As Co-Chair of the OECD-run Southeast Asia Regional Program (SEARP) in 2023, Vietnam, in coordination with Australia and the OECD, hosted the Organization for Economic Cooperation and Development (OECD) - Southeast Asia Ministerial Forum 2023 in Hanoi on October 26.

With the theme “Sustainable and Quality Investment: New Momentum for OECD - Southeast Asia Partnership”, the forum attracted the participation of Deputy Prime Minister Tran Luu Quang, OCED Secretary-General Mathias Cormann, Minister of Foreign Affairs Bui Thanh Son, Member of the Australian Parliament Alicia Payne, and more than 200 ministers, deputy ministers, ambassadors, and representatives from 48 OECD member states and Southeast Asian countries as well as scholars, experts, and representatives from Vietnam’s business community.

Addressing the forum, Deputy Prime Minister Quang proposed that a model be formulated for sustainable investment cooperation between OECD and Southeast Asia.

Southeast Asia, he said, though possessing advantages in FDI attraction, is facing many challenges, especially in luring quality and sustainable investment, so it is necessary to promote links and effective partnerships between regions, countries, and enterprises.

Sharing experience from Vietnam’s socio-economic development achievements after nearly four decades of “Doi moi” (Renewal), the Deputy Prime Minister noted that foreign investment is an important component of the Vietnamese economy and the Vietnamese Government is committed to accompanying investors to protect their legitimate rights and create a sound business climate for them to expand production and business.

He also pointed out five main cooperative orientations to strengthen investment cooperation between regions.

First, it is necessary to promote policy consultancy, technical support, and experience sharing with Southeast Asian countries in building institutions and improving national governance capacity in sustainable investment.

Second, motivation is required for investment cooperation in sustainable development in emerging and key fields such as energy transition, green growth, the digital economy, the circular economy, and eco-agriculture.

Third, stakeholders should join hands to set up platforms for sustainable investment in the region.

Fourth, it is necessary to establish sustainable and quality investment models.

Fifth, a peaceful and stable environment for cooperation development should be consolidated.

Many speakers at the forum hailed Vietnam’s role as the Co-Chair of the SEARP while underscoring the forum’s significance in promoting inter-governmental and inter-regional cooperation in realizing common development goals that help promote the strengths of OECD member states and meet the needs and interests of Southeast Asian countries.

OECD representatives reaffirmed the strategic importance of the Southeast Asian region in the OECD’s global policy, and committed to supporting countries in boosting inclusive, sustainable, and quality investment and promoting green transition and digital transformation for inclusive and sustainable development.

In his closing remarks, Minister Son underlined that enhancing sustainable and quality investment should become a driver in the OECD - Southeast Asia Partnership, while stakeholders should give priority to new cooperation areas such as green transition and digital transformation, adding that cooperation between regions should be elevated and the implementation of the OCED’s strategic framework for the Indo-Pacific should be made in tandem with ASEAN’s outlook on Asia-Pacific.