Vietnam's Deputy PM Meets WTO, WEF Leaders to Boost International Cooperation

Deputy Prime Minister Nguyen Van Thang met with the Deputy Director-General of the World Trade Organization (WTO) and the Co-Chair of the Board of Trustees of the World Economic Forum (WEF) in Geneva on July 27. These meetings are part of Vietnam's strategy to deepen its integration into the international economic system and achieve sustainable economic growth. The WTO Deputy Director-General commended Vietnam's socio-economic development achievements in recent years and its reform efforts to improve its institutional framework, investment and business environment, and global economic integration. Specifically, cooperation for the successful organization of the third periodic Trade Policy Review (TPR) scheduled for November was proposed, along with the implementation of technical assistance programs related to the ITA Expansion Agreement (ITA2). The possibility of studying Vietnam's accession to the Investment Facilitation for Development (IFD) Agreement was also urged. In response, Deputy PM Thang called on the WTO to expedite the updating of its rules to keep pace with emerging trends in international trade and to fully reflect the differences in development levels and implementation capacities among developing countries. He emphasized the need for the prompt restoration of a fully functioning dispute settlement mechanism to ensure the predictability, transparency, and enforceability of the multilateral trading system. He also highlighted the importance of expanding the WTO's agenda to new areas such as digital trade, artificial intelligence (AI), green transition, climate change, and supply chain resilience, as well as strengthening support for developing countries to effectively seize opportunities arising from these new trends. During the meeting with the WEF Co-Chair, Deputy PM Thang requested the WEF to leverage its role in promoting public-private partnerships and fostering connections between the Vietnamese government and leading global businesses and investors. He proposed prioritizing the development of the Vietnam-WEF cooperation program for 2026-2030, focusing on science and technology, innovation, and the development of a modern financial ecosystem. He also suggested making the Autumn Economic Forum in Vietnam an annual event in the WEF's global conference calendar and mobilizing the participation of the international business community in activities during APEC 2027. The WEF side expressed its intention to support Vietnam in sharing international experience on the development of international financial centers, regulatory sandboxes, public-private partnerships, innovation ecosystems, AI application, and the development of a highly skilled workforce. These meetings clearly demonstrate Vietnam's commitment to strengthening international partnerships to expand its role in the global economy and adapt to cutting-edge economic trends. Vietnam's economic growth under its one-party system heavily relies on attracting foreign investment and its export-oriented model, making cooperation with international organizations crucial for trade rule compliance, improving the investment climate, and adapting to new technological innovations.