The highly anticipated XV BRICS Johannesburg summit, the first in-person since the COVID-19 pandemic, held in the midst of a very polarised world, displayed more internal cohesion than was expected, given the trust deficit between New Delhi and Beijing. Despite differences over expansion, India and China exhibited a willingness to strengthen BRICS’s global governance circuit as a just forum for trade and regulatory policy. The five BRICS nations also announced the full admission of six new countries – Argentina, Ethiopia, Iran, Saudi Arabia, Egypt and the UAE. Like many countries around the world, Vietnam pays attention to the progress of discussions on expanding membership of the BRICS Group of major emerging economies.
About 50 other heads of state and government attended the summit, underscoring the appeal of BRICS, which represents at its core the aspirations of developing countries for a greater role in the global financial system.
At a time when the world is looking for answers, the XV BRICS Johannesburg Declaration certainly gives the impression of forward momentum, with concern about the “use of unilateral coercive measures” expressed at the outset, calls for “greater representation of emerging markets and developing countries (EMDCs), in international organisations,” and “special and differential treatment for developing countries in the WTO”. In pointing out the rising interest rates which have worsened debt vulnerabilities in many countries, and a demand to “address the international debt agenda properly”, BRICS has shown unity of purpose.
With over $4 trillion in foreign currency reserves and 21% of the world’s population, the BRICS countries cover a substantial portion of the global economy. However, the full potential of BRICS economies is far from reached. Members comprehend this, and so the Johannesburg declaration calls for “unlocking” intra-BRICS cooperation, which it has been trying to unleash through dialogue on payment instruments between emerging markets and developing countries (EMDCs).
The New Development Bank (NMD or the BRICS Bank), is arguably the most concrete success of the grouping, with a well-designed governance system. If one compares the BRICS Bank’s cumulative disbursements of $14.6 billion by the end of 2021, to the $60 billion disbursed by World Bank in 2021, the NDB’s lending programmes are minuscule. Nevertheless, the central banks of BRICS nations seem ready to let go of the conservatism that has held back the BRICS’s lending potential. NDB started expanding its membership in September 2021 with the admission of Bangladesh, the UAE and Uruguay; subsequently, Egypt was admitted as a new member. The inclusion of Saudi Arabia as the ninth member would strengthen BRICS’s funding options, representing another deep-pocketed shareholder as the NDB assesses its ability to mobilise funds.
Vietnamese Foreign Ministry spokesperson Pham Thu Hang made the statement in a reply to reporters' questions about information that the nation intends to join this group at a regular press conference held by the Vietnam Ministry of Foreign Affairs on August 17 in Hanoi.
Hang said, "As a pro-active and responsible member of the international community and consistently pursuing the foreign policy of independence, self-reliance, multilateralization and diversification of foreign relations, Vietnam is always ready to actively participate and contribute to global and regional multilateral mechanisms, organizations and forums.”
During the 15th BRICS summit which was held in South Africa on August 24, Vietnam was among the 71 countries invited to the event by the host country, the official said.
According to the spokesperson, within the framework of the 15th BRICS summit, there would be two conferences, including the BRICS and Africa and the BRICS Political Parties Plus Dialogue. In line with this, the Vietnamese side was expected to send representatives to these meetings.
The BRICS are a group of economies consisting of Brazil, Russia, India, China, and South Africa formed after the addition of South Africa in 2010.
This year, South Africa holds the BRICS presidency, with BRICS countries now accounting for more than 40% of the world's population, generating over 30% of the globe's GDP.
