President Nguyen Xuan Phuc delivers his speech the third meeting of the APEC Business Advisory Council (ABAC) in northern Quang Ninh province on July 27. (Photo: VNA)

The meeting was attended by 150 representatives from the 17 APEC economies whose proposals would be sent to APEC leaders during the APEC Economic Leaders’ Week slated for November in Bangkok – the Chair of APEC and ABAC 2022.

The Vietnamese President said uncertainties due to epidemics, geo-political competitions, supply chain disruptions and financial chaos have tested the mettle and cohesion of the APEC economies.

The meeting offers an opportunity to step up cooperation within the private business bloc of APEC, and seek ways to recover production and business, promote trade and investment, and reconnect supply chains, towards innovative, sustainable and inclusive development, Phuc noted.

The State leader also affirmed that Vietnam always supports and promotes the Aotearoa Plan of Action, which brings to life the APEC Putrajaya Vision 2040, as well as the APEC Joint Declaration adopted in Vietnam in 2017, themed “Creating New Dynamism, Fostering a Shared Future.”

Phuc, therefore, called on ABAC to raise many new initiatives and solutions to boost trade and investment in APEC with the central role played by the World Trade Organisation (WTO), support enterprises to maintain operations on digital platforms, using green technologies, and foster cooperation in clean, renewable energy, and greenhouse gas emission reduction in the region.

Vietnam and other APEC economies always highly value and back initiatives and recommendations of ABAC, he went on.

The President also briefed the participants on Vietnam’s economic prospect, citing the International Monetary Fund (IMF)'s forecast that Vietnam's macro-economy would remain stable and the gross domestic product (GDP) would grow 6% this year and 7.2% in 2023.

The country’s trade in 2021 expanded 23% to reach nearly 670 billion USD, making Vietnam one of the 20 economies with the largest trade scale in the world, he noted.

The IMF also forecast that Vietnam’s economy will rank third in Southeast Asia by 2025 in terms of economic size, with its GDP exceeding 570 billion USD, Phuc said, adding that Vietnam is working hard towards the goal of becoming a high-income, developed nation by 2045.

Vietnam has also been seen as an attractive investment destination with nearly 35,000 FDI projects worth some 430 billion USD from 140 countries and territories.

The President cited a report released by the United Nations (UN) in July 2021 showing Vietnam was among the top 20 countries globally in FDI attraction. Vietnam has emerged as one of the leading nations in ASEAN in terms of investment environment, which are working towards standards of the Organisation for Economic Cooperation and Development (OECD).

Apart from the domestic market of 100 million people, Vietnam has joined 15 free trade agreements, including new-generation ones like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA) and the Regional Comprehensive Economic Partnership (RCEP).

“This would be a good opportunity for APEC investors in Vietnam,” Phuc emphasised.

ABAC was created by APEC Leaders in 1995 to be the primary voice of business in APEC. Each economy has three members who are appointed by their respective leaders. They meet four times a year in preparation for the presentation of their recommendations to the Leaders in a dialogue that is a key event in the annual Leaders Meeting.

Earlier, President Phuc met with the ABAC delegation led by ABAC 2022 Chairman Kriengkrai Thiennukul who said President Phuc's presence and speech at the meeting demonstrate Vietnam’s strong commitment to dealing with issues of APEC businesses’ concern.

The main topics of discussion include bolstering cooperation, linking new and creative ideas with new potential and incentivize the APEC community to facilitate digitization.

According to the Chairman, the council seeks solutions to promote trade, digitalisation and cyber security, support small-and medium-sized enterprises, boost circular economy and develop financial ecosystems.

Phuc lauded targets and solutions set by ABAC and noted his belief that there will be many proposals and initiatives raised at the meeting to further facilitate businesses’ operations.

Co-organised by the Vietnam Chamber of Commerce and Industry (VCCI) and ABAC Vietnam in Ha Long city, the meeting will last until July 29.