Vietnam backs multilateralism in solving global challenges: Ambassador

Promoting the role of multilateralism is of great importance in tackling the current global multidimensional crisis, helping secure financial resources for the implementation of the sustainable development goals (SDGs), recommended Ambassador Dang Hoang Giang, Vietnam’s Permanent Representative to the United Nations (UN).

In his speech at the 2023 UN Economic and Social Council (ECOSOC) Forum on Financing for Development, held from April 17-20, the diplomat called on the international community to make more efforts to narrow the financial gap between countries and suggested that the G7 and G20 nations accelerate the implementation of their commitments to support developing countries in accessing preferential financial resources for SDGs and climate change response.

It is also necessary to share experience and information on such new rules as the global minimum tax rate and carbon credit, to transfer technology, and to build capacity for developing countries in terms of digital transformation and green transition, Giang underscored.

He held that developing nations themselves need to improve their capacity in effectively mobilising domestic resources, associating SDGs with their development strategies, improving tax governance, and ensuring national financial security

Vietnam is willing to contribute to joint efforts in carrying out the 2030 Agenda via the promotion of South-South and tripartite cooperation, affirmed the diplomat.

The forum aimed to discuss comprehensive measures to address current global challenges and promote long-term financial policies to implement the SDGs.

In his opening speech, UN Secretary-General Antonio Guterres calls on the G20 countries to quickly come up with a stimulus package for SDGs implementation worth at least 500 billion USD per year to increase the size of long-term financing and give incentives to all countries in need.

Participating leaders of UN agencies and countries have tabled a series of measures to increase financial resources for development including monetary and fiscal policy options to address pressing issues, international cooperation on taxation, and financial security for sustainable industrial transformation and climate change response. They unanimously adopted a political declaration emphasising the commitment to ensuring financial security serving development.