Prime Minister Nguyen Xuan Phuc (front, centre) at the first session of the 14th G20 Summit. (Photo: VNA)

Following a welcome ceremony in the morning, leaders of G20 members and guest countries, engaged in a thematic discussion on the digital economy presided over by Japanese Prime Minister Shinzo Abe.

The session adopted the Osaka statement on the digital economy, which stressed the huge potential and significance of the digital economy, and agreed to enhance international cooperation in order to facilitate the development of the digital economy, optimise benefits brought about by the digital economy and emerging technologies, and ensure security and safety in the digital economy.

During the first session, the leaders looked into the global economic, trade and investment situation and prospects.

They shared the views that although the global economy basically remained stable, growth remains sluggish with substantial risks.

The leaders affirmed that they will continue to use and combine policy tools to spur sustainable, balanced and inclusive growth, consolidate trust and prevent risks.

Given the complex development of the global trade tensions, leaders of many countries advocated international cooperation and called for efforts to fight protectionism, promote economic, commercial and investment connectivity, push ahead with reforming the WTO, maintain and consolidate the multilateral trade system.

They also underlined the need to step up collaboration in mobilising and using resources for high-quality infrastructure development effectively, thus contributing to global economic growth.

Addressing a working session on innovation in the afternoon, PM Phuc said Vietnam has regarded the digital economy as one of the major growth engines, and will issue a strategy on national digital transformation in late 2019.

He welcomed the initiative raised by Japanese PM Shinzo Abe of free data flows with trust, and suggested forming global legal framework and regulations on data flows and management.

Vietnam and other member countries of the Association of Southeast Asian Nations (ASEAN) stand ready to cooperate with G20 member countries to encourage innovations and optimize economic benefits brought about by the digital economy while ensuring compliance to local and international law, he said.

PM Phuc also lauded G20’s approach of people-centred AI development, and proposed promoting the formation of a global network of innovative centres, including those engaging in AI research and development, in order to increase the sharing of knowledge and new technologies, and help developing countries make use of opportunities created by innovations and AI, thus ensuring that no one will be left behind and for peace and sustainable development in the digital era.

Later the same day, PM Phuc and other leaders attended a banquet hosted by PM Shinzo Abe.

The G20 summit will continue with discussions on sustainable development, employment, women, health care, environment, energy and climate change on June 29.