Vietnam seeks int’l lessons for inclusive economic rebound

Vietnam stands at a critical juncture as it seeks to rebound from Covid-19 in ways that generate growth, are job-rich, sustainable, and inclusive, said experts at an international conference held today [Feb 25].

Local and international experts at the hybrid conference held in Hanoi on Feb 25. Photo: UNDP Vietnam

Hosted by the Government of Vietnam and the UN Development Programme (UNDP), the International Conference “Green and Inclusive Economic Rebound: Lessons from International Experience” provides a platform for policymakers and other stakeholders to share visions, knowledge, and best practices relating to green economic stimulus, Covid-19 economic recovery, climate action, circular economy, anticipatory and inclusive governance, and green finance and investment.

The event has three main points: “Green Recovery and Resilience”, “Trade, Investment and Innovation for a Sustainable Rebound”, Strengthening the Role of Government in Accelerating a Green and Inclusive Rebound.

The discussion sought answers to the questions: What can Vietnam learn from the experiences of other countries regarding the synergy between competitive markets and innovative government policies? What policies and governance structures have countries put in place to promote sustainability and inclusion? and How can a mission-oriented approach help Vietnam cope with issues like the Mekong River Delta and endemic poverty in upland and remote regions?

Vietnam’s Deputy Prime Minister Pham Binh Minh at the event.

In his opening remarks, Vietnam’s Deputy Prime Minister Pham Binh Minh underlined that serious threats from non-traditional security challenges require countries to re-evaluate, develop and implement policies and measures to renovate growth models.

"As one of the countries heavily affected by the Covid-19 pandemic, Vietnam is determined to pursue a green and inclusive recovery," Minh said.

He wished leaders and experts at home and abroad would share experiences on green and inclusive recovery, propose overall solutions suitable for Vietnam so that the country would effectively implement the Socio-economic Development and Recovery Program Association, the 2030 Agenda for Sustainable Development, the Paris Agreement on Climate Change and Vietnam's commitments at COP26.

UNDP Vietnam Country Representative Caitlin Wiesen (R) and Vietnamese famous economist Pham Chi Lan.

UNDP Administrator Achim Steiner affirmed that a green and inclusive rebound is possible if stakeholders transcend the logic of trade-offs of economy versus environment and focus instead on the synergies from economic development that prioritizes sustainability and inclusivity. 

Steiner highlighted six lessons from UNDP’s global efforts to support countries in driving a green circular economic rebound, including innovative long-term financing; just climate transition; bridging the digital divide; gender equality; triple-a governance (anticipatory, agile, and adaptive); and shock-resilient social protection.

“Vietnam continues to be a pioneer in designing and implementing solutions to pressing development challenges such as stubborn pockets of poverty, economic and social inequalities, and limited digital and energy access,” said the UNDP leader.

“As ever, UNDP and the UN family will be on hand, working together with you, to ‘co-create’, test, and scale the solutions needed at this pivotal moment.”

Deputy Secretary-General of the UN Conference on Trade and Development (UNCTAD) Isabelle Durant commented that Vietnam has used the power of trade and investment to trigger and sustain economic development.

He said to support a continued successful development path, it is worth exploring new and innovative ways to adapt trade agreements and investment strategies to enhance sustainability and inclusiveness.

Green Climate Fund (GCF) Executive Director Yannick Glemarec said: "As the world begins to cautiously emerge from the worst of the pandemic, we also have an opportunity. To build a green, sustainable recovery that also significantly helps global climate efforts by unlocking much-needed financial flows. I want to send a strong message today that GCF is with you on this journey.” 

At the conference, keynote speeches have been delivered by international experts namely UNDP Administrator Achim Steiner, Prof. Joseph E. Stiglitz, Nobel Memorial Prize economist, UNCTAD Deputy Secretary-General Isabelle Durant, Green Climate Fund’s Executive Director Dr. Yannick Glemarec, University College London’s Professor Mariana Mazzucato, and speakers from key development partners and countries including Botswana, India, Indonesia, Korea, Singapore and South Africa, among others.