“The region’s future is the future of Vietnam”, Deputy PM

In the morning of May 15, the 24th General Meeting of the Pacific Economic Cooperation Council (PECC) was organized in Hanoi. Deputy PM, Minister of Foreign Affairs Pham Binh Minh, Chairman of the APEC 2017 National Committee attended and delivered the opening remarks.

According to the Deputy PM, The Council has asserted itself as a unique institution in harnessing the heart and mind from business, government and academic circles to formulate ideas on the most significant challenges facing the Asia - Pacific.

“Ours is the only region that has not suffered from a single armed conflict since the end of the Cold War. When PECC was established in 1980, the region accounted for over 40% of global GDP and has now risen to over 50%. Over a billion people in the region have been lifted out of extreme poverty. As a powerhouse of new technologies, skilled workforce and burgeoning middle class, the region’s share of the global GDP is expected to rise to almost 70% by 2050. 10 out of 20 largest economies are from the Asia – Pacific,” Deputy PM Minh stressed.

Deputy PM Pham Binh Minh. Photo by Infonet

Looking forward, the global economic power is shifting to Asia – Pacific, with emerging economies in the region expected to drive regional and global growth. The outlook for our region remains robust – the strongest in the world.

“However, how much we will achieve depends on how effectively we address three “baskets” of challenges facing the region, both immediate and long-term”, highlighted the Deputy PM.

The first are sluggish productivity, rising inequality within and among economies, demographic challenges, including aging population, poverty, urbanization, and climate change.

The second is whether we are ready for the Fourth Industrial Revolution. Just within nearly two decades of the 21st century, we have seen massive technological changes begin to alter the nature of work, transform our society and the way we connect and interact with each other.

The third are the lingering risks of geopolitical conflicts and the lack of a responsive regional governance. The regional landscape is experiencing complex and fundamental shifts. There are also emerging security issues, such as security implications of emerging technologies, cyber vulnerabilities, resources management.”

The Deputy PM emphasizes that it is high time for all member countries to have in-depth deliberations on a vision for the Asia - Pacific region for decades to come.

“Lying at the heart of the Asia-Pacific, Vietnam has been pursuing comprehensive renovation, extensive international integration and proactive multilateral diplomacy. The region has always been a corner-stone of our foreign policy. The region’s future is the future of Vietnam.

Your recommendations and insights today are important to APEC’s process of reflection on its work toward 2020 and beyond and “creating new dynamism, fostering a shared future” which is the overarching theme of APEC 2017. All these are very meaningful for the “APEC Multi-stakeholder Dialogue on APEC toward 2020 and beyond” co-organized by Vietnam and PECC tomorrow.  Vietnam treasures the strong support and effective collaboration extended by PECC and all of you who are here today. You have always stood side by side with us over the past years,” stated Deputy PM Pham Binh Minh.