Vietnam Seeks Global Expertise from Former UK Prime Minister Tony Blair to Boost Growth and Sustainability

Deputy Prime Minister Welcomes Tony Blair's Insights on Growth

Deputy Prime Minister Le Minh Khai held a productive meeting with former British Prime Minister Tony Blair, now Executive Chairman of the Tony Blair Institute for Global Change (TBI), on April 16th.

The focus of their discussions was Vietnam's desire to develop a robust financial center, accelerate energy transformation, and harness the power of emerging technologies.

Deputy Prime Minister Khai expressed appreciation for Mr. Blair's commitment to fostering stronger cooperation between Vietnam and the TBI, citing previous exchanges as highly effective. He believes such focused collaboration will benefit both Vietnam and the TBI as they work towards shared goals.

Sharing Vietnam's Impressive Economic Performance

The Deputy Prime Minister briefed Mr. Blair on Vietnam's economic achievements. Despite global volatility, the nation has made significant strides.

In 2023, GDP growth reached an impressive 5.05%, and the first quarter of 2024 saw even stronger results with a 5.66% increase – the highest in four years.

Additionally, Vietnam has effectively managed inflation and exports while maintaining a trade surplus. Foreign direct investment has also surged in recent periods, further strengthening the economy.

Ambitious Vision: A Self-Reliant Economy Open to Partnership

DPM Khai emphasized that Vietnam's ambition is to become an independent and self-reliant economy, deeply integrated within the global landscape.

To achieve this and overcome the 'middle-income trap,' Vietnam seeks out international expertise and best practices. One key element is the establishment of a financial center capable of mobilizing resources, with the ultimate goal of becoming a developed country by 2045.

Mr. Khai expressed hope that the TBI would share its experience and insights to help guide Vietnam in shaping a financial hub that aligns with both global standards and the nation's unique needs.

Tony Blair: Impressed and Ready to Support

Mr. Blair, clearly impressed with Vietnam's progress and innovation, remarked on the sense of dynamism and peace he felt during his visit. He offered suggestions on attracting strategic investment, developing a semiconductor industry, and harnessing the potential of artificial intelligence.

Key Areas of Collaboration: Finance, Energy, and Technology

The former prime minister expressed his understanding of the need for a modern and advanced financial system to support Vietnam's continued growth.

He also highlighted the importance of transitioning to green and renewable energy sources for sustainable development. Recognizing the rapid advancements in technology, particularly AI, he emphasized the need for Vietnam to proactively engage with these developments.

Mr. Blair affirmed his willingness to accompany Vietnam on this journey across finance, energy, and technology.

Seeking Guidance in Light of Vietnam's Commitments

Deputy Prime Minister Khai reiterated Vietnam's commitment to energy transformation and addressing climate change. He expressed eagerness for continued support from the TBI and from Blair himself in realizing the commitments made at COP26, along with securing vital financial resources.

Additionally, he requested advice on accelerating Vietnam's digital transformation, AI development, and investments in fields such as IT infrastructure, telecommunication, and chip design to elevate the strategic partnership between the two nations.

Mr. Khai underscored the importance of ongoing collaboration between Vietnamese ministries and the TBI for rapid and effective implementation of policies that advance sustainable development.