science and technology development, innovation and digital transformation and deep international integration.

In order to contribute to the international community's joint efforts to promote inclusive, sustainable and resilient economic transformation, with trade as the central driving force, Deputy Minister Nguyen Minh Hang proposed three policy recommendations, including: (i) Strengthening cooperation and strongly reforming global institutions on trade and finance towards openness, fairness and inclusiveness, adapting to current profound changes, while reflecting the voices of developing countries; (ii) Enhancing self-reliance for developing countries through financial and technological support, promoting gender equality and expanding the participation of small and medium-sized enterprises in the global value chain; (iii) Promoting dual transformation, focusing on green economy and digital economy, considering trade and investment as the driving force to promote emission reduction, circular economy and innovation, while ensuring inclusive sustainability standards, not becoming barriers for developing countries.

Deputy Minister Nguyen Minh Hang works with Mr. Steven Collet, Deputy Minister of Foreign Affairs of the Netherlands. (Photo: Bao Chi)

On the occasion of attending the Conference, Deputy Minister Nguyen Minh Hang also had bilateral meetings with Oman's Minister of Commerce, Industry and Investment Promotion Qais Bin Mohammed Al Yousef, Bhutan's Minister of Industry, Commerce and Employment Namgyal Dorji, Swiss State Secretary for Foreign Affairs Alexandre Fasel, Dutch Deputy Foreign Minister Steven Collet, World Economic Forum Managing Director Stephan Mergenthaler and Director of Swiss Innovation Park Dominic Gorecky.

At the meetings, the countries expressed their impression of Vietnam's remarkable development, rising strongly to become a middle-income country with the leading growth rate in Southeast Asia; highly appreciated Vietnam's contribution to the joint effort to address global challenges of climate change, green transformation, promoting new growth drivers such as technology and innovation; agreed to strengthen dialogue and cooperation in areas of mutual interest such as innovation, green finance, intellectual property, and exchange of experiences in building and developing an international financial center in Vietnam.

Deputy Minister Nguyen Minh Hang works with Mr. Alexandre Fasel, Secretary of State of the Swiss Ministry of Foreign Affairs. (Photo: Bao Chi)

Deputy Minister Nguyen Minh Hang affirmed that he values ​​bilateral relations with partners and suggested continuing to share experiences and send experts to support Vietnam in digital transformation, applying science and technology, improving capacity to respond to natural disasters and adapt to climate change in the coming time.

The Deputy Minister suggested that Switzerland continue to accompany and support Vietnam in the new development stage, focusing on the fields of education, innovation, science and technology, and establishing international financial centers in Ho Chi Minh City and Da Nang, which are fields in which Switzerland has leading strengths in the world.

Deputy Minister Nguyen Minh Hang met with Mr. Qais Bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion of Oman. (Photo: Bao Chi)

In a discussion with the Minister of Commerce, Industry and Investment Promotion of Oman, Deputy Minister Nguyen Minh Hang emphasized that Vietnam is actively implementing the contents discussed by the two sides at the political consultation between the two countries in September 2025 in Oman; requested Oman to increase investment in Vietnam, support the launch of FTA negotiations between Vietnam and the Gulf Cooperation Council (GCC) countries, and coordinate to soon organize a Joint Committee on Bilateral Economics.

Deputy Minister Nguyen Minh Hang received Mr. Dominic Gorecky, Director of the Swiss Innovation Park. (Photo: Bao Chi)

At the meeting with the Minister of Industry, Commerce and Employment of Bhutan, the two sides discussed specific measures to implement the important results achieved during the visit of the King and Queen of Bhutan to Vietnam in August 2025; the two sides agreed to promote trade exchange, tourism cooperation, cultural exchange and people-to-people exchange in the coming time.

Deputy Minister Nguyen Minh Hang received Mr. Stephan Mergenthaler, Managing Director of the World Economic Forum. (Photo: Bao Chi)

During the exchange with the Deputy Minister of Foreign Affairs of the Netherlands, Deputy Minister Nguyen Minh Hang suggested that the two sides continue to consider promoting and deepening bilateral relations to become more substantive and effective, towards new heights; and suggested that the Netherlands soon ratify the EVIPA Agreement and voice its support for the EU to soon remove the IUU yellow card for Vietnam.

Overview of the Conference. (Photo: Bao Chi)

In an exchange with WEF, Deputy Minister Nguyen Minh Hang welcomed and highly appreciated the cooperation and coordination of WEF in the preparation for the Autumn Economic Forum to take place in Ho Chi Minh City from November 25-27; and requested that WEF continue to cooperate and support Vietnam in promoting economic development based on science, technology and innovation, developing the private economic sector, smart production, and attracting high-quality investment capital.

Source: https://baoquocte.vn/thu-truong-ngoai-giao-nguyen-minh-hang-de-xuat-thuc-day-chuyen-doi-kinh-te-ben-vung-331791.html