APEC has played increasingly important role in Vietnam’s economic development

Prime Minister Nguyen Xuan Phuc delivered opening remark at the MRT 23

The Vietnamese PM said that, as of today, APEC member economies have contributed about 78% of the total FDI inflows to Viet Nam, 75% of the total merchandise trade and 79% of the total number of tourists to Viet Nam. About 80% of Vietnamese students are studying in APEC member economies. 13 APEC members have become Viet Nam’s strategic and comprehensive partners.

With its strong determination and efforts to deepen reform and international integration, Viet Nam has made significant contributions to APEC’s cooperation. Last time, Viet Nam hosted APEC in 2006, eleven years ago. “And now, we have the great honor to be host of APEC Year again with a view to enhancing cooperation with other regional economies for a peaceful, stable, connected and prosperous Asia-Pacific community,” said PM Phuc.

Since its inception in 1989, APEC has always been an important economic driver and growth engine of the Asia-Pacific region and the world. APEC has a combined population of more than 2.8 billion people, approximately 40 percent of the world population. After nearly three decades, APEC member economies have strongly expanded, accounting for approximated 60 percent of the world GDP and 49% global trade. The regional average tariff has been reduced from 11% in 1996 to 5.5% in 2016. Income and living standards have been improved for a large proportion of the population in the region. These outcomes have provided testament to the efforts of the region for trade liberalization, trade and investment facilitation as well as the shared regional stability, development and prosperity.

However, Asia-Pacific is witnessing multiple changes in politics, economy and technology. The Industrial Revolution 4.0 as well as the emergence of the digital economy has strong impacts on the lives of citizens from all walks of life. Never before has the world been so interconnected on such a profound level. Advanced technologies have generated many opportunities, but at the same time, brought about substantial economic, cultural and social challenges. 

APEC is aiming for a truly connected Asia-Pacific in terms of the people, infrastructure, technology and information in order to facilitate economic growth, trade and investment, comprehensive institutional reform in each and every member economy. Moreover, APEC cooperation programs on enhancing connectivity, developing value chains, connecting supply chains, supporting the business community in general and Micro, Small and Medium-Sized Enterprises in particular, among others, have contributed significantly to the development and prosperity of the Asia-Pacific region.

Prime Minister Nguyen Xuan Phuc and various delegates of the MRT 23

“Characterized by its member economies’ differences in terms of development levels as well as diversity in culture, political institutions, and development policy, APEC should step up economic and technical cooperation, experience and information sharing during the process of policy-making and implementation of cooperation programs to enhance the effectiveness and distinguish APEC cooperation from that of the other organizations and forums in the region and the world. We also need to expand cooperation with other regions to ensure increased connectivity and development for all,” said the PM.

However, cooperation plans and their fine goals might still fail to turn into reality when the member economies lack trust, political determination and coordination to safeguard a peaceful environment, ensure security and safety for investment, and the flows of goods in the region.

The PM stressed that the meeting of APEC Ministers responsible for Trade (MRT) is one of the most prominent ministerial meetings in APEC’s framework.

“I am confident that, given the active participation of the Ministers and World Trade Organization Director-General, Mr. Roberto Azevêdo, we shall have fruitful and productive discussions to review the implementation of APEC 2017 priorities programmes and approve member economies’ initiatives to report to APEC Leaders’ Summit in November 2017 in order to steer the APEC ship towards a brighter and more prosperous future for every citizen in the region,” Prime Minister Phuc said.