President Phuc emphasizes fair, transparent, and efficient international trading system

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 to November 18 with the participation of more than 850 leaders of world and regional leading businesses, the Vietnamese State leader said that digital transformation is an inevitable and objective trend. Indeed, it is currently taking place very strongly and extensively to positively impact cross-border trade and the global economics.

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

The president noted that due to 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 future.

Mentioning Vietnamese policies and achievements as part of socio-economic development, he said that amidst several difficulties, the country has maintained macro-economic stability, while keeping inflation under control and ensuring major balances in energy and food.

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

As one of the dynamic economies with a high level of openness whilst being 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. These include 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). Recent Vietnamese economic achievements serve as clear evidence that increased trade and investment ties at regional and global levels can benefit all stakeholders, he stressed.

President Phuc also outlined Vietnamese priorities in investment attraction, including quality, efficiency, technology, and environmental protection.

The country therefore desires to attract FDI projects with high technology, helping promote innovation and development research, creating favourable conditions for local firms to participate in regional and global value chains, and boosting digital, green and circular economy, he underlined.

The nation places importance on the significance of working businesses, putting them in a core position, as well as sharing, listening, and solving their difficulties under all circumstances, along with the reform and simplification of administrative procedures.

Moving forward, the country hopes that the APEC business community will uphold the spirit of co-operation, 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 United States Vice President Kamala Harris.