Prime Minister Pham Minh Chinh stressed the need to focus on recovering production and business, generating jobs, promoting trade and investment, and creating capital flows, markets, and products as among the most important measures against the headwinds that hinder economic growth in Vietnam and the world.

He made the suggestion while addressing a debate entitled “Braving the Headwinds: Rewiring Growth Amid Fragility” held within the framework of the 14th Annual Meeting of the New Champions (AMNC) of the World Economic Forum (WEF) in Tianjin, China, on June 27.

There are currently six headwinds, including global economic recession and rising inflation; the prolonged consequences of the Covid-19 pandemic on the global economy; geostrategic competition, protectionism, separation, fragmentation, and lack of cohesion; conflicts that threaten global food and energy security; developing countries being hardest hit and having limited capacity to adapt to and withstand external shocks; and increasingly complicated and unpredictable climate change, natural disasters, and epidemics, according to the Prime Minister.

Another measure would be to strengthen international solidarity and promote multilateralism, and consider the people as the subject, the center, the resource, and the driving force for development, he said.

He also proposed that international organizations and financial institutions as well as major countries issue policies to unlock resources and activate new growth drivers in terms of digital transformation, green growth, and the circular economy; diversify markets; and prevent protectionism, with priorities given to poor and developing nations.

Measures are also needed to promote total supply and demand through monetary and fiscal policies, stepping up trade and investment liberalization, and reducing energy and food prices; not politicizing economic relations and minimizing factors that hinder global development; quickly seeking solutions to resolve conflicts; and strengthening public-private partnerships and creating favorable conditions for businesses, especially small and medium-sized enterprises (SMEs), according to Prime Minister Chinh.

The Vietnamese leader emphasized that Vietnam will continue to create the most favorable conditions possible for international and domestic enterprises and improve its business and investment environment.