They discussed matters covering several areas such as the World Trade Organisation, the Doha Development Agenda, the Pusan Agenda programme, enablers of trade, investment and innovation, as well as trade and investment opportunities in Vietnam.

In his opening speech, Vietnamese Minister of Trade Truong Dinh Tuyen said that APEC accounts for 45.8 percent of the world's trade and 57 percent of global GDP. In fact, enterprises within the region have formed a regional manufacturing and labour distribution network, with internal trade revenue accounting for 70 percent of total regional trade.
APEC has long been referred to as an active hub, attracting huge amounts of trade and investment with intense competitiveness, stressed Mr Tuyen.

However, Mr Tuyen said there are new risks arising in the region such as corruption, increased business costs resulting in the transfer of investment flows, and uncertainties in the current global context such as high oil price and emerging diseases, influence the development process and limit business expansion.

"In this sense, trade and investment policies will be effective only if they can create a favourable and secure environment, protect against negative signs and possible upheavals,” said Mr Tuyen. “That is why they should be considered in a national context, but with a regional perspective. These policies must combine the thoughts of strategists and practical experience of businessmen."

Mr Tuyen said he hopes that the symposium will put forth initiatives to facilitate business activities, improve competitiveness within the region and contribute to the achievements of the APEC 2006 goal, "Towards a dynamic community for a sustainable development and prosperity."

Briefing the participants on Vietnam's economic development, Mr Tuyen said located in a fast-growing economic region (APEC), Vietnam is a potential market with close ties with and deep integration into the regional and global markets via the free trade agreements with ASEAN, ACFTA, ASEAN-Korea, ASEAN-Australia-New Zealand and ASRAN-India. He noted that Vietnam has concluded its WTO market access negotiations with all partners that requested it and hopes to join the body by the end of this year.

The minister stressed that thanks to its close linkage with regional and international markets, Vietnam has become a secure and favourable business environment for both local and foreign businesses.

Vietnam has attracted 6,120 foreign direct investment projects with a registered capital of US$53 billion, with many corporations from APEC economies now operating in Vietnam.

Also in the afternoon, Mr Tuyen and US Trade Representative Susan C. Schwab officially signed an agreement to conclude bilateral negotiations on Vietnam’s entry to the WTO.