Prime Minister Phạm Minh Chính at the session titled 'Is Asia's Century at Risk?', part of the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF) in Tianjin, China, on Thursday. VNA/VNS Photo

TIANJIN – Prime Minister Phạm Minh Chính on Wednesday proposed five pioneering orientations to help build a prosperous and sustainable Asia during his keynote speech at a session titled 'Is Asia's Century at Risk?', part of the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF) in Tianjin, China.

This was one of the most anticipated and significant sessions of this year’s forum, drawing the participation of a large number of government officials, business leaders, scholars and representatives from international organisations.

PM Chính noted that in a world marked by political polarisation, economic fragmentation, institutional disparity and widening development and income gaps, Asia faces not only real but numerous challenges. The continent is confronting major difficulties and risks arising from geopolitical tension, protectionism, inflationary pressure, economic stagnation, natural disasters, epidemics (especially post-COVID 19), climate change, resource depletion, ageing populations, social instability, cybersecurity and conflict, among many other issues.

At the same time, Asia remains a region of trust and hope, as it has a strong political, economic, societal and cultural foundation, he added.

Asia has half a century of tireless innovation and integration through which it has accumulated the kind of strength, power, mettle and experience necessary to overcome all crises and risks, he stressed, expressing his belief that the continent will stand strong in solidarity and cooperation and work together to build rapidly and develop shared benefits to leave no one behind.

The Vietnamese leader showed his confidence that Asia has all the necessary foundations to continue rising, asserting its role as a pillar and driving force of the global economy.

He proposed five pioneer orientations of strategic significance to the region so as to build an Asian century of wealth, success and sustainable development.

First, the PM said, Asia should be a pioneer in steadfastly pursuing the goal of maintaining a peaceful, stable and cooperative development environment, while firmly protecting the fundamental values of international relations.

Asia should also pioneer the development of science, technology, innovation, digitisation, green transition and circular and sharing economies, as well as accelerate its shift from being the 'world’s factory' to becoming a global centre of innovation, he said.

Chính went on to state that Asia must take the lead in connecting value chains and promoting global economic links and integration. He added that the region must lead a new journey in which Asian countries "go, arrive, work, enjoy and win together" in the spirit of harmonising benefits and sharing risks.

Fourth, he urged Asian countries to advance entrepreneurship, innovation and business development, stressing the need to create an open, transparent and internationally competitive business climate, noting that the WEF has a particularly important role to play in attracting global enterprises and investors to Asia.

Finally, the continent should also be a pioneer in promoting cultural and social links to ensure that human beings are at the heart of all policies and strategies for development. It must respect differences and unity in diversity, advance commonalities and reduce differences, and engage inclusive and comprehensive connections, especially for the younger generations.

To contribute to this process, the PM proposed two specific initiatives: the 'Asian Innovation Network' and the 'Asian Innovation Portal', aimed at enhancing connections among regional research institutes and universities and supporting small and medium-sized enterprises.

Việt Nam stands ready to actively join and hopes for strong support from the WEF, China and other partners in bringing the proposed regional initiatives to fruition, he confirmed.

Following his keynote address, the Vietnamese leader and other speakers participated in a panel discussion on global dynamics and solutions to shared regional challenges.

To overcome such challenges, he stressed the importance of resilience, perseverance and a steadfast commitment to peace, cooperation and development. He underscored the need to ensure fairness and social welfare so that no one is left behind.

According to the PM, the current context also presents a valuable opportunity for nations to reassess their development models and global relations, restructure their economies toward greater productivity, quality and competitiveness, and enhance responsiveness to external shocks.

PM Chính also emphasised the importance of solidarity, unity, multilateralism and the core values of each nation. Every process, he noted, requires leadership, trailblazers and even sacrifice. He reaffirmed that building an independent and self-reliant economy while proactively and effectively integrating into the world is a common trend, but cooperation must bring mutual benefits for each country, for Asia and for the world.

When asked about soft power, the PM described it as the effective use of hard power and available advantages to generate higher added value. For Việt Nam, the concept of soft power encompasses a broad set of factors: a sound and suitable ideological foundation for national development, effective institutions that drive national competitiveness, a proud cultural and historical legacy, national unity, the Party’s clear-sighted leadership and the ability to awaken the potential of young people, citizens and businesses at the right time and in the right way.

The discussion reinforced a shared awareness of abundant opportunities and the urgent need to boost cooperation to ensure a prosperous and thriving Asia. — VNS