President Michael D Higgins has called for a radical rethink of the global economic model and criticised the impact of "unregulated financial markets" and the "unproductive use of capital".

In a keynote speech at Vietnam National University, the President drew parallels between Irish and Vietnamese history saying both countries have endured the "harmful experience" of colonisation and the "scourge of famine".

President Higgins asked what price has been paid for allowing hedge fund speculation in global food commodities, saying the "hegemonic days of strident neo-liberal economics may be coming to an end".

He also criticised the global response to climate change as "dismal and disappointing" and called for urgent action to deliver sustainable development.

Full text of the speech delivered by President Michael D. Higgins at Vietnam National University this morning: https://t.co/iWVy9fhVwD pic.twitter.com/sckXqA0uVQ — President of Ireland (@PresidentIRL) November 8, 2016

On the major theme of sustainable development he said the choices made now will determine the fate of the world in future generations.

Addressing an audience of students, President Higgins called on them to succeed where previous generations have failed, praising Vietnam's progress in dealing with the eradication of poverty but saying vulnerable citizens must not be left behind.

He also called for a comprehensive response to human trafficking, the right to water, food, health and housing and gender equality and the implementation of the UNs’ sustainable development goals.

Earlier President Higgins laid a wreath at the Monument of National Heroes and Martyrs in memory of the millions who have died in Vietnam's wars.