Vietnam calls for international solidarity to ensure financing for development

Hanoi (VNA) - Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations, has called on the international community to enhance solidarity and cooperation to ensure financing for development.

In his remarks at the 2022 Financing for Development Forum that concluded on April 28, the ambassador noted that the COVID-19 pandemic has caused the global economy to slow down and also a financial crunch that makes it hard for many countries to achieve sustainable development goals (SDGs).

Given this, countries should consolidate financial institution frameworks to facilitate national budget restructuring as well as the development of financial and tax markets towards modernity, transparency and sustainability, the diplomat said.

Along with stepping up the implementation of strategies and policies on infrastructure, green growth, and socio-economic-cultural development, they need to work to raise their administration capacity, invest in high-quality human resources, protect the environment, and respond to climate change, Giang said.

 

He also emphasised the need to utilise innovations, technology and digital transformation to ensure equality in financial access, towards digital financing, and called for the enhancement of the public-private partnership to increase financing for sustainable development.

The ambassador urged developed donors and countries to fulfill their commitments of earmarking 0.7 percent of their gross national income to official development assistance (ODA) and 100 billion USD per year to assist climate change actions.

Over four days, the event brought together heads of state and government and other high-level participants from governments and international organisations as well as the civil society to review progress on the Addis Ababa Action Agenda, the roadmap for financing the Sustainable Development Goals./.