Vietnamese President’s speech at APEC CEO Summit 2016

Vietnamese President Tran Dai Quang delivered a speech at the closing ceremony of the APEC CEO Summit 2016 in Lima, Peru, on November 19 (local time). Following is the full text of the President’s speech.

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President Tran Dai Quang delivering his speech

Ladies and Gentlemen,

Today, I am very pleased to join you in the APEC CEO Summit held on the occasion of its 20^th anniversary.

I welcome and hold in high regard the efforts of the Peruvian Foreign Trade Association for hosting this important event. The issues discussed at this meeting are especially meaningful to the regional and global economy. Your many recommendations will be an important foundation for APEC Leaders to consider in deciding the Forum’s future direction.

On this occasion, I wish to congratulate the APEC Business Community on your outstanding successes and indispensable contribution over the past years. You are the pioneers who have initiated and realized many ideas for growth, cooperation and connectivity within the APEC Forum as well as the Asia-Pacific as a whole.

Ladies and gentlemen,

When talking about the future, we cannot help but elaborate on the challenges that lie ahead of us.

This year marks the fifth consecutive year the global economy has grown below the average rate of 3%. For the first time after so many years, APEC's average growth risks slowing down in comparison to the rest of the world.

Global trade is at the lowest level in 15 years. There are even concerns that a reversal of globalization may occur for the first time in the 21^st century.

Our region remains the hotbed of climate change, which has inflicted major damages to economies and the operation of businesses alike. Within the last decade alone, natural disasters have caused more than half a million deaths, affected the lives of 1.4 billion people, accounting for 80% of all climate change victims worldwide.

In addition, armed conflicts, international terrorism, epidemics, cyber security and resources security, especially water, food and energy security, development gap and the migration issue, among many others, are creating unprecedented challenges to global efforts for economic recovery, sustainable social and economic development.

In such a globalized world full of uncertainties, more than ever, APEC needs to reaffirm its role as an idea incubator and a driver for innovation, economic growth and integration. In that spirit, Vietnam proposes the theme “Creating New Dynamism, Fostering a Shared Future” for APEC 2017.

It is high time we joined hands and worked together to create new dynamism and revitalize trade and investment. This is a driver for sustainable and inclusive development and equitable growth for the sake of the people. APEC must remain focused on fulfilling the Bogor Goals by 2020, creating an open business and investment environment, and continuing to reinforce the multilateral trading system.

The Fourth Industrial Revolution along with the strong global commitment to the 2030 Agenda for Sustainable Development and the Paris Agreement on Climate Change are creating a new driver for quality growth. The focus of the upcoming years must be on accelerating economic restructuring towards sustainability, inclusiveness and equity. Priority should be given to increasing productivity, ensuring food, and resources security, especially water and clean energy, developing high-quality human resources, strengthening competitiveness and creativity of businesses, especially micro-, small- and medium-sized enterprises.

Breakthrough, extensive economic linkages within the region are rapidly taking shape. Most notable are the Trans-Pacific Partnership (TPP), the Regional Comprehensive Economic Partnership (RCEP), the ASEAN Community. This trend promises to bring about a vast development space with new prospects for cooperation. Therefore, we need to strengthen connectivity in all three areas: infrastructure, institution and people; developing global value chains; and promoting cooperation in economic, trade and investment, services, tourism, and others with a view to enhancing the resilience of our economies.

All of these drivers are the basis for us to overcome challenges and build a bright future together. This future lies in building an APEC for the people and businesses, and contributing to maintaining the Asia-Pacific as a driver of global growth and connectivity.

Ladies and Gentlemen,

After thirty years of reform, Vietnam has gained enormous achievements, transforming from a less-developed country into a middle-income developing country. Vietnam today is one of the most rapidly growing markets and is forecast to become one of the five most competitive manufacturing nations in the Asia-Pacific by 2020.

We have been able to maintain the momentum for economic recovery and achieve a growth rate of 6.7% in 2015, the highest level since 2011. It is expected that Vietnam will remain one of the 10 fastest growing economies in the coming years. We are also aiming for the goal of an average growth rate of 6.5% to 7% until 2020.

To that end, we are determined to undertake three major strategic breakthroughs. These are: improving market economy institutions, promoting human resources development, especially high-quality human resources, and developing modern infrastructure. In addition, we are committed to transforming the growth model, developing a knowledge economy, especially high-tech industries and modernizing agriculture, supporting industries, maritime economy and tourism.

We are making efforts to build a law-governed State that is transparent and efficient in the interest of the people and businesses. We seek to improve the legal institutions and policies, protect the environment and expand the business space for stakeholders, awaken all potentials of businesses, promote accountability, uphold the rule of law and create new drivers for social-economic development.

As one of the dynamic economies with a high level of openness and the destination for many multinational corporations, Vietnam is becoming ever more integrated with the two sides of the Pacific through different partnerships, the ASEAN Community and a network of 16 FTAs with 59 partners including 18 APEC members. Effective cooperation of APEC businesses in Vietnam as well as Vietnamese businesses in APEC economies stands testimony to this linkage. Worth mentioning is the success of Viettel, Vietnam's leading telecommunication company, in Peru.

We always treasure the support and companionship of the APEC Business Community throughout the 30 years of reform and 20 years of Vietnam's membership in the APEC Forum. Your invaluable support provided an enormous encouragement for the 2006 APEC Year held for the first time in Vietnam, culminating in its many meaningful results.

Today, you are present here to look towards a 2017 APEC Year that promises new landmark achievements. Through APEC's activities, especially the APEC CEO Summit, I call for your ideas and initiatives to specify the priorities for APEC 2017 and to promote the interaction between Governments and businesses.

We also look forward to your ideas to further the efforts to accomplish the Bogor Goals by 2020 and realize APEC's strategies, roadmaps and action plans more effectively. Accordingly, we need to continue promoting sustainable and inclusive growth, deepening regional economic integration, building capacity and promoting innovation for micro-, small- and medium-sized enterprises, and ensuring food security and sustainable agriculture. These are vital issues for APEC in the upcoming years.

Ladies and gentlemen,

APEC is entering its fourth decade of development. APEC’s future and shared destiny depend on the vision of member economies and the business community. Therefore, we need to start a process of reflection on an APEC post-2020 vision and continue to uphold APEC’s role as the leading mechanism for regional economic integration in the new period.

The State and people of Vietnam look forward to meeting you in our beautiful coastal city of Da Nang next November. New opportunities and enormous potentials for cooperation lie ahead of us!

Thank you very much.