Deputy FM attends 2021 India Economic Conclave hinh anh 1Deputy Foreign Minister Nguyen Quoc Dung (Photo: VNA)

Hanoi (VNA) – Deputy Foreign Minister and head of the Vietnam ASEAN SOM Nguyen Quoc Dung recently attended the 2021 India Economic Conclave (IEC), themed “India's Decade: Reform. Perform. Transform”.

As the seventh edition held by the Times Network, the IEC 2021 featured 33 reports by 10 key ministers, two army commanders, four leaders of Indian localities, corporate executives, economists and senior officials in the region.

The event held significance to promoting common vision among Indian politicians, authorities and businesses about the country’s post-COVID-19 strong development. 

As a keynote guest speaker, Dung said amid the complicated developments of the world economy, countries need to reform and transform themselves towards sustainable and mutually beneficial development. Countries, including Vietnam, consider win-win growth as an important content in their development orientations. Accordingly, one country’s growth is by no means destructive to another’s but pushes other countries and regions forward.

He stressed that with strong and long-standing cultural and historical bonds with Southeast Asia, India, a strong economy and advanced science, has been a responsible country for promoting sustainable economic growth. Its growth is making positive contributions to mutually beneficial development for peace and prosperity in the region. On the contrary, Southeast Asia’s vibrant development is attributable to India’s growth.

Highlighting Vietnam’s successes in surviving COVID-19 to devise its development strategy for 2021-2030, Dung suggested that Vietnam and India further enhance cooperation in supply chain connectivity, including chains of India’s medical supplies, pharmaceuticals and vaccines.

He proposed facilitating access to each other's market, strengthening cooperation of stances on World Trade Organisation reform, shaping rules on digital trade governance, digital economy, promoting innovation, building research and development centres in Vietnam, accelerating projects related to climate change response within the Ganga – Mekong Cooperation framework.

As the 2021-2030 period is important to India’s development to become a new workshop of the world, Indian ministers presented the national action plans for sectors. Corporate executives and experts also talked about geo-political and geo-economic movements in the region, key opportunities and challenges in specific areas, demand for infrastructure development and driving forces for sustainable and comprehensive economic growth.

In the first two decades of the 21st century, the Indian economy grew by 7.4 percent during 2001-2010 and 6.76 percent during 2011-2019. International financial institutions also forecast that India’s growth will expand by 12 percent during 2021-2022 fiscal year./.