President Nguyen Xuan Phuc speaks at the third meeting of the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC). Photo: VNA

The President delivered a speech at the third meeting of the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) in Ha Long in the northern province of Quang Ninh on July 27.

The event saw the participation of 150 delegates of APEC member economies, VOV reported.

The leader affirmed that Vietnam and other APEC economies always appreciate and support the initiatives and recommendations made by the APEC Business Advisory Council to APEC leaders. He therefore requested that the Council propose a range of initiatives and measures aimed at promoting trade and investment, as well as connecting with disrupted supply chains.

At this third meeting, 150 delegates of APEC economies continued to propose ideas to APEC leaders within the framework of APEC Week in Thailand, which is slated for November this year.

Amid the world and the APEC region facing unpredictable fluctuations caused by epidemics, geopolitical competitions, disruptions in supply chains, and turmoil in the financial market, the President said that this challenges the bravery, cohesion, and co-operation of APEC member economies.

The meeting aims to step up co-operation in the APEC private business sector, jointly find ways to restore production and business, as well as promoting trade, investment, and reconnection of supply chains towards innovative, sustainable, and inclusive development in the region.

The Council are set to make a range of fresh recommendations to help the APEC Leaders’ meeting which is scheduled for November, as well as making drastic decisions on facilitating business and promoting trade and investment liberalisation.

President Phuc affirmed the Vietnamese State's stance of consistently supporting and strongly promoting the implementation of the Aotearoa Plan on the APEC 2040 vision. This is along with promoting the APEC 2017 (Vietnam) Joint Statement on 'Creating New Dynamism, Fostering A Shared Future', through the implementation of effective co-operative actions on pandemic response, growth model innovation, innovative digital transformation, climate change adaptation and inclusive development.

The State leader hopes that ABAC will come up with many new and effective proposals and solutions which can enhance trade and investment in APEC with the central role of the WTO system, whilst connecting disrupted supply chains and human resources.

This is in addition to supporting firms in maintaining production and business activities on the basis of the digital economy, production through green technologies and green agriculture, and stepping up ties in developing clean energy, renewable energy, and reducing greenhouse gas emissions in the region.

Vietnam and APEC economies continue to appreciate and support the initiatives and recommendations put forward by the ABAC community and report to the upcoming APEC Leaders Dialogue.

Vietnam’s economic prospects

aAt the third meeting of the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC). Photo: Saigon Giai phong

President Phuc also mentioned the IMF's optimistic forecasts regarding Vietnamese economic prospects, in which the country not only continues to ensure macroeconomic stabilization but also enjoys strong recovery with GDP growth of 6% this year, rising to 7.2% next year.

Trade turnover last year expanded by 23% to reach roughly US$670 billion, thereby putting Vietnam in the group of 20 countries with the largest trade scale in the world.

The IMF also predicted that by 2025, the country’s economic scale will rank third in Southeast Asia with a GDP of more than US$570 billion. The nation remains steadfast and strives towards becoming a developed, high-income country by 2045.

Moreover, the nation is seen as an attractive investment destination in the world with nearly 35,000 valid FDI projects, totally capitalized at close to US$430 billion, and run by tens of thousands of businesses from 140 countries and territories globally.

According to a UN Report, Vietnam is among the top 20 countries in FDI attraction globally, with the nation rising to the top of ASEAN in terms of the business investment environment and approaching the Organisation for Economic Cooperation and Development (OECD) standards.

Apart from the domestic market of 100 million people increased its purchasing power, the country has joined 15 free trade agreements (FTAs), including new generation agreements with high and comprehensive standards.

President receives ABAC delegation

President Phuc meets with the ABAC delegation. Photo: VNA

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 settling issues of APEC businesses’ concern.

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, VietnamPlus reported./.

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