Prime Minister Pham Minh Chinh welcomes the ASEAN Business Advisory Council (ASEAN BAC) delegation

What is ASEAN BAC Vietnam’s stance on the key topics of this meeting?

ASEAN BAC 2024 is prioritizing Heritage Projects to enhance connectivity and resilience in the region. Vietnam enthusiastically supports the focus on digital transformation as a key driver for economic integration, particularly through proposals for pilot zones and the ASEAN Digital Economy Framework Agreement (DEFA).

Vietnam strongly supports transforming ASEAN into an interconnected digital market, opening new opportunities for businesses. Regarding the green energy transition, Vietnam highly appreciates the discussions on the Carbon Border Adjustment Mechanism (CBAM) and the need for a coordinated policy framework across ASEAN. The country is also ready to support initiatives like the ASEAN Net Zero Center and the ASEAN Carbon Excellence Center, crucial drivers toward a sustainable and environmentally friendly future for the entire region.

Vietnam fully agrees with ASEAN’s goal of becoming a “global supply chain powerhouse.” Strengthening public-private partnerships, attracting investment in R&D, and enhancing intellectual property protection are essential steps to realize this vision.

This is a timely and crucial moment for ASEAN to assert its position on the global supply chain map.

Additionally, investing in emerging industries has garnered significant attention. Vietnam recognizes the immense potential in sectors such as high-value agriculture, high-tech manufacturing, and the digital economy. Vietnam emphasizes the importance of addressing existing trade and investment barriers within ASEAN to boost intra-regional trade and attract more foreign direct investment.

We believe that by eliminating these barriers, ASEAN can achieve stronger growth, enhance intra-regional trade, and increase the overall competitiveness of the region.

Why was the Corporate Sustainability Index (CSI) selected as a Heritage Project to enhance connectivity and resilience in ASEAN?

On behalf of ASEAN BAC Vietnam, I presented the Heritage Project: “CSI – For Corporate Sustainable Development,” which is the Corporate Sustainability Index. In Vietnam, the CSI is recognized as a valuable tool for supporting sustainable corporate governance, and it has been successfully implemented. The CSI is recognized by both the business community and the government, having been integrated into recent government policies on corporate sustainable development.

In addition to the general index, which can be applied to all types of businesses, the CSI has been tailored into specific indices for key economic sectors, including fisheries and leather and footwear, with plans to expand to other sectors in the future. This is a successful practical model that can be replicated across ASEAN.

ASEAN BAC members highly value this project and express a desire to collaborate with ASEAN BAC Vietnam to implement it in other ASEAN countries. Through the ASEAN BAC International Secretariat, we will connect with interested countries (initially including Thailand, Indonesia, Cambodia and Singapore) to support them in developing a CSI tailored to each nation's conditions. The "ASEANization" of this CSI will demonstrate Vietnam’s leadership role in regional cooperation on sustainable development.

The overview of the 101st meeting of the ASEAN BAC

What were Prime Minister Pham Minh Chinh's key directions at the recent ASEAN BAC meeting?

Prime Minister Pham Minh Chinh affirmed Vietnam’s continued support, alongside other ASEAN countries, to help Laos successfully organize the 44th-45th ASEAN Summits and related meetings. He emphasized the crucial role of the ASEAN business community in the bloc's development.

Prime Minister Pham Minh Chinh also proposed that ASEAN BAC and ASEAN countries focus on five cooperation areas: building institutions and policies, enhancing economic connectivity through infrastructure, mobilizing resources, developing high-quality human resources, and building and managing smart, modern, and innovative enterprises.

In the face of global challenges, including the long-term impacts of the COVID-19 pandemic, geopolitical conflicts, strategic competition and non-traditional security challenges such as climate change, natural disasters, pandemics, aging populations and resource depletion, ASEAN has demonstrated resilience, flexibility and proactive adaptation. This has allowed the region to maintain growth and continue playing a crucial role in the global supply chain. The ASEAN economy remains on a solid and positive trajectory, with an estimated economic growth of 4.6% in 2024, continuing to be a bright spot in the global economic landscape.

Prime Minister Pham Minh Chinh highlighted that the key to this success lies in the crucial role of the business community. ASEAN governments have always regarded businesses as the backbone of the ASEAN economy and the foundation for long-term and sustainable growth in the region. With their role as enablers, ASEAN governments continue to support and create the best conditions for the business community.

During this meeting, ASEAN BAC Chairman Oudet Souvannavong and the ASEAN BAC Chairs from other countries extended their condolences to Vietnam for the losses caused by recent Typhoon Yagi and flooding. In response to an initiative by ASEAN BAC Vietnam, supported by other ASEAN BAC members, the Council pledged a donation of US$50,000 to assist Vietnam in overcoming these disasters.