20 years of Vietnam's participation in APEC: Strategic decisions and the way forward

Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh emphasized the above issue at the Conference "Vietnam and APEC: The past 20 years and the journey ahead".

According to the Deputy Prime Minister, during those two decades, Vietnam has achieved great achievements on the path of development and integration, the country has escaped underdevelopment, joined the group of middle-income developing countries, with per capita income increasing from 350 USD in 1998 to nearly 2,400 USD today.

Vietnam has become an active and responsible member of regional and global cooperation mechanisms, an important link in many leading regional economic linkages, including APEC.

Many APEC members have become Vietnam’s most important trade and investment partners. 13 out of 16 free trade agreements (FTAs) that Vietnam has negotiated and signed are with 17 APEC members.

The APEC region accounts for 85% of international visitors to Vietnam and 80% of Vietnamese students studying abroad, truly a bridge bringing Vietnam to the world and the world to Vietnam.

According to the Deputy Prime Minister, joining APEC has created a foundation for Vietnam to participate in larger playgrounds with higher levels of commitment such as the WTO and FTAs, including new generation FTAs ​​such as the CPTPP.

The past two decades have also marked a period of profound transformation for the Forum. APEC has matured beyond expectations, asserting its role as the leading economic cooperation mechanism in the region, leading the process of trade and investment liberalization, promoting the trend of multi-level cooperation and association for peace and development.

The Deputy Prime Minister said that APEC's success was thanks to the convergence of vision, strong political determination and tireless efforts of members, including Vietnam.

Vietnam made a strong impression as the host of APEC 2006 and 2017 when for the first time APEC identified the prospect of forming a Free Trade Area of ​​the Asia-Pacific (FTAAP) at the Summit Week in November 2006.

During the 2017 APEC Summit Week, member economies pledged to promote free and open trade and investment, and support the multilateral trading system, making an important contribution to maintaining the momentum of cooperation and connectivity, and upholding the core values ​​of APEC.

Also in 2017, APEC adopted an action plan on inclusive economic, financial and social development, and human resource development strategies in the digital age. In particular, APEC decided to establish the APEC Vision Group to initiate research on building a vision for the region after 2020.

APEC needs to continue to assert its indispensable role.

Referring to the road ahead, Deputy Prime Minister Pham Binh Minh said that APEC needs to continue to rise to affirm its indispensable role in the emerging multipolar structure. In that spirit, the Deputy Prime Minister asked delegates to focus on discussing and clarifying the following orientations:

First, APEC needs to define new goals and contents of cooperation to continue to maintain its core values. On the basis of the three pillars of cooperation, it is necessary to promote sustainable, inclusive and innovative development factors to create new momentum for growth.

The digital economy needs to become a focus, focusing on digital connectivity, digital commerce, financial technology, connecting innovation and startup centers.

Second, all APEC initiatives, projects and cooperation mechanisms need to put people at the center of development, bringing practical benefits to people and businesses. Accordingly, APEC needs to build strong and inclusive communities, paying more attention to vulnerable groups.

APEC also needs to continue supporting micro, small and medium enterprises and women-led enterprises so that they have the opportunity to participate in higher levels of the global value chain.

Third, APEC needs to enhance its adaptability and leadership role in global economic governance. APEC is fully capable of playing a leading role in building a new regional structure, ensuring open, fair, transparent, rule-based principles, and harmonizing the interests of all parties within and outside the region.

The Deputy Prime Minister said that to fulfill that role, APEC needs to continue promoting multilateralism, especially pioneering the promotion of the multilateral trade system with the central role of the World Trade Organization.

In particular, APEC needs to continue to affirm its global role in coordinating multi-level regional integration frameworks, towards the formation of FTAAP.

Fourth, measures are needed to enhance the participation and contributions of Vietnam and ASEAN in APEC.Vietnam needs to continue to actively contribute to building and implementing the new APEC vision after 2020, contributing to shaping a new structure in the region.

According to the Deputy Prime Minister, the next 15-20 years are of key importance to Vietnam's development and international integration process.

Vietnam is making efforts to complete its WTO accession commitments and implement international economic integration commitments, in order to assume the role of ASEAN Chair in 2020 and run for a non-permanent member of the UN Security Council for the 2020-2021 term.

The Deputy Prime Minister said this is proof of Vietnam's strong determination to continue comprehensive innovation, deep international integration and raising the level of multilateral diplomacy./.