President highlights requirements of future trade, investment at APEC CEO Summit

Ensuring a fair, transparent and efficient international trading system is crucial in a global “playground”, stated President Nguyen Xuan Phuc while highlighting major requirements/characteristics of trade and investment activities in the new period.

Addressing a discussion on the future of Asia-Pacific trade and investment during the APEC CEO Summit 2022, which took place in Thailand from November 16-18 with the participation of more than 850 leaders of world and regional leading businesses, the Vietnamese leader said that digital transformation is an inevitable and objective trend that is taking place very strongly and extensively, positively affecting cross-border trade and the global economy.

Stemming from difficulties and challenges in the past two years, the world and the region are establishing new, resilient and sustainable supply chains, with diversified supply sources, effective monitoring mechanisms and traceability, he said.

The president held that under the impact of the COVID-19 pandemic and climate change, some areas such as health, biotechnology, clean energy, and carbon emission reduction will strongly attract foreign direct investment (FDI) in the time to come.

Mentioning Vietnam’s policies and achievements in socio-economic development, he said that amidst many difficulties, Vietnam has maintained macro-economic stability, while keeping inflation under good control and ensuring major balances in energy and food.

According to forecasts of many international organisations, Vietnam will be among the countries with high gross domestic product (GDP) growth in the Asia-Pacific region, with expansion reaching 7.2% in 2022 and 6.7% in 2023.

As one of the dynamic economies with high level of openness and a destination for many multinational groups, Vietnam has signed and implemented nearly 60 agreements on investment promotion and protection, along with 15 free trade agreements, including new generation agreements with high standards such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA), and the Regional Comprehensive Economic Partnership (RCEP). Vietnam's recent economic achievements are clear evidences that increased trade and investment cooperation at the regional and global levels can benefit all stakeholders, he stressed.

President Phuc also made known Vietnam’s priorities in investment attraction, including quality, efficiency, technology, and environmental protection.

Vietnam wishes to attract FDI projects with high technology, helping promote innovation and development research, creating favourable conditions for Vietnamese enterprises to participate in regional and global value chains, and boosting digital, green and circular economy, he underlined.

The country attaches importance to the significance of accompanying with businesses, putting them in the core position, and sharing, listening and solving their difficulties under all circumstances, along with the reform and simplification of administrative procedures. Vietnam hopes that the APEC business community will uphold the spirit of cooperation, overcome difficulties and challenges, and continue to promote investment and business activities in the region, he stated.

Along with President Phuc, major keynote speakers of the APEC CEO Summit 2022 also included Chinese President Xi Jinping, Thai Prime Minister Prayut Chan-o-cha, French President Emmanuel Macron, Indonesian President Joko Widodo, and US Vice President Kamala Harris.