President Vo Van Thuong speaks at a meeting of leaders of IPEF partner nations, San Francisco, November 17, 2023. (Photo: VNA)

Delivering a speech at a meeting of leaders of IPEF partner nations on Thursday as part of the APEC Economic Leaders' Week in San Francisco, President Thuong said that the IPEF is a concerted effort to enhance cooperation and coordination among economies as the world is facing numerous intertwined changes, opportunities and challenges.

The IPEF is expected to become a model of dynamic and efficient economic connectivity, bringing practical benefits to the people, and contributing to peace, stability, and prosperity in the region and the world, he said.

To this end, first, the IPEF needs to be an open, inclusive, with a non-discriminatory cooperation mechanism, one that would support the rules-based multilateral trading system, President Thuong noted. It should welcome the participation of countries within and outside the region, and complements and supplements other regional economic connectivity initiatives.

Second, cooperation within the IPEF should meet the development needs of each party, balance the interests of all parties, respect and take into account the differences and particular characteristics of each country, and focus on technical support and capacity building.

Third, it should encourage new investment in building infrastructure, transition to clean energy, and high-tech industrial production in the region.