Vietnam's economic achievements are proof of successful global trade cooperation: State President

Vietnam's recent economic achievements are proof of how strengthening trade and investment cooperation in the region and around the world could benefit all parties involved.

Vietnam's President Nguyen Xuan Phuc at the summit. Source: VNA

State President Nguyen Xuan Phuc stressed the view at the APEC CEO Summit held today [November 17], one of the critical events at the APEC Economic Leaders’ Week in Bangkok, Thailand.

According to Phuc, amid a dim global economic outlook, Vietnam maintains macroeconomic stability and a low inflation rate while ensuring food and energy security.

International agencies gave an optimistic forecast on the country's GDP growth this year, estimated at between 7.2% and 8.5% in 2022 and then moderating to around 6.7% in 2023, among the fastest-growing economies in Asia-Pacific.

Phuc noted the Vietnamese economy, with a high level of openness and dynamism, is the destination of global multinationals. So far, the country has signed nearly 60 investment protection and facilitation agreements and 15 free trade agreements (FTAs), including new-generation trade deals such as the CPTPP, EVFTA, or RCEP.

He said in the near future, Vietnam will prioritize attracting high-quality FDI projects, focusing on high-efficiency, environment-friendly and modern technologies. This policy would help Vietnam promote innovation and R&D, support the integration of local businesses into regional and global value chains, and develop digital, green, and circular economic models.

"Vietnam understands the importance of accompanying businesses, so the Government will remain active to address their concerns and difficulties under any circumstances," Phuc said and called on the APEC business community to strengthen solidarity to overcome challenges and expand business-investment activities in the region.

Discussing challenges and opportunities for trade and investment in the Asia-Pacific region, Phuc stressed the necessity to maintain a fair, transparent, and effective global trade system.

The Vietnamese leader considered digitalization an irreversible trend with significant impacts on cross-border trade and the global economy.

Given the difficulties and challenges over the past two years, Phuc said the world and region are setting up new supply chains with greater resilience and sustainability, focusing on diversification and effective supervision mechanism.

Phuc added that in the face of the impacts of the Covid-19 pandemic and climate change, fields such as healthcare, biotechnology, and green energy would be attractive to foreign investors in the future.

State President Nguyen Xuan Phuc is on a visit to Thailand and attending the APEC Economic Leaders’ Week at the invitation of Thai Prime Minister Prayut Chan-o-cha from November 16-19 in Bangkok.

This is Phuc’s first visit to Thailand as Vietnam’s President and the first of a Vietnamese leader to the neighboring country since the outbreak of the Covid-19 pandemic.

The 29th APEC Economic Leaders' Meeting runs from November 14 until 19.

Established in 1989, APEC is a regional economic forum aimed at harnessing the growing interdependence of the Asia-Pacific.

Vietnam joined the forum in 1998 and hosted the summit twice, in 2006 and 2017.

Thailand hosts APEC 2022 under the theme "Open. Connect. Balance." This implies that the country's priorities for APEC are to be open to all opportunities, connected in all dimensions, and balanced in all aspects.