Vietnam elevates regional group with impact and vision

The OECD Ministerial Council Meeting 2025 under the theme “Leading the Way towards Resilient, Inclusive, and Sustainable Prosperity through Rules-Based Trade, Investment, and Innovation”, chaired by Costa Rica, with Australia, Canada, and Lithuania as vice-chairs, took place from June 2-3 at OECD headquarters in Paris.

With the shared belief that trade, investment, and innovation remain the pillars of prosperity, OECD member countries and partners discuss priorities for international cooperation and solutions to open markets and a rules-based and innovation-driven global trade system.

This year's Ministerial Council Meeting featured discussions on strengthening regional cooperation and knowledge sharing, including through synergies between regional programmes, and particularly in the Latin American and Caribbean region.

One of the highlights of the meeting was the handover ceremony of the SEARP co-chairmanship by Australia and Vietnam to Canada and the Philippines, held on June 3.

Speaking at the ceremony, Minister of Finance Nguyen Van Thang said, “SEARP is a strategic significant initiative, not only supporting the economic reform processes of countries in the region, and fostering sustainable and inclusive economic growth, but also establishing a deeper connection between the OECD and ASEAN, one of the most dynamic regions in the world.”

"The three-year term from 2022 to 2025, during which Vietnam and Australia had the honour of co-chairing SEARP alongside Canada and the Philippines, has been a period of great flux but also immense opportunity. The world has strived to recover from the pandemic, adapt to digital transformation, and collectively address cross-border challenges such as climate change, inequality, and supply chain disruptions," added Minister Thang.

Minister Nguyen Van Thang speaks at the handover ceremony. Photo: Vu Duy - Huyen Anh

Vietnam, together with Australia and partner countries, identified three strategic priorities for SEARP during the 2022-2025 term, which were short-term recovery, medium-term reform, and closer alignment with the OECD. Four key focus areas were also set, including economic resilience, private sector reform, trade and investment openness, and green and digital transformation.

According to Thang, as a result, three key milestones have been achieved:

Signed the first MoU on cooperation between the OECD and ASEAN, creating a legal framework and contributing to deepening the links between the two sides through specialised working groups, data sharing mechanisms, and technical assistance programmes.

Vietnam successfully organised the first OECD Southeast Asia Regional Forum in Hanoi in 2022, which has now become an annual ministerial-level mechanism for the OECD and regional countries to engage in frank and effective discussions on policies, experiences, and shared values.

Finally, for the first time, both sides developed and implemented cooperation plans with practical projects and initiatives on green transition, digital transformation, inclusive growth, and productivity enhancement. This has made SEARP a space for substantive, connected, and action-oriented policy dialogue.

"Vietnam is proud to have contributed to making SEARP a regional cooperation pillar with a real impact and a long-term vision. We believe that, as a bridge, SEARP will continue to be a strong driving force in realising the shared values ​​between the OECD and Southeast Asia for a rules-based economic order, and for a greener, more digital, and more humane future," stated Minister Thang.

Thang congratulated Canada and the Philippines on taking over the co-chairmanship of SEARP for the next term, and reaffirmed Vietnam's commitment to continued support and companionship, with a spirit of cooperation, openness, and sharing.

Minister Nguyen Van Thang handed over the SEARP co-chairmanship emblem from Australia-Vietnam to Canada-Philippines. Photo: Vu Duy - Huyen Anh

Recognising Vietnam's active role during the 2022-2025 SEARP co-chairmanship, OECD secretary general Mathias Cormann said the country had made significant contributions to deepening mutually beneficial engagement between the OECD and Southeast Asia.

“The global economy is entering a new and concerning phase. Today's policy uncertainty is undermining trade and investment, eroding consumer and business confidence, and weakening growth prospects,” Cormann stated in his opening remarks.

"Therefore, governments must work together to address all challenges in the global trading system constructively and positively through dialogue. That means keeping markets open and protecting the economic benefits of rules-based global trade, which fosters competition, innovation, and productivity to restore sustainable growth," he added.

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