Arsjad Rasjid, Chairman of the ASEAN Business Advisory Council 2023 (ASEAN-BAC). (Photo: VOV)

Vietnam has made positive contributions to materializing economic priorities of ASEAN in 2023, Arsjad Rasjid, Chairman of the ASEAN Business Advisory Council 2023 (ASEAN-BAC) has said in a recent media interview ahead of the 42nd ASEAN Summit, scheduled to take place on May 9-11 at Labuan Bajo, Indonesia.

According to Rasjid, Vietnam has been playing an important role in promoting trade and investment inside and outside the region, as well as actively becoming involved in initiatives such as the ASEAN Free Trade Area and recently the nation has expressed its desire to join the cross-border payment connection network, which is said to be a positive development step for regional economic integration.

In addition, Vietnam's hosting of the upcoming ASEAN Wind Energy 2023 is viewed as a significant contribution to the region's renewable energy goals.

According to the International Renewable Energy Agency (IRENA), Southeast Asia has wind power capacity of up to 8.5 GW by the end of 2020 and is expected to reach 35 GW by 2030 if current policies and targets are achieved.

For its part, Vietnam represents the largest wind power market in the region, with a projected generating capacity of up to 13.9 GW by 2025.

The ASEAN-BAC Chairman affirmed that the country's above contributions are very important in promoting ASEAN's economic agenda.

He emphasized Vietnam's commitment in various initiatives which shows Hanoi's readiness to move towards a more integrated and prosperous region, he went on to say.

The ASEAN-BAC has identified five priority economic issues that need to be addressed this year, including digital transformation, sustainable development, health recovery, food security, and trade and investment. To advance these priorities, ASEAN-BAC has developed eight “legacy projects” towards an integrated, connected and sustainable economic region, Arsjad Rasjid said.

These priority initiatives of the ASEAN-BAC has received the support of all ASEAN economic ministers and have made progress, he added.