Vietnam makes hefty proposals at APEC

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State President Tran Dai Quang told the Opening Session of the APEC CEO Summit currently taking place in the central city of Danang that for APEC to remain the champion of regional economic integration, the Asia-Pacific business community will have to continue playing an important role in helping governments address many issues.

First, the top priority is to generate further momentum for global economic integration and recovery, upholding the business community's leading role in trade and investment liberalisation, and fulfilling the Bogor Goals by 2020.

"Public-private partnerships should be strengthened to promote comprehensive and inclusive connectivity, develop quality infrastructure, and enhance supply chain connectivity as well as next-generation trade and investment issues.” President Quang said.

“From this forum, I would like to urge businesses to enhance co-operation and support member economies in promoting investment in education and training so that our economies and employees can better adapt to the new economic environment,” Quang said. “In the long term, investing in the people will help ensure social consensus on trade and investment liberalisation. This is a pre-requisite for businesses to take advantage of opportunities from globalisation and expanding their investment and trade on the global scale.”

Second, the APEC needs to bolster efforts to ensure the inclusiveness of growth. APEC member economies need to turn “economic miracles” into “inclusive development miracles” in the region and the APEC should continue to play a leading role in the implementation of the United Nations’ Sustainable Development Goals.

Also, businesses need to place greater emphasis on social responsibility, make active contributions to building resilient and inclusive communities, ensure food-water-energy security, infusing entrepreneurship, furthering women’s economic empowerment, and supporting MSMEs in gaining a stronger foothold in the global market.

“Third, to foster a shared future, all of you as well as millions of other businesses in the region need to make active contributions to the development and the realisation of the post-2020 APEC Vision on building a peaceful, stable, dynamic, integrated, and prosperous Asia-Pacific,” tPresident Quang said.

“With the contributions and practical experience of businesses, we can develop a comprehensive and inclusive vision for the region, which ensures the interests of the people and businesses. This also provides the fundamentals for the sustainable development of the APEC economies and the business community in the future,” he said.

Vietnam has scored enormous successes in its 30 years of renovation and nearly 20 years of membership in the APEC. From a less developed economy, Vietnam has become a developing middle-income economy, and an important link in the network of 16 free trade agreements.

As an economy with a high level of openness, the future of 90 million Vietnamese people is increasingly linked to the future of the Asia-Pacific. Many APEC member economies will continue to be among Vietnam’s biggest investors and leading trade partners.

“In the years ahead, Vietnam will continue to carry out comprehensive reforms with the three strategic targets to improve market economy institutions, promote quality human resources development, and develop a modern infrastructure system,” the Vietnamese state president stressed.

“At the same time, we need to focus on transforming the growth model, developing the knowledge economy and advanced technology, modernising agriculture, supporting industries, maritime economy, and tourism. We also place importance on fine-tuning the institutional, policy, and legal frameworks, protecting the environment, providing an enabling business environment for all sectors, releasing the full potential of businesses, enhancing law enforcement, and upholding the rule of law,” he continued.

Along with the comprehensive renovation, Vietnam continues to deepen its international integration and make active contributions to multilateral mechanisms. After 11 years, this is the second time Vietnam has hosted the APEC events, representing the country’s commitment in the international arena.

“The state and people of Vietnam highly value the support of the APEC business community received during our 30 years of renovation. Many business people present here today have arrived here in the first days of our open-door policy. We thank you for your support to help us overcome difficulties and challenges over the last three decades and reach the achievements that you can see today,” Quang said.