As the nation will take on the role of host of GMS cooperation activities in 2026, Vietnam is steadfastly committed to working with member nations, the Greater Mekong Subregion (GMS) Secretariat, development partners, and the business community to advance cooperation activities within the GMS framework toward the region's shared prosperity.
The statement was made by Deputy Minister of Finance Tran Quoc Phuong during the official session of the GMS Ministerial Conference on Friday, November 28, in Thailand, as well as during a high-level government-business policy dialogue.
He gave attendees an overview of Vietnam's most recent policies and strategies for socioeconomic development, with a focus on areas related to the conference theme, such as private sector development and science, technology, and innovation.
Additionally, the Deputy Minister made specific policy recommendations to increase the private sector's and local governments' involvement in the GMS's overall development.
He suggested strengthening local officials' capacity in areas like development planning, project management, and resource mobilization; establishing a regular consultation mechanism between central and local governments; and guaranteeing funding for local-level projects through domestic resource mobilization and public-private partnerships.
Additionally, he advocated for more direct local cooperation and more decentralization.
Regarding the development of the private sector, the official suggested that the GMS create or broaden technical assistance programs for small and medium-sized businesses in areas like market connectivity, technological innovation, digital transformation, and financial access.
In order to promote increased private sector involvement in transportation infrastructure, sustainable energy, trade and tourism promotion, and digital transformation, he proposed that the GMS act as a link between the public and private sectors by creating appropriate PPP models.
According to him, these initiatives will reduce the financial strain on the public sector while generating investment opportunities for companies throughout the area.
Bangkok, Thailand hosted the 27th GMS Ministerial Conference on November 27 and 28. In order to implement the outcomes of the GMS Summit, which was held in China in November 2024, the conference examined and highly valued cooperation activities under the GMS framework in a number of important sectors, including transportation, energy, trade and investment facilitation, agriculture, the environment, health care, and urban development.
With an emphasis on raising funds, member nations and development partners also talked about strategies for advancing regional development initiatives. Notable regional concerns were also emphasized, including innovation, digitalization, knowledge exchange, and strengthening the involvement and role of local governments and the private sector.
The Vietnamese delegation met with ADB Vice President Scott Morris on the fringes of the event. The implementation of ADB's financial support for Vietnam's development investment projects was one of the future cooperation priorities that the two sides discussed.
