During a seminar in preparation for the 16th session of the United Nations Conference on Trade and Development (UNCTAD16), which took place within the framework of the 55th World Economic Forum (WEF) Annual Meeting, in Davos, Switzerland, on January 21 (local time), Secretary-General of the UNCTAD Rebeca Grynspan expressed her admiration for Vietnam's impressive growth achievements, with an average annual growth rate of 7 per cent over the past 30 years.

The seminar was designed by the WEF for Vietnam to discuss global trade and investment trends, while also building the agenda for the upcoming 16th UNCTAD to be hosted by Vietnam.

The seminar was attended by Vietnamese Prime Minister Pham Minh Chinh, leaders and representatives from international organizations such as the World Trade Organization (WTO), the Organization for Economic Cooperation and Development (OECD), the International Fund for Agricultural Development (IFAD), the World Intellectual Property Organization (WIPO), the International Renewable Energy Agency (IRENA), as well as several renowned scholars and international experts.

The Government News quoted the UNCTAD Secretary-General as noting that the organization of the 16th UNCTAD, held in a dynamic and successful country like Vietnam, marks a significant turning point in a new phase for UNCTAD.

Trade is a crucial factor in driving growth, she said, adding that Southern countries will play a significant role in global trade, accounting for 70 per cent of the total trade value in the next five years.

Addressing the event, Prime Minister Pham Minh Chinh said, current challenges to trade and development affect everyone, so it is necessary to put in place a people-centered, inclusive, and global approach.

He called on countries to strengthen cooperation, work together to counter protectionism, and promote multilateral trade for development.

To cope with these challenges, the Vietnamese leader called for embracing the "smart era" in a comprehensive manner from four different perspectives: from the geopolitical aspect, with peace and cooperation as priorities; from the economic aspect, focusing on fast and sustainable development; from the environmental aspect, emphasizing sustainable exploitation and use of resources; and from the social aspect, ensuring progress, social equity, and leaving no one behind.

Vietnam should prepare resources for the "smart era" with an approach to resources rooted in mindset, vision, and momentum driven by innovation and creativity, as well as strength derived from the people and businesses, he said.

The UNCTAD16 will take place in Vietnam in October 2025 under the theme "Shaping the future: Driving economic transformation for equitable, inclusive and sustainable development."

The conference is UNCTAD's highest decision-making body, where 195 member states assess current trade and development issues and formulate global policy responses. It also sets the organization's work priorities for the next four years.

The event is expected to gather heads of state, government ministers of trade and economy, Nobel Prize-winning economists, leading civil society organizations and leaders of international organizations.