President Vo Van Thuong speaks at the third Belt and Road Forum for International Cooperation (BRF)__Photo: VNA

President Vo Van Thuong suggested three pillars for cooperation in digital economy while addressing the third Belt and Road Forum for International Cooperation (BRF) in Beijing, China, on October 18.

One of the pillars lies with collaboration in digital institutions, which, Thuong said, is to devise appropriate regulations, ensure data security, create a friendly business environment, prevent and combat transnational crimes, and ensure safety, security and national sovereignty.

The second is cooperation in digital infrastructure to ensure and improve the capacity of countries to participate in the global digital economy, the President said, calling on international financial organizations and businesses to invest in infrastructure projects in Vietnam and other countries in the region.

The leader also emphasized digital human resources cooperation to develop high-quality personnel who are capable of researching, developing and applying technologies, especially new, cutting-edge ones.

In the digital economy, it is necessary to promote knowledge and technology transfer projects, he continued.

The President hailed the Belt and Road Initiative (BRI)’s significant contributions to the marked changes of countries along the "Digital Silk Road", from modern digital infrastructure and smart cities, to vibrant commercial activities in the digital space.

Vietnam attaches great importance to ways connecting with the world, which would be on land, in the air, at sea, and in the digital space, he said, noting that the country is accelerating digital transformation, and economic development and restructuring in tandem with growth model reform.

In that spirit, Vietnam has regarded digital economy as new space; digital human resources, digital technology and digital data as new workforce; and digital innovation as new driving force, according to the leader.

He used the occasion to brief other delegates on Vietnam’s digital economy, which contributed 14.26 percent to the national GDP last year, and the figure is expected to reach 20 percent in 2025 and 30 percent in 2030.

The President stressed that with high determination, large investment, and many specific programs, projects and actions, the BRI has served as a big international cooperation mechanism significantly contributing to global infrastructure connectivity and economic links.

Illustrative image (internet)

It is an open, inclusive, high-quality cooperation framework that brings about tangible benefits to all participating parties and deepens the friendship and connection between people of countries, Thuong went on.

President Thưởng said with high commitment to substantial investment, numerous programmes and projects, and specific actions, the Belt and Road initiative has become a major international cooperation mechanism with significant contributions to infrastructure connectivity, global economic integration, an all-encompassing, high-quality framework for cooperation, and tangible benefits for all participating parties, deepening friendship and solidarity among peoples of various nations.

The President also affirmed Việt Nam's support for initiatives that promote peace and development regionally and globally, welcoming and actively participating in many important global initiatives initiated by China.

Discussing the digital economy as a new driver of growth, President Thưởng underscored that digital transformation is an inevitable trend that is happening rapidly and extensively worldwide, driven by new technological breakthroughs and modernisation.

The development of digital economy opens up enormous potential and new development space, and enables countries to connect with each other faster, he noted, adding that every country will participate more deeply into the global digital economy and become an indispensable part of it.

However, digital economy also carries security and social risks if not "appropriately oriented and managed."

He affirmed that Vietnam always supports initiatives beneficial to peace, cooperation and development in the region and the world, noting Vietnam has welcomed and actively participated in many important global mechanisms and initiatives initiated by China.

The forum features three high-level sessions on digital economy, green development and regional connectivity, along with six ministerial-level forums on trade connection, people-to-people exchange, scholar exchange, clean silk road, local cooperation and maritime cooperation.

The delegates shared the view that cooperation in the coming time should focus on promoting growth model reform and connectivity between economies, and making science, technology, and innovation a new driving force.

They stressed the need to strengthen coordination between countries and international organizations to attract resources and support developing countries in industrialization, modernization, narrowing development gaps, and catching up with and benefiting from new development trends.

On the sidelines of the third Belt and Road Forum for International Cooperation, there was a business forum on October 17 with the participation of 1,200 delegates from more than 80 countries, including 60 representatives from companies in the world's top 500.

With the aim of stimulating new growth, there were many discussions regarding the experiences of building a digital economy, greening traditional industries, transitioning to clean energy, improving international infrastructure, as well as innovative solutions to address common regional and global challenges.

Delegates agreed to focus on promoting growth model transformation, further connecting economies, and harnessing science and technology innovation as a true catalyst for growth and improved livelihoods.

In addition to accelerating the adoption of digital technology in economic activities and social life, there was an emphasis on effectively addressing cybersecurity issues and building a global management system for artificial intelligence.

Leaders also emphasised the need for enhanced coordination among nations and international organisations to attract resources and support developing countries in their industrialisation and modernisation efforts while narrowing the development gap and benefiting from emerging development trends.