Delivering his keynote speech, PM Nguyen Xuan Phuc highlighted the important role of the Asia-Pacific Economic Cooperation (APEC) Forum over the past 28 years of the regional organization, contributing to improving living standards for the people, sharing prosperity, stability and development among member economies in the Asia-Pacific region.

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Vietnam’s PM Nguyen Xuan Phuc (center, front) and delegates in a joint photo

The Vietnamese Government’s top leader went on to go over the advent of Industry 4.0 with opportunities as well as challenges for APEC economies. He said, “Asia-Pacific is witnessing multiple changes in politics, economy and technology. The Fourth Industrial Revolution as well as the emergence of the digital economy has strong impacts on the lives of people from all walks of life. Never before has the world been so interconnected at such a profound level. Advanced technologies have generated many opportunities, but at the same time, brought about substantial economic, cultural and social challenges.”

The challenges require APEC member economies to step up economic and technical cooperation as well as experience and information sharing during the process of policy-making and implementation of cooperation programs to enhance the effectiveness and distinguish APEC cooperation from that of the other organizations and forums in the region and world.

APEC is aiming for a truly connected Asia-Pacific region in terms of the people, infrastructure, technology and information in order to facilitate economic growth, trade and investment, comprehensive institutional reform in each and every member economy. Moreover, APEC cooperation programs on enhancing connectivity, developing value chains, connecting supply chains, supporting the business community in general and micro-, small- and medium-sized enterprises (MSMEs) in particular, among others have contributed significantly to the development and prosperity of the Asia-Pacific region.

“However,” PM Nguyen Xuan Phuc stressed, “cooperation plans and their fine goals might still fail to turn into reality if we lack trust, political determination and coordination to safeguard a peaceful environment, ensure security and safety for investment, and the flows of goods in the region.”

Closing the opening remarks, the Vietnamese PM ran over the achievements, role and contributions of Vietnam since it joined the APEC forum in 1998. He wished the meeting success, contributing to the common success of the APEC Year 2017 in Vietnam.

During the two working days, May 20-21, ministers responsible for trade from 21 APEC member economies discuss a number of important economic and trade and related issues. The sessions include a conference on sustainable, synchronous and innovative development and enhancement of competitiveness for MSMEs; an exchange on support for multilateral trade systems and WTO; a meeting on intensive and extensive regional economic integration; a conference on APEC vision towards 2020; and an informal dialogue on the formation of a connective and inclusive Asia-Pacific region.

Hosting the APEC Year 2017 for the second time (the first time in 2006), Vietnam shows its strong will to work with other economies in the region to build an Asia-Pacific Pacific community for peace, stability, development, and prosperity. The hosting of the event also represents the strong determination of the country as well as demonstrates its capacity to participate in the overall process of globalization through its integration commitments. The APEC Ministers Responsible for Trade Meeting (MRT) is one of the most important APEC’s ministerial meetings. The results of the MRT23 will serve as a basis for APEC members to finalize their proposals and initiatives to submit to APEC economic leaders at the APEC Economic Leaders' Week in Da Nang city slated for this November.

Reported by Huu Duong