Vietnamese Prime Minister raises concerns about protectionism at ASEAN Summit

Prime Minister Nguyen Xuan Phuc raised the proposal on intra-bloc cooperation when speaking at the 30th ASEAN Summit today in the Philippines.

Prime Minister Nguyen Xuan Phuc at the ASEAN meeting. Photo: VNA

"TIn the context of difficult globalization, protectionist trends are increasing,Intra-bloc cooperation and regional integration are very important for ASEAN's development,"Foreign Ministry press release quotedVietnamese Prime Minister speaks at the plenary session of the ASEAN Summit.

According to Prime Minister Nguyen Xuan Phuc,Trade between ASEAN and its external partners has increased sharply recently, but intra-ASEAN trade has increased slowly, currently accounting for only about 25%. Therefore, member countriesIt is necessary to promote intra-bloc cooperation and exploit the resources of the market of 620 million people.

Vietnamese leaders proposed that with over 90% of ASEAN enterprises being small and medium-sized enterprises, ASEAN should soon complete an action plan to implement the SME Development Strategy 2016-2025. The association should also devote more resources to start-up and innovation activities, support access to finance, and expand markets in the global digital economy. In particular,Vietnam will work with Thailand to play a leading role in implementing the priority areas of “Improving productivity, promoting technology and innovation”.

On the occasion of the 50th anniversary of ASEAN, Prime Minister Nguyen Xuan Phuc affirmed that the Association is considered a successful model of regional integration based on the foundation of solidarity and unity among its members.

Leaders of 10 ASEAN countries attend a meeting in the Philippines. Photo: VNA

According to VNE