APEC Forum: Vietnam supports trade liberalization

On the night of November 18, Vietnam time, Prime Minister Nguyen Xuan Phuc led a high-ranking Vietnamese delegation to Hanoi, successfully concluding his trip to attend the 26th Summit of the Asia-Pacific Economic Cooperation (APEC) Forum in Papua New Guinea.

With that viewpoint, building on the important results of APEC Year 2017, the Prime Minister proposed many important solutions to promote cooperation in APEC, enhancing the international position and role of this Forum.

During the 2 days in Papua New Guinea, the Prime Minister had a high-intensity working program, including: attending, exchanging and sharing opinions at closed sessions, working lunches of APEC leaders, dialogues between APEC leaders and the International Monetary Fund (IMF), with leaders of 14 Pacific island countries, with the APEC Business Advisory Council (ABAC) and having bilateral meetings and contacts with the Prime Ministers of New Zealand, Vanuatu, Thailand, leaders of some Pacific island countries, the Chief Executive of the Hong Kong Special Administrative Region (China); receiving the US Business Alliance in APEC, including a number of large corporations investing in Vietnam...

The viewpoint of promoting trade and investment liberalization, raised by Prime Minister Nguyen Xuan Phuc at conferences and meetings, received great support from leaders of APEC economies and the business community.

At the Dialogue between APEC Leaders and the APEC Business Advisory Council (ABAC), the business community recommended promoting regional economic integration, supporting the multilateral trading system, developing the digital economy, facilitating businesses, especially micro, small and medium enterprises, to participate in the global value chain, inclusive development, building the APEC Vision after 2020, etc. The recommendations were highly appreciated by APEC leaders. Many businesses expressed interest in Vietnam's recent ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), bringing great opportunities for investment in Vietnam.

At the APEC Summit, the majority of members supported an open, transparent, and rules-based multilateral trading system with the World Trade Organization (WTO) at its core. However, there were still major differences in views among some members on a number of issues related to trade and the multilateral trading system.

In his speech, Prime Minister Nguyen Xuan Phuc emphasized that the world economy is showing signs of instability and new, unprecedented challenges that threaten the stability of the global trade system. APEC is also facing new challenges that require strong determination from each member. The Prime Minister emphasized promoting trade and investment liberalization, respecting international orders based on law, and the role of global institutions, especially the WTO.

The Prime Minister said that APEC needs to continue to promote its role as a driving force for regional and global connections. Building on the momentum of APEC Year 2017, APEC needs to continue to convey a strong message about its pioneering role in supporting an open, transparent, fair multilateral trading system based on new laws and rules, further promoting the central role of the WTO.

The Prime Minister emphasized that the Vietnamese National Assembly's approval of the CPTPP with 100% of the delegates present affirmed Vietnam's determination to continue comprehensive innovation, proactively and actively integrate into the international community, and support free and open trade and investment, based on rules and according to high standards. With the ratification of the CPTPP and the move towards signing and ratifying the Vietnam - EU Free Trade Agreement (EVFTA), Prime Minister Nguyen Xuan Phuc said that Vietnam will join a network of 16 free trade agreements with nearly 60 partners, accounting for 61% of GDP and 68% of total global trade, Vietnam's economic linkages have truly entered a new phase, bringing great benefits to the business community in the region.

Accompanying Prime Minister Nguyen Xuan Phuc on the trip, Deputy Minister of Foreign Affairs Bui Thanh Son said that the ratification of the CPTPP is a great contribution of Vietnam and the economies in the CPTPP, especially in the context of the trend of not wanting to liberalize trade and investment. The ratification of this Agreement by countries and its expected entry into force from early next year is a driving force to continue the trend of trade liberalization in this region. That also contributes to a long-term future in the entire Asia-Pacific region. The APEC business community certainly wants trade liberalization, because this is the benefit and driving force throughout the past time. APEC was also born to create an incubator for ideas to promote trade and investment liberalization. Those driving forces come from businesses. When ideas of trade and investment liberalization are institutionalized by the policies of economies, it will help businesses develop investment and expand abroad.

Also at the 26th APEC Summit, leaders agreed on the Action Plan on the Digital Economy, promoting cooperation in capacity building, skills development, and narrowing the digital gap; emphasizing the participation of all social sectors in the digital economy, applying technology and innovation for sustainable and quality growth. Leaders committed to accelerating the completion of the Bogor Goals by 2020, implementing the APEC Connectivity Master Plan to 2025, towards a free trade agreement across the Asia-Pacific (FTAAP).

In this regard, the Prime Minister suggested that APEC should promote the effective implementation of initiatives on cross-border e-commerce, the internet economy and the digital economy. APEC needs to invest in digital infrastructure and accelerate the digital transformation process in a comprehensive, reliable and safe manner, focusing on digital trade infrastructure, financial technology (fin-tech), connecting innovation centers, promoting startups, upgrading organizations and management skills. Developed economies support developing economies in structural transformation, building management capacity and technological advancement to enhance connectivity in the digital age.

The Prime Minister also said that Vietnam is actively preparing infrastructure for the digital economy, specifically building modern technology infrastructure, strong digital transformation, building e-Government, smart cities, etc. The Prime Minister called on the business community in the region and ABAC to actively contribute to policies, increase investment, and share experiences so that Vietnam can strongly develop the digital economy, serving the practical interests of businesses.

At this conference, APEC Leaders also discussed “Promoting inclusive growth in the digital age”. Members committed to implementing the APEC 2017 Action Agenda on inclusive economic, financial and social development by 2030, contributing to the implementation of the United Nations Sustainable Development Goals (SDGs).

Speaking at the meeting, Prime Minister Nguyen Xuan Phuc emphasized that, more than ever, APEC needs to take the lead in promoting inclusive and innovative growth in the Asia-Pacific region, creating momentum for sustainable development on a global scale and implementing the SDGs. APEC needs to play the role of initiating and incubating innovative ideas, turning the Asia-Pacific region into a global technology hub. APEC members need to take advantage of the great opportunities of the digital age, put people at the center of development, and support vulnerable groups, especially women, girls, and people with disabilities. The Prime Minister emphasized that Vietnam will continue to accompany APEC members in the common effort towards a community that is economically dynamic, socially inclusive, secure, and truly for the people and businesses.

During the trip, the Prime Minister met and had a direct dialogue with the US Business Alliance, a regular activity during the APEC meetings of our country's leaders, demonstrating the interest in promoting trade and investment between Vietnam and the US. US businesses attending the meeting were from many fields such as processing industry, biology, energy, animal feed, finance, etc.

In just one hour, Prime Minister Nguyen Xuan Phuc directly discussed with about 20 US investors on issues of trade and investment promotion of interest. These are mostly investors who are successfully investing in Vietnam and want to expand their investment further. Notably, the issues raised did not include any concerns about the business investment environment, but were quite specific issues related to each business sector. In particular, US investors said that they had directly dialogued with Vietnamese ministries and branches on regulations in draft laws and sub-law documents and received positive feedback. That shows that a Government that listens, acts, and serves the people and businesses is being implemented, making investors feel secure to expand their investment in Vietnam.

The Prime Minister expressed his hope that US investors will invest more in Vietnam and achieve more success. The Government, ministries, sectors, and the Vietnam Chamber of Commerce and Industry will discuss directly with investors about issues that are still stuck in the investment process.

It can be said that the visit to the 26th APEC Week of Prime Minister Nguyen Xuan Phuc and the Vietnamese high-ranking delegation ended successfully with a strong message that Vietnam supports trade and investment liberalization; promotes digital economic development; inclusive growth and implements sustainable development goals.

Although the conference ended without issuing the APEC Leaders' Statement as usual, APEC members all emphasized the important results in regional economic integration, sustainable growth, inclusion, connectivity and many other areas that APEC has achieved this year, and agreed to hold the 27th APEC Summit in Chile in 2019./.