Vietnam calls for integrated synergy of the entire international community to better address challenges posed by the global economic crisis with urgency, certainty and adequacy of resources.

Ambassador Bui The Giang, Deputy Permanent Representative of Vietnam to the United Nations Security Council made the appeal at the UN’s second committee general debate on October 6.

Giang said, with the global economic downturn spreading to every corner of the globe, causing severe damage to the people’s life, and eroding hard-earned socio-economic achievements, the international community is facing formidable challenges in all aspects of development.

The adverse impacts have been evident in the sharp decline in trade, foreign investment, development resources and economic growth, resulting in high unemployment rates and widespread relapse into impoverishment and social instability, he added.

He noted that developing countries, especially the least developed countries and countries with vulnerable economies, have found themselves confronted by more and greater difficulties in realizing inclusive and equitable growth and development. In many countries, the progress toward MDGs fulfillment and poverty reduction targets, which was recorded at high costs in normal conditions, now becomes stagnant and portentous to be behind schedule.

The ambassador suggested that it is essential to strengthen relevant international cooperation institutions and multilateral systems in a spirit of partnership, cooperation and solidarity.

“The UN should be strengthened to best play its central role in the global response mechanism to the global challenges. Member States should increase their international responsibilities not only in effectively implementing all internationally agreed action plans, programs and commitments but also in promoting global cooperation and partnerships, particularly the North-South, North-South-South and South-South cooperation,” he said.

Ambassador Giang emphasised that the Government of Vietnam has made every effort to overcome the negative impact of the global crisis on the country, especially on the rural areas which are home to nearly 70 percent of its population.

As an open economy with foreign trade amounting to 160 percent of its GDP, Viet Nam suffered considerably from the crisis. For the first 7 months of this year, the registered FDI inflows went down by 81.2 percent, export of goods down by 13.4 percent; import of goods down by 32 percent; while unemployment rates went up, particularly in export-related sectors, he said.

The Vietnamese representative said his Government has adopted a wide range of economic policies and measures, including several stimulus packages, to curb economic slowdown, stimulate growth and ensure social security. Short-term economic stimulus measures have been undertaken alongside intensive work to consolidate development fundamentals and accelerate economic restructuring, with a focus on inherent weaknesses in infrastructures, human resources and market institutions.

He also said that at the same time, policies have been adjusted to address the many challenges pertaining to rural development, industrialisation, ICT and trade development, poverty relief, and natural disaster and climate change response in order to ensure both immediate recovery from the crisis and more sustainable development in the post-crisis period in the longer run. Consequently, initial positive results have been recorded, most notably the macro economic, monetary and financial stability, and a GDP growth rate of almost 5 percent in the first 9 months of this year.

The ambassador however, stressed that Vietnam continues to need international support and assistance and it is also prepared to cooperate with other countries throughout this process./.