Deputy Foreign Minister and head of the Vietnam ASEAN SOM Nguyen Quoc Dung recently attended the 2021 India Economic Conclave (IEC), themed “India's Decade: Reform. Perform. Transform”.
Deputy Foreign Minister Nguyen Quoc Dung (Photo: VNA)
Hanoi (VNA)𝕴 – Deputy Foreign Minister and head of theVietnam ASEAN SOM Nguyen Quoc Dung recently attended the 2021 India EconomicConclave (IEC), themed “India's Decade: Reform. Perform. Transform”.
As the seventh edition held by the Times Network, the IEC 2021featured 33 reports by 10 key ministers,two army commanders, four leaders of Indian localities, corporate executives,economists and senior officials in the region.
The event held significance to promoting common vision among Indianpoliticians, authorities and businesses about the country’s post-COVID-19strong development.
ꦛ As a keynote guest speaker, Dung said amid the complicateddevelopments of the world economy, countries need to reform and transform themselves towards sustainable and mutually beneficial development. Countries, including Vietnam,consider win-win growth as an important content in their developmentorientations. Accordingly, one country’s growth is by no means destructive toanother’s but pushes other countries and regions forward.
He stressed that with strong and long-standing cultural andhistorical bonds with Southeast Asia, India, a strong economy and advancedscience, has been a responsible country for promoting sustainableeconomic growth. Its growth is making positive contributions to mutuallybeneficial development for peace and prosperity in the region. On thecontrary, Southeast Asia’s vibrant development is attributable to India’s growth.
𒆙 Highlighting Vietnam’s successes in surviving COVID-19 to devise its development strategy for 2021-2030, Dung suggested that Vietnamand India further enhance cooperation in supply chain connectivity, including chains of India’s medical supplies, pharmaceuticals and vaccines.
He proposed facilitating access to each other's market, strengtheningcooperation of stances on World Trade Organisation reform, shaping rules ondigital trade governance, digital economy, promoting innovation, buildingresearch and development centres in Vietnam, accelerating projects related to climatechange response within the Ganga – Mekong Cooperation framework.
As the 2021-2030 period is important to India’s development tobecome a new workshop of the world, Indian ministers presented the national actionplans for sectors. Corporate executives and experts also talked aboutgeo-political and geo-economic movements in the region, key opportunities andchallenges in specific areas, demand for infrastructure development and drivingforces for sustainable and comprehensive economic growth.
ಌ In the first two decades of the 21st century, theIndian economy grew by 7.4 percent during 2001-2010 and 6.76 percent during2011-2019. International financial institutions also forecast that India’sgrowth will expand by 12 percent during 2021-2022 fiscal year./.
Since the establishment of the ASEAN-India Dialogue Partnership, bilateral trade expanded from 2.9 billion USD in 1993 to 76 billion USD in 2017. ASEAN is India’s fourth largest trading partner.
Vietnam wants to boost investment cooperation with India in the fields of information-technology, biotechnology, renewable energy, machinery building, chemicals, pharmaceuticals, among others.
Measures to promote cooperation between India’s eastern and northeastern regions and eastern countries were discussed at a workshop in Odisha state, India, from March 16-18.
Vietnam has highlighted India’s economic achievements despite global instabilities, trade tension and the COVID-19 pandemic at the WTO’s 7th review of India’s trade policies and practices.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
Singapore led with a total of 8.8 billion USD in realised investment, followed by Hong Kong and mainland China, Malaysia, and Japan with 8 billion USD, 1.7 billion USD and 1.6 billion USD, respectively.
Thai Acting Prime Minister Phumtham Wechayachai on August 7 outlined his strategy for tackling drug problems in Thailand, aiming for a "Zero Drugs Thailand" within three months.
The US has described Malaysia's role as Chair of the Association of Southeast Asian Nations (ASEAN) as vital in helping ease tension between Thailand and Cambodia.
Indonesia ranks as the world's sixth-largest gold reserve holder, producing an estimated 160 to 200 tonnes annually, mainly through major state-owned enterprises. Despite this, much of the mined gold is held or traded abroad. In 2024 alone, Indonesia exported gold worth 5.4 billion USD while reimporting 2.6 billion USD worth of the metal.
Cambodia and Thailand vowed not to undertake provocative actions that may escalate tensions, including entering the other side’s air space and territory, and refrain from constructing or enhancing military infrastructure.
Deputy Foreign Minister Nguyen Quoc Dung (Photo: VNA) 
