APEC 2017 events reflect Vietnam’s fast-tracking of innovation and inclusiveness. (Photo: VNA)

Kuala Lumpur (VNA) – APEC 2017 events reflect Vietnam’s fast-tracking of innovation and inclusiveness and its efforts to bolster regional cooperation, according to an article recently posted on The Malay Mail, an independent online Malaysian newspaper.

The theme for APEC 2017 accentuates the long-term goal of APEC to build a peaceful, stable, integrated and prosperous community in Asia-Pacific, the article noted.

It also detailed the APEC 2017 goals, comprising promoting sustainable, innovative and inclusive growth, deepening regional economic integration, strengthening micro, small and medium sized enterprises’ competitiveness and innovation in the digital age and enhancing food security and sustainable agriculture in response to climate change.

During its time in APEC, Vietnam has made its efforts to renovate, develop and integrate globally. APEC member economies account for 78 percent of foreign direct investment (FDI) projects, 79 percent of international trade value and 79 percent of international visitors to Vietnam, according to the article.

It also highlighted that of the total 15 free trade agreements that Vietnam inked or is negotiating, 13 are with APEC partners.

Vietnam has created impetus for its private sector to see a rapid rise in the number of enterprises. This has led to job creation and increased contributions by private businesses to the country’s gross domestic product, the article continued.

With GDP worth more than 200 billion USD, Vietnam has enjoyed a rosy economic growth when joining APEC.

Besides such excellent achievements, Vietnam remains one of Southeast Asia’s cheapest manufacturing bases and is renowned for its export products. This reputation helps the country lure more investments, not only increasing its FDI projects put also expanding production for exports, the article said.

The country’s success is based on the Doi moi (reform) strategy which opened up the market for foreign investors and created opportunities for local people to get involved in private businesses.

The article underlined that Vietnam has recorded significant achievements. It has emerged from a backward country with 90 percent of the population working in the agricultural sector to one of the most dynamic economies in Asia.-VNA