Vietnam, as a developing economy, is actively integrating into the world economy, fully implementing multilateral and bilateral international commitments as well as creating a favourable business environment for domestic and foreign businesses and investors.
President Truong Tan Sang made the statement while attending the third session of the APEC Business Advisory Council (ABAC), which opened in Ho Chi Minh City on July 16.
The session aimed to give out official reports, recommendations and dialogue contents to be submitted to the APEC leaders at a summit in Vladivostok, Russia in September this year.
According to President Sang, in the context of stagnant world economy, declining trade transactions, unstable global finance, the Doha negotiation round facing a standstill and the trend that some countries are applying protection measures and trade barriers, APEC should have comprehensive and effective approaches, and take rapid and drastic actions to boost regional economic recovery and sustainable development, continuing to affirm its key role in maintaining the momentum for global economic growth.
Emphasising the especially important role of cooperation between Vietnam and other APEC economies, the State leader stressed that joining efforts with the regional economies, Vietnam is determined to overcome current difficulties, stabilise its macro economy, curb inflation and improve the investment environment.
The country strives to speed up the economic structuring, focusing on investment, finance and State-owned enterprises, he said.
The President spoke highly of the ABAC’s practical recommendations put forth at its two previous sessions in 2012 on strengthening regional economic and financial integration, promoting investment and trade liberalisation, enhancing links between supply chains, ensuring food and energy security, increasing investment in technology and infrastructure as well as supporting the development of small- and medium-sized enterprises (SMEs) and green growth.
He suggested the APEC business community take practical measures to develop infrastructure through public-private partnership (PPP), strengthen connectivity among APEC economies and create conditions for businesses, especially SMEs, to join regional supply chain.
Sang also stressed the need to boost technology transfer in agricultural and energy source development in order to ensure food and energy provision and security with sustainable growth.
Vietnam supports APEC’s leading role in boosting trade liberalisation and facilitation of trade and investment as well as ensuring regional security and peace towards the Bogor Goals and the Vision of the Free Trade Area of the Asia Pacific (FTAAP), he affirmed.
Since 2009, Vietnam has participated in the P4 initiative and is now actively joining the Trans-Pacific Partnership (TPP) negotiation round, he noted.
The President expressed his belief that the ABAC members and regional businesses will contribute new initiatives to realising APEC’s common goals.
The ABAC session will last until July 19.