Deputy Prime Minister Vu Duc Dam underscored the enhancement of competitiveness as a top priority while addressing the Boao Forum for Asia Annual Conference 2014 in Hainan, China on April 10.

The following is the full text of his speech.

“ Your Excellency Li Keqiang, Premier of the People’s Republic of China,
Your Excellency Yasuo Fukuda, Chairman of the Boao Forum,
Ladies and Gentlemen,

1. First of all, I would like to express my sincere gratitude to the Government of the People’s Republic of China and the organizers of the Boao Forum for Asia for your warm hospitality and thoughtful arrangements.

It is fascinating that we are gathered here today in this very modern and well-equipped Convention Center to discuss the future of Asia. It is even more interesting to recognize that until the beginning of the 3 rd Millennium, this area was just a humble fishing village. The changes we have seen today would strengthen many people’s belief that “the 21st Century is the Century of Asia”.

2. Indeed, people have talked a great deal about Asian miracles and the amazing recovery, resilience and multiplicity of reforms produced in Asia following severe crises. The recent crisis has showed that the growth model based primarily on natural resources and capital needed to be transformed. Enhancing competitiveness is considered a “top” priority. Whilst this is inevitable in a globalized world, it is important to link competitiveness with sustainable and inclusive growth. Asian people often ponder about and live by Cause and Effect (Yin Guo). If economic development leads to the exhaustion of natural resources, the destruction of the environment and social instability, then it’s an imbalanced development that demands a high price that we will have to pay. Unpredictable weather and serious epidemics are only some of the immediate “effects” that our planet is currently faced with. Asia and the world will enjoy sustainable development only if we move towards green growth which aims at a better life for all our peoples.

3. Reality has showed that if we are to find a new way or a new model for development, it is important that innovation needs to be promoted and technological innovation should be considered as a vital driver of growth. The innovative capacity of each individual and the strength of science and technology should be fully tapped so that we can maximize all of our social and natural potentials in the most effective way. Looking back since the late 18th century, Asia has benefited from the spread of industrialization. During the last few decades of the 20th century, many Asian countries progressed by leaps and bounds as a result of their determination and innovative capacity. Yet the majority of the technology adopted in this development process still came from Europe and North America. The good news is that today Asia has started to create more and more technologies. Many people would, of course, point out that in today’s connected world new technology and innovation has been and should be shared widely and openly so that everyone may participate. However, we should also recognize the increasing importance of Asia’s participation and its transference of new technology to the world.

4. Asia has an enormous opportunity and mandate to surge forward not only for itself but to address the problems mankind is facing. People become stronger and better by reinforcing each other and sharing responsibility. The linkages between different economies, regions and continents need to be strengthened. The establishment of the ASEAN Community and the Regional Comprehensive Economic Partnership (RCEP) as well as other cooperation arrangements and mechanisms between countries, Asia and Europe, trans Pacific, and others will create a favorable environment and give momentum for Asia and its partners to thrive.

5. Last, but not least, I would like to emphasize that the future of Asia and the drivers of growth in Asia will only be meaningful if we can maintain political stability and build and strengthen a peaceful and cooperative international environment. Every state, large or small, rich or poor, needs peace and stability all differences and disputes should be settled, with sincerity and trust, by peaceful measures in accordance with international law. Cooperation based upon mutual interest, shared responsibility, mutual respect and trust is the vital factor if we want to attain sustainable growth for the region and for the world. The Government and people of Vietnam are striving to cooperate with other nations and partners to that end.

On that note, I wish the Boao Forum for Asia 2014 success in its endeavors.

Thank you for your attention.-VNA