Vietnam's Significant Imprint in APEC

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Vietnam's mark as host in APEC

Since joining the Asia-Pacific Economic Cooperation (APEC) forum in November 1998, Vietnam has contributed to APEC's activities for 26 years. Vietnam has left a strong mark on APEC's development process, contributing to promoting peace, stability, cooperation, and regional economic connectivity, maintaining APEC's role as a leading economic cooperation mechanism in the Asia-Pacific region.

President Luong Cuong and President Gabriel Boric witnessed the signing ceremony of the Vietnam-Chile Joint Statement by Foreign Minister Bui Thanh Son and Chilean Foreign Minister Albert Van Klaversen Stor.

Most notably, Vietnam is one of the few members that has successfully hosted APEC twice, in 2006 and 2017. Eight years after joining APEC, in November 2006, Vietnam first assumed the role of APEC host. With the role of APEC host in 2006, Vietnam put forward the theme "Towards a dynamic community for sustainable development and prosperity."

The activities of APEC Year 2006 were concretized in four sub-themes, reflecting the major orientations in APEC's cooperation areas of enhancing trade and investment through the implementation of the Busan Roadmap and promoting the Doha Development Round, strengthening economic and technical cooperation to narrow the gap and achieve sustainable development, promoting a safe and facilitating business environment, and strengthening community engagement.

In 2017, Vietnam once again assumed the role of host of APEC activities, building upon its successful hosting in 2006. Under the theme "Creating new momentum together for a shared future," Vietnam spearheaded initiatives to foster sustainable, inclusive, and innovative growth, promote trade and investment liberalization, and strengthen APEC's global leadership.

Vietnam's pivotal role was evident in its successful launch of discussions on a new APEC vision. Through the APEC Vision Group, member economies developed the APEC 2040 vision and adopted the Aotearoa Plan of Action. Furthermore, Vietnam facilitated the inaugural dialogue between APEC leaders and ASEAN and played a crucial role in the formation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) during the 2017 Da Nang Summit.

Significance of President's visit

Besides two successful times as the APEC host, Vietnam has always been one of the most active members in proposing initiatives and projects, with over 100 projects in many fields. Since successfully hosting APEC 2017, Vietnam has continued to participate and contribute actively to APEC cooperation, and promote the implementation of important results of APEC 2017, especially Vietnam's initiative on building the APEC Vision to 2040.

As the Vice Chair of the APEC Vision Group, Vietnam has taken a proactive role in leading and coordinating the process of building the APEC Vision Group's recommendation report. With the vision adopted by the leaders of the 21 member economies, APEC has completed the implementation of the initiative initiated and adopted by Vietnam at the 25th APEC Economic Leaders' Meeting, held in November 2017, in Da Nang City.

State President Luong Cuong (C) arrives at the Jorge Chavez International Airport in Lima on November 12 afternoon (local time), beginning his official visit to Peru and attendance at the 2024 APEC Economic Leaders’ Week (AELW) at the invitation of Peruvian President Dina Ercilia Boluarte Zegarra. (Photo: VNA)

President Luong Cuong's participation in the APEC 2024 Leaders' Week has further affirmed Vietnam's active and responsible contributions to addressing regional and global issues, particularly in promoting the process of international economic integration and creating new momentum for regional growth. It also strengthens APEC's role as a leading economic forum, encompassing three of the world’s five largest economies, approximately 77% of global trade, 81% of foreign direct investment, and 85% of tourist arrivals to Vietnam. As the host of APEC 2027, this event also provides an opportunity for Vietnam to advance the implementation of APEC’s Vision for 2040, which Vietnam initiated and co-developed with other members since 2017.

It can be affirmed that President Luong Cuong's attendance at the APEC 2024 Leaders' Week and his official visits to two Latin American countries - Chile and Peru, represent a significant step in executing Vietnam’s consistent foreign policy of diversification and multilateralization, being a friend, a reliable partner, and a responsible member of the international community. This also reaffirms Vietnam's new position, role, and its increasingly prominent standing in the Asia-Pacific region and on the global stage.

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