Vietnamese President Võ Văn Thưởng addresses the Indo-Pacific Economic Framework for Prosperity Summit held in San Francisco on November 16 (US time). — VNA/VNS Photo Thống Nhất

SAN FRANCISCO — Vietnamese President Võ Văn Thưởng on Thursday (US time) highlighted three points that would make the US-led Indo-Pacific Economic Framework for Prosperity (IPEF) an effective initiative.

During the second IPEF summit held as part of the APEC Economic Leaders' Week in San Francisco, gathering leaders of 14 economies of the Indo-Pacific region, President Thưởng said that the initiative was a collective effort to enhance cooperation and coordination among economies as the world was facing numerous intertwined changes, opportunities and challenges.

IPEF was expected to be a model of dynamic and efficient economic connectivity, bringing tangible benefits to people, and contributing to peace, stability, and prosperity of the region and the world.

President Thưởng highly appreciated the contributions of the United States, especially President Joe Biden, as well as economies, in successfully holding five rounds of negotiations.

He acknowledged that the member countries' trade ministers had agreed on important premises for cooperation based on the principles of equality, mutual benefit, inclusiveness, adherence to international law, respect for the legal system and political structure of each country, and appreciation for flexibility and voluntarism.

For IPEF to be truly effective, the President emphasises three points.

First, IPEF needed to be an open, inclusive, non-discriminatory cooperation mechanism, one that would support the rules-based multilateral trading system, welcome the participation of countries within and outside the region, and complement and supplement other regional economic connectivity initiatives.

Second, cooperation within IPEF should meet the development needs of each party, balance the interests of all parties, respect and take into account the differences and particular characteristics of each country, and focus on technical support and capacity building.

Third, it should encourage new investment in building infrastructure, transition to clean energy, and high-tech industrial production in the region.

The Vietnamese leader underscored that "building a prosperous, sustainable economy that brings wealth and well-being for the people is the common aspiration and goal of all countries".

"Việt Nam hopes that through IPEF and other regional cooperation frameworks, we can together build a bright future," he stated. — VNS