Delegates at the meeting pose for a group photo. (Source: VNA) At the meeting, 150 representatives from the 17 APECeconomies raised proposals to be sent to APEC leaders during the APEC EconomicLeaders’ Week slated for November in Bangkok – the Chair of APEC and ABAC 2022.
The Vietnamese President said uncertainties due to epidemics,geo-political competitions, supply chain disruptions and financial chaos havetested the mettle and cohesion of the APEC economies.
The meeting offers an opportunity to step upcooperation within the private business bloc of APEC, and seek ways to recoverproduction and business, promote trade and investment, and reconnect supplychains, towards innovative, sustainable and inclusive development, Phuc noted.
The State leader also affirmed that Vietnam alwayssupports and promotes the Aotearoa Plan of Action, which brings to life theAPEC Putrajaya Vision 2040, as well as the APEC Joint Declaration adopted in Vietnamin 2017, themed “Creating New Dynamism, Fostering a Shared Future.”
Phuc, therefore, called on ABAC to raise many newinitiatives and solutions to boost trade and investment in APEC with thecentral role played by the World Trade Organisation (WTO), support enterprisesto maintain operations on digital platforms, using green technologies, and fostercooperation in clean, renewable energy, and greenhouse gas emission reductionin the region.
Vietnam and other APEC economies always highly valueand back initiatives and recommendations of ABAC, he went on.
President Nguyen Xuan Phuc speaks at the meeting. (Photo: VNA) The country’s trade in 2021 expanded 23% to reachnearly 670 billion USD, making Vietnam one of the 20 economies with the largesttrade scale in the world, he noted.
The IMF also forecast that Vietnam’s economy will rankthird in Southeast Asia by 2025 in terms of economic size, with its GDPexceeding 570 billion USD, Phuc said, adding that Vietnam is working hard towards the goal of becoming a high-income, developed nation by 2045.
Vietnam has also been seen as an attractiveinvestment destination with nearly 35,000 FDI projects worth some 430 billionUSD from 140 countries and territories.
The President cited a report released by the UnitedNations (UN) in July 2021 showing Vietnam was among the top 20 countriesglobally in FDI attraction. Vietnam has emerged as one of the leading nationsin ASEAN in terms of investmentenvironment, which are working towards standards of the Organisation forEconomic Cooperation and Development (OECD).
Apart from the domestic market of 100 millionpeople, Vietnam has joined 15 free trade agreements, including new-generationones like the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA) and theRegional Comprehensive EconomicPartnership (RCEP).
“This would be a good opportunity for APEC investorsin Vietnam,” Phuc emphasised.
ABAC was created by APEC Leaders in 1995 to be theprimary voice of business in APEC. Each economy has three members who areappointed by their respective leaders. They meet four times a year inpreparation for the presentation of their recommendations to the Leaders in adialogue that is a key event in the annual Leaders Meeting.
Earlier, President Phuc met with the ABAC delegationled by ABAC 2022 Chairman Kriengkrai Thiennukul who said President Phuc's presence and speech at the meeting demonstrate Vietnam’s strong commitment tosettling issues of APEC businesses’ concern.
President Phuc meets with the ABAC delegation. (Photo: VNA) Phuc lauded targets and solutions set by ABAC andnoted his belief that there will be many proposals and initiatives raised atthe meeting to further facilitate businesses’ operations.
Co-organised by the Vietnam Chamber of Commerce andIndustry (VCCI) and ABAC Vietnam in Ha Long city, the meeting will last untilJuly 29./.
VNA
