Vietnamese Prime Minister Nguyen Tan Dung (Photo: VNA)
In an interview with Bloomberg on May 30, 2014, Prime Minister NguyenTan Dung spoke about the socio-economic situation in Vietnam in thefirst five months of this year.
He also highlighted thatChina’s recent acts have seriously infringed upon Vietnam’ssovereignty, seriously violated international law and the Declaration onthe Conduct of Parties in the East Sea (DOC), and seriously threatenedregional peace and stability.
Following is the full text of the interview:
Bloomberg :
According to this map, the area that China deploys its oil rig isinto Viet Nam’s 200 nautical miles waters as well as close tointernational maritime. What are the impact to the region and the worldif the tension escalates to a conflict?
Prime Minister Nguyen Tan Dung:
Conflict, war! I believe that you can easily imagine its devastating consequences.
If military conflict breaks out, there will be no loser or winner. Iwish to highlight that as approximately two-thirds of the global tradein goods are shipped via the East Sea, a single irresponsible acttriggering conflict will immediately interrupt this huge cargo flow. As aresult, not only economies of this region but even the whole world willbe hurt by its unforeseeable consequences.
Bloomberg :
How will Viet Nam respond to China's actions over the oil rig inViet Nam's exclusive economic zone? Is a military response possibleand what is the risk of that?
Prime Minister Nguyen Tan Dung:
We have repeatedly highlighted that the independence and sovereigntyof our Fatherland are sacred and inviolable. We will never agree to swapthem for any other things. Viet Nam has and will do its utmost todefend the sovereignty over its waters by peaceful means. Over the lastmonth, we have made at least 30 communications with China to demandthe latter withdraw its oil rig from the waters under the Vietnamesesovereignty. That is to say more than one communication per day onaverage.
As for military action, I once againunderline that the consistent defence policy of Viet Nam is peaceand self-defence. We will only resort to military action when we areforced to opt for self-defence.
Bloomberg :
Will Viet Nam take legal action against China? Is there adiscussion about joining the Philippine case against China?
Prime Minister Nguyen Tan Dung:
Viet Nam will resort to every peaceful means to defend thesacred sovereignty over its islands and waters. Legal action inconformity with international law is also a peaceful measure.
Viet Nam is considering this option.
Bloomberg :
What type of that legal action is likely?
Prime Minister Nguyen Tan Dung:
As I have said, Viet Nam will resort to every peaceful means todefend the sacred sovereignty over its islands and waters.
We have prepared all evidence and legal dossiers. What we are considering is the appropriate timing.
Bloomberg :
Viet Nam and China have large trade and investmentrelationship, how will this incident and the unresolved escalationaffect the trade ties?
Prime Minister Nguyen Tan Dung:
We are living in the age of extensive globalization and internationaleconomic integration. The whole world has become a single market.Economic cooperation between and among countries is based on marketeconomy principles, equality and mutual benefit. The economiccooperation between Viet Nam and China is no exception. To date,generally speaking, the bilateral cooperation in economy trade,investment and tourism still takes place as normal.
China’s infringement on the Vietnamese waters has to certainextent impacted some sectors of the Vietnamese economy. We have adoptedseveral appropriate solutions in response.
TheVietnamese economy grew by more than 5.4% in 2013. The first five monthsof 2014 witnessed good progress toward our set targets. Themacroeconomy remained stable. Inflation was well kept under control.Foreign reserve increased significantly. Exports surged by approximately16% and the GDP growth for 2014 is expected to hit 5.8%.
Several days ago in some provinces of the country, the Vietnamesepeople launched demonstrations against China’s infringement of VietNam’s sovereignty. It was regrettable that some demonstrators wereincited by individuals with ill intention into breaking the law. We havetimely contained the incident and successfully prevented itsreoccurrence. The lawbreakers were strictly punished. Viet Nam hasalso provided timely and effective assistance to the affectedenterprises, thus enabling most of them to resume normal production andbusiness activities.
Bloomberg :
Atthe Shangri-La Dialogue 2013, You had a speech focused on buildingstrategic trust among Southeast Asian countries. Has that been achieved?You also called for the U.S. to play a larger role in the Asiaregion. What would Vietnam like the U.S. to do generally incountering China's push into the East Sea and in regard tothe oil rig dispute?
Prime Minister Nguyen Tan Dung:
I underscore that rapid and sustainable economic development will notbe possible without peace and stability; and peace and stability willalso not be possible without strategic trust between and amongcountries- the strategic trust that is based on serious compliance withinternational law and respect for each other’s independence andsovereignty.
Whether strategic trust has been attained in this region, I believe that you must have already had your answers.
The United States is a global power, and also a power of theAsia-Pacific region. We hope that the United States will makestronger, more practical and more effective contributions to peace andstability in the region.
Bloomberg :
When or will you sign legislation raising the foreign ownership limitsof public companies? How high beyond the current 49 percent cap willyou lift it? In which scenarios would Vietnam consider allowing 100%foreign purchase of Vietnamese companies and banks?
Prime Minister Nguyen Tan Dung:
Viet Nam is restructuring its economy and deepening itsintegration into the global economy. Viet Nam is now a WTO member,and also a party to various economic cooperation frameworks and freetrade agreements with partners around the globe. The country is activelynegotiating new free trade agreements, especially the Trans-PacificPartnership (TPP). Therefore, we will continue to open up our markets,including finance and banking under roadmaps that match the demands ofinternational integration and specific circumstances of the Vietnameseeconomy.
I wish to emphasize that opening up marketsis the must-go path of the Vietnamese economy, and such trajectory hasbeen consistently pursued.
Bloomberg :
Thank you very much!
(Vietnam+)
