Hanoi, May 28, 2025 – The Europe Today: Prime Minister Phạm Minh Chính of Vietnam has proposed a bold initiative to enhance financial centre connectivity among ASEAN countries, the Gulf Cooperation Council (GCC), and China during the ASEAN-GCC-China Summit held in Kuala Lumpur on Tuesday.
Speaking at the summit themed “Synergising Economic Opportunities Towards Shared Prosperity,” Prime Minister Chính suggested the establishment of a robust financial connectivity network linking key regional financial hubs such as Hồ Chí Minh City, Kuala Lumpur, Singapore, Bangkok, Shanghai, Dubai and Riyadh. This initiative, he said, would foster a seamless inter-regional financial ecosystem and serve as a springboard for breakthrough cooperation between the three dynamic economic blocs.
Welcoming the historic opportunity presented by enhanced dialogue among ASEAN, the GCC and China—together representing three of the world’s leading economic engines—Prime Minister Chính underscored the need to focus on trade, investment, and supply chain connectivity. He called for avoiding the politicisation of science and technology, investment, and development.
The Vietnamese leader advocated for the effective utilisation of existing frameworks, including the ASEAN-China Free Trade Agreement, and encouraged the early signing of the ASEAN-GCC Free Trade Agreement. He also proposed exploring the possibility of creating a comprehensive trilateral economic cooperation mechanism, potentially culminating in an ASEAN-GCC-China Free Trade Agreement.
Prime Minister Chính further emphasised the importance of prioritising strategic and breakthrough sectors. In light of ASEAN’s ongoing efforts to finalise its Digital Economy Framework Agreement, he called this a “golden moment” to build a connected, secure, and sustainable digital space for the region.
Reaffirming that capital flow is the lifeblood of sustained economic development, he expressed confidence that deepened financial connectivity would catalyse growth in other sectors such as tourism, cultural exchange, and inter-civilisational dialogue, laying a strong foundation for comprehensive and long-term inter-regional cooperation.
The Prime Minister reiterated Vietnam’s commitment to acting as a reliable bridge and a responsible partner, ready to contribute actively to peace, stability, and shared prosperity among ASEAN, the GCC and China.
Leaders attending the summit voiced strong support for deepened trilateral cooperation. They highlighted the combined strengths of ASEAN, the GCC and China, whose collective GDP stands at approximately US$24.87 trillion and whose population totals around 2.15 billion.
The countries reaffirmed their commitment to enhancing trade, investment, finance, supply chain resilience and mutual market access. They also agreed to promote cooperation in emerging sectors such as digital technology, artificial intelligence, and renewable energy, alongside boosting cultural exchange, educational partnerships, and tourism.
Participants pledged to launch new initiatives to promote mutual understanding and strengthen people-to-people ties across regions. The summit also addressed pressing international and regional issues, including the situation in the Gaza Strip.
Expressing shared concerns over the escalating tensions, the leaders reaffirmed their support for the peace process and the establishment of an independent Palestinian state in line with the two-state solution, international law, and relevant United Nations Security Council resolutions.
