17, Jun, 2024
Vietnam’s Global Highlights: In-depth Analysis of DAVOS 2024 Participation and Relations with Switzerland
January 15, 2024
Vietnam’s presence at DAVOS 2024, chaired by Prime Minister Pham Minh Chinh, along with a bilateral visit to Switzerland, marks a significant turning point in Vietnam’s international diplomatic and economic strategy. This in-depth analysis sheds light on Vietnam’s growing global role, its recognition by the World Economic Forum (WEF) as an economic powerhouse, and its growing economic cooperation with Switzerland. Vietnam at DAVOS 2024: A global strategic player
Vietnam’s participation in DAVOS 2024 is not just a diplomatic gesture; it is also a strategic move in Vietnam’s international relations strategy. This participation serves two main purposes:
The 14th Annual Meeting of the WEF Emerging Champions (AMNC) in Tianjin, China, on June 26, 2023.
Prime Minister Pham Minh Chinh attended
Vietnam’s Economic Resilience and Future Prospects: The WEF Perspective
The World Economic Forum’s (WEF) recognition of Vietnam as a shining beacon in the global economic landscape serves as a profound validation of the country’s strong economic trajectory. This recognition from a prestigious international organization highlights the remarkable resilience and dynamic growth that Vietnam has demonstrated in the face of global economic challenges. This recognition by the WEF is more than just a nod; it is a testament to the strength and potential of the Vietnamese economy, based on a number of key factors that have shaped its journey to becoming a standout example of economic success and resilience on the world stage. This recognition is based on several key factors:
Strong economic growth
Vietnam’s economic growth is remarkable, especially in the context of global economic uncertainty. Key factors contributing to this strong growth include:
Vietnam's strategy for sustainable development is a model of comprehensive and thoughtful planning, embracing a wide spectrum of considerations that span economic, social, and environmental dimensions. This approach reflects a deep understanding of the interconnectedness of these realms and a commitment to harmonizing progress across them. In its pursuit of sustainable development, Vietnam has shown an unwavering dedication to fostering economic growth while simultaneously addressing social needs and environmental concerns. This balanced approach underscores the nation's recognition of the importance of an integrated development model that ensures economic advancements do not come at the expense of social equity or environmental health. Vietnam's multifaceted strategy is a testament to its vision of a sustainable future, where economic prosperity, social well-being, and environmental stewardship coexist and reinforce one another. Vietnam's approach to sustainable development is multifaceted, encompassing economic, social, and environmental dimensions:
Vietnam's strategies for combating climate change are comprehensive and forward-looking:
In a pivotal meeting during the 14th Annual Meeting of the New Champions (AMNC) of the WEF in China, Prime Minister Pham emphasized Vietnam's commitment to maintaining macro-economic stability and fostering growth. He called for the WEF's continued partnership to help Vietnam connect with members and draw high-quality investments, especially in energy transition, digital transformation, and strategic infrastructure.
The Prime Minister also urged the WEF to support Vietnam in enhancing its competitiveness and business environment, aligning with new development trends and regulations. Prof. Klaus Schwab praised Vietnam’s active role in the WEF, noting its contributions as a beacon of economic optimism amidst global challenges. He expressed satisfaction with Vietnam's socio-economic recovery and reiterated his commitment to deepening collaboration. Schwab particularly acknowledged the dynamism of Vietnam’s youth as a significant national strength.
During their discussion, the Vietnamese leader and the WEF Chairman focused on the upcoming WEF Annual Meeting in Davos, highlighting the importance of new technologies and AI in various sectors.
The meeting also saw the signing of a Memorandum of Understanding (MoU) between Vietnam and the WEF for 2023-2026, witnessed by the Vietnamese PM and Prof. Schwab. Signed by Foreign Minister Bui Thanh Son and WEF President Borge Brende, the MoU lays a foundation for enhanced Vietnam-WEF cooperation in six key areas, including food industry innovation, green transformation, net-zero emissions, plastics action, renewable energy financing, and digital transformation.
This MoU marks a significant step in Vietnam's engagement with global programs, facilitating access to resources and experiences to foster new growth drivers, attract investments, and enhance national competitiveness.
Prime Minister Pham Minh Chinh meets founder and Executive Chairman of the World Economic Forum (WEF) Prof. Klaus Schwab, Tianjin, China, June 26, 2023 - Photo: VGP
The Vietnam-Switzerland Economic Synergy
Switzerland and Vietnam have been maintaining diplomatic relations for more than 50 years laying the foundation for rich and fruitful economic cooperation between both countries. Since 2008, the State Secretariat for Economic Affairs (SECO) has placed Vietnam as one of the eight priority countries for economic development and cooperation. Over 100 Swiss firms have established activities in Vietnam and created over 20’000 jobs.
The potential for collaborative growth and development in this partnership spans a broad spectrum of sectors, offering a fertile ground for significant and diverse advancements. This bilateral relationship harbors the promise of unlocking numerous avenues for mutual benefit, encompassing areas ranging from technological innovation to trade and investment. The synergy between Vietnam's dynamic, fast-growing economy and Switzerland's renowned expertise in precision engineering, financial services, and high-quality manufacturing sets the stage for a partnership that is not only beneficial but transformative. As both countries continue to explore and leverage their complementary strengths, this partnership stands as a beacon of potential for creating substantial and sustainable growth, fostering an environment where shared goals and mutual interests pave the way for a prosperous future. The potential for economic cooperation between Vietnam and Switzerland is vast and multifaceted. This partnership can foster significant growth in several areas:
Vietnam's strategic engagements, showcased through its prominent participation, led by Prime Minister Pham Minh Chinh in the DAVOS Forum and its bilateral dealings with Switzerland, reflect a grander, more profound vision that Vietnam holds for its role in the global arena. These initiatives extend far beyond mere diplomatic formalities; they are integral pieces of a well-orchestrated plan, signaling Vietnam's ambition and readiness to emerge as a pivotal player on the world stage. This approach is emblematic of a nation that is not only participating in the global conversation but actively shaping it, particularly in domains crucial for future progress: sustainable development, economic innovation, and international diplomacy.
Những động thái chiến lược này là những bước đi được thiết kế cẩn thận trong một chiến lược rộng lớn hơn, đầy tham vọng hơn nhằm tạo ra một vị thế quan trọng cho Việt Nam trong trật tự quốc tế. Tầm nhìn này coi Việt Nam không chỉ là một bên tham gia mà còn là một nhà lãnh đạo và nhà đổi mới, đặc biệt là trong các lĩnh vực có ý nghĩa quan trọng đối với sự tiến bộ và ổn định toàn cầu. Việc Diễn đàn Kinh tế Thế giới công nhận Việt Nam không chỉ là sự thừa nhận mà còn là lời khẳng định vang dội về khả năng phục hồi kinh tế, các chính sách hướng tới tương lai và tiềm năng tăng trưởng đáng kể của quốc gia này. Điều này nhấn mạnh hiệu quả trong cách tiếp cận của Việt Nam đối với sự tham gia toàn cầu, kết hợp các chiến lược kinh tế khôn ngoan với cam kết tăng trưởng bền vững và toàn diện. Do đó, Việt Nam đang không ngừng củng cố vị thế của mình như một bên đóng góp đáng kể vào các cuộc thảo luận kinh tế toàn cầu và là người ủng hộ một thế giới kết nối và thịnh vượng hơn.
Tóm lại, câu chuyện đang diễn ra về sự trỗi dậy của Việt Nam trên trường quốc tế vừa hấp dẫn vừa chỉ ra một kỷ nguyên mới trong địa chính trị toàn cầu. Được đánh dấu bằng sự tham gia chiến lược của mình vào Diễn đàn DAVOS 2024 và việc thắt chặt quan hệ ngoại giao với Thụy Sĩ, Việt Nam đang dần nổi lên như một thế lực đáng gờm trên trường quốc tế. Sự chuyển đổi này từ một nhân tố khu vực thành một nhân tố có ảnh hưởng được công nhận trên toàn cầu là minh chứng cho cam kết của Việt Nam trong việc tạo ra một vai trò quan trọng cho chính mình trong các vấn đề quốc tế.
Vietnam’s approach, characterized by a relentless focus on sustainable development, innovative economic strategies, and proactive engagement in global diplomacy, positions the country as a potential key architect in shaping future global economic and environmental frameworks. The country’s trajectory points to a future in which Vietnam not only participates in global dialogues but also actively influences and shapes them. This shift toward a more visible role in international decision-making processes, particularly in discussions around sustainable growth and environmental stewardship, highlights Vietnam’s readiness to make a meaningful contribution to the pressing challenges of our time. As Vietnam continues to
navigate the complex landscape of global politics and economics, its growing influence is poised to bring fresh perspectives and dynamic approaches. The country’s combination of economic agility, commitment to sustainable practices, and strategic international cooperation portends a future in which Vietnam is not only a participant in global policymaking, but also a leader in promoting visionary and impactful initiatives. In the coming years, Vietnam’s role in shaping global economic and environmental policies is likely to become increasingly important, marking a new chapter in its journey to becoming an influential player on the world stage.
Vietnam’s participation in DAVOS 2024 is not just a diplomatic gesture; it is also a strategic move in Vietnam’s international relations strategy. This participation serves two main purposes:
- Demonstrating Vietnam’s global commitment : With Prime Minister Pham Minh Chinh at the helm, Vietnam’s presence at such a high-level global forum underscores Vietnam’s commitment to being an active participant in addressing global challenges. Vietnam’s focus on sustainable development, climate action and economic innovation aligns with global priorities, positioning Vietnam not only as a participant but also as a leader in these important areas.
- Strengthening bilateral ties : The simultaneous visit to Switzerland, a country known for its neutrality and economic stability, is a carefully calculated move to strengthen diplomatic and economic ties. The move demonstrates Vietnam’s strategic approach to building partnerships that align with its development goals.
The 14th Annual Meeting of the WEF Emerging Champions (AMNC) in Tianjin, China, on June 26, 2023.
Prime Minister Pham Minh Chinh attended
Vietnam’s Economic Resilience and Future Prospects: The WEF Perspective
The World Economic Forum’s (WEF) recognition of Vietnam as a shining beacon in the global economic landscape serves as a profound validation of the country’s strong economic trajectory. This recognition from a prestigious international organization highlights the remarkable resilience and dynamic growth that Vietnam has demonstrated in the face of global economic challenges. This recognition by the WEF is more than just a nod; it is a testament to the strength and potential of the Vietnamese economy, based on a number of key factors that have shaped its journey to becoming a standout example of economic success and resilience on the world stage. This recognition is based on several key factors:
Strong economic growth
Vietnam’s economic growth is remarkable, especially in the context of global economic uncertainty. Key factors contributing to this strong growth include:
- Stable and sustainable GDP growth : Vietnam is one of the fastest growing economies in Asia with GDP growth of around 6-7% annually in recent years (World Bank). Vietnam's economy has also shown remarkable resilience during the COVID-19 pandemic and is one of the few countries reporting positive growth during this unprecedented global crisis.
- Foreign Investment Increases : Foreign direct investment (FDI) into Vietnam has seen a steady increase. According to the Vietnamese Ministry of Planning and Investment, FDI inflows have grown steadily, reaching over US$20 billion per year. This increase in FDI reflects global confidence in Vietnam’s market potential and business environment.
- Strong manufacturing : Manufacturing, particularly electronics, textiles and footwear, is the backbone of Vietnam’s economic growth. Recent data shows that the sector has grown at a rate of more than 10% per year, contributing significantly to exports and job creation.
Vietnam's strategy for sustainable development is a model of comprehensive and thoughtful planning, embracing a wide spectrum of considerations that span economic, social, and environmental dimensions. This approach reflects a deep understanding of the interconnectedness of these realms and a commitment to harmonizing progress across them. In its pursuit of sustainable development, Vietnam has shown an unwavering dedication to fostering economic growth while simultaneously addressing social needs and environmental concerns. This balanced approach underscores the nation's recognition of the importance of an integrated development model that ensures economic advancements do not come at the expense of social equity or environmental health. Vietnam's multifaceted strategy is a testament to its vision of a sustainable future, where economic prosperity, social well-being, and environmental stewardship coexist and reinforce one another. Vietnam's approach to sustainable development is multifaceted, encompassing economic, social, and environmental dimensions:
- Green Economy Initiatives: The government has implemented various policies aimed at promoting a green economy. This includes investments in green technology and encouraging sustainable practices in industries.
- Sustainable Urban Development: Vietnam has been focusing on sustainable urban planning to accommodate its rapidly urbanizing population. This includes the development of smart cities with energy-efficient buildings, green spaces, and improved public transportation systems.
- Environmental Protection Measures: The government has been proactive in implementing policies for environmental protection, such as reducing greenhouse gas emissions, promoting the use of renewable energy sources, and enhancing forest conservation efforts.
Vietnam's strategies for combating climate change are comprehensive and forward-looking:
- Renewable Energy Expansion: Vietnam has set ambitious targets for renewable energy. The government aims to increase the share of renewable energy to around 20% of total power generation by 2030. This includes significant investments in solar and wind energy projects.
- Climate Change Adaptation and Mitigation: Recognizing its vulnerability to climate change, Vietnam has implemented various adaptation and mitigation measures. This includes coastal protection projects, reforestation initiatives, and investments in climate-resilient infrastructure.
- International Cooperation: Vietnam actively participates in international climate initiatives and partnerships. It is a signatory to the Paris Agreement and has committed to reducing its greenhouse gas emissions by 8% by 2030 compared to business-as-usual levels, with the potential to reduce up to 25% with international support.
In a pivotal meeting during the 14th Annual Meeting of the New Champions (AMNC) of the WEF in China, Prime Minister Pham emphasized Vietnam's commitment to maintaining macro-economic stability and fostering growth. He called for the WEF's continued partnership to help Vietnam connect with members and draw high-quality investments, especially in energy transition, digital transformation, and strategic infrastructure.
The Prime Minister also urged the WEF to support Vietnam in enhancing its competitiveness and business environment, aligning with new development trends and regulations. Prof. Klaus Schwab praised Vietnam’s active role in the WEF, noting its contributions as a beacon of economic optimism amidst global challenges. He expressed satisfaction with Vietnam's socio-economic recovery and reiterated his commitment to deepening collaboration. Schwab particularly acknowledged the dynamism of Vietnam’s youth as a significant national strength.
During their discussion, the Vietnamese leader and the WEF Chairman focused on the upcoming WEF Annual Meeting in Davos, highlighting the importance of new technologies and AI in various sectors.
The meeting also saw the signing of a Memorandum of Understanding (MoU) between Vietnam and the WEF for 2023-2026, witnessed by the Vietnamese PM and Prof. Schwab. Signed by Foreign Minister Bui Thanh Son and WEF President Borge Brende, the MoU lays a foundation for enhanced Vietnam-WEF cooperation in six key areas, including food industry innovation, green transformation, net-zero emissions, plastics action, renewable energy financing, and digital transformation.
This MoU marks a significant step in Vietnam's engagement with global programs, facilitating access to resources and experiences to foster new growth drivers, attract investments, and enhance national competitiveness.
Prime Minister Pham Minh Chinh meets founder and Executive Chairman of the World Economic Forum (WEF) Prof. Klaus Schwab, Tianjin, China, June 26, 2023 - Photo: VGP
The Vietnam-Switzerland Economic Synergy
Switzerland and Vietnam have been maintaining diplomatic relations for more than 50 years laying the foundation for rich and fruitful economic cooperation between both countries. Since 2008, the State Secretariat for Economic Affairs (SECO) has placed Vietnam as one of the eight priority countries for economic development and cooperation. Over 100 Swiss firms have established activities in Vietnam and created over 20’000 jobs.
The potential for collaborative growth and development in this partnership spans a broad spectrum of sectors, offering a fertile ground for significant and diverse advancements. This bilateral relationship harbors the promise of unlocking numerous avenues for mutual benefit, encompassing areas ranging from technological innovation to trade and investment. The synergy between Vietnam's dynamic, fast-growing economy and Switzerland's renowned expertise in precision engineering, financial services, and high-quality manufacturing sets the stage for a partnership that is not only beneficial but transformative. As both countries continue to explore and leverage their complementary strengths, this partnership stands as a beacon of potential for creating substantial and sustainable growth, fostering an environment where shared goals and mutual interests pave the way for a prosperous future. The potential for economic cooperation between Vietnam and Switzerland is vast and multifaceted. This partnership can foster significant growth in several areas:
- Investment Opportunities for Swiss Businesses: Vietnam's stable economic environment and burgeoning market offer lucrative opportunities for Swiss investors, particularly in sectors like banking, pharmaceuticals, and precision engineering.
- Trade and Economic Exchange: The trade relationship between the two countries, though still in its nascent stages, has the potential to grow significantly. Vietnam's strategic location in Southeast Asia and its inclusion in various trade agreements make it an attractive destination for Swiss exports.
- Educational and Technological Collaboration: There is immense potential for collaboration in higher education, vocational training, and research and development. Switzerland's prowess in innovation and technology can greatly benefit Vietnam's human capital development.
Vietnam's strategic engagements, showcased through its prominent participation, led by Prime Minister Pham Minh Chinh in the DAVOS Forum and its bilateral dealings with Switzerland, reflect a grander, more profound vision that Vietnam holds for its role in the global arena. These initiatives extend far beyond mere diplomatic formalities; they are integral pieces of a well-orchestrated plan, signaling Vietnam's ambition and readiness to emerge as a pivotal player on the world stage. This approach is emblematic of a nation that is not only participating in the global conversation but actively shaping it, particularly in domains crucial for future progress: sustainable development, economic innovation, and international diplomacy.
Những động thái chiến lược này là những bước đi được thiết kế cẩn thận trong một chiến lược rộng lớn hơn, đầy tham vọng hơn nhằm tạo ra một vị thế quan trọng cho Việt Nam trong trật tự quốc tế. Tầm nhìn này coi Việt Nam không chỉ là một bên tham gia mà còn là một nhà lãnh đạo và nhà đổi mới, đặc biệt là trong các lĩnh vực có ý nghĩa quan trọng đối với sự tiến bộ và ổn định toàn cầu. Việc Diễn đàn Kinh tế Thế giới công nhận Việt Nam không chỉ là sự thừa nhận mà còn là lời khẳng định vang dội về khả năng phục hồi kinh tế, các chính sách hướng tới tương lai và tiềm năng tăng trưởng đáng kể của quốc gia này. Điều này nhấn mạnh hiệu quả trong cách tiếp cận của Việt Nam đối với sự tham gia toàn cầu, kết hợp các chiến lược kinh tế khôn ngoan với cam kết tăng trưởng bền vững và toàn diện. Do đó, Việt Nam đang không ngừng củng cố vị thế của mình như một bên đóng góp đáng kể vào các cuộc thảo luận kinh tế toàn cầu và là người ủng hộ một thế giới kết nối và thịnh vượng hơn.
Tóm lại, câu chuyện đang diễn ra về sự trỗi dậy của Việt Nam trên trường quốc tế vừa hấp dẫn vừa chỉ ra một kỷ nguyên mới trong địa chính trị toàn cầu. Được đánh dấu bằng sự tham gia chiến lược của mình vào Diễn đàn DAVOS 2024 và việc thắt chặt quan hệ ngoại giao với Thụy Sĩ, Việt Nam đang dần nổi lên như một thế lực đáng gờm trên trường quốc tế. Sự chuyển đổi này từ một nhân tố khu vực thành một nhân tố có ảnh hưởng được công nhận trên toàn cầu là minh chứng cho cam kết của Việt Nam trong việc tạo ra một vai trò quan trọng cho chính mình trong các vấn đề quốc tế.
Vietnam’s approach, characterized by a relentless focus on sustainable development, innovative economic strategies, and proactive engagement in global diplomacy, positions the country as a potential key architect in shaping future global economic and environmental frameworks. The country’s trajectory points to a future in which Vietnam not only participates in global dialogues but also actively influences and shapes them. This shift toward a more visible role in international decision-making processes, particularly in discussions around sustainable growth and environmental stewardship, highlights Vietnam’s readiness to make a meaningful contribution to the pressing challenges of our time. As Vietnam continues to
navigate the complex landscape of global politics and economics, its growing influence is poised to bring fresh perspectives and dynamic approaches. The country’s combination of economic agility, commitment to sustainable practices, and strategic international cooperation portends a future in which Vietnam is not only a participant in global policymaking, but also a leader in promoting visionary and impactful initiatives. In the coming years, Vietnam’s role in shaping global economic and environmental policies is likely to become increasingly important, marking a new chapter in its journey to becoming an influential player on the world stage.
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