ASEAN summit seeks to promote sustainable, inclusive growth

According to PM Phuc, the current COVID-19 pandemic represents an unprecedented challenge for the global economy as it causes an economic fallout, slows down world trade, disrupts supply chains, impedes the movement of people, and forces many firms to shut down.

ASEAN is therefore no exception, while a number of different ASEAN members have suffered from terrible natural disasters, including strong storms, flashfloods, and landslides in recent years, causing serious losses to life and property, and at the same time badly affecting the ASEAN business environment, PM Phuc said. 

Amid this context, the PM said that ASEAN countries have made every effort to fight against COVID-19 and reboot their economies with the overall goal of ensuring people’s health and facilitating economic recovery.

Due to these factors, he expressed belief that this year’s ASEAN Business and Investment Summit 2020 will connect leaders, policy makers with international organisations, and leading businesses in sharing experience and seeking ways to weather the crisis and reach sustainable and inclusive growth.

According to the Vietnamese leader, since its initial inception more than five decades ago, ASEAN has developed into a dynamic and innovative economic community of over 630 million people and a total GDP of over US$3,100 billion, representing the fifth largest economy in the world.

In light of this, the PM singled out the ASEAN business community for its significant contributions to the bloc’s growth in recent years, adding that regional businesses have put forward many important and practical recommendations, along with innovative ideas to make ASEAN a bright spot for growth. This has occurred at the same time as an expansion of connectivity with partners in Northeast Asia.

In its role as ASEAN Chair 2020, Phuc said Vietnam has worked closely alongside other ASEAN members and partners to control COVID-19 and implement a comprehensive recovery framework which facilitates the travel of experts, managers, and investors, for the purpose of maintaining supply chains and distribution networks, restoring production, creating jobs, and supporting businesses in need.

PM Phuc called on enterprises to take full advantage of the fresh opportunities presented by the shifting of supply chains and global investment flows into ASEAN.

Taking the floor, Vu Tien Loc, president of the Vietnam Chamber of Commerce and Industry, pointed out some of the major opportunities and challenges that humankind is currently facing, including COVID-19, climate change, trade wars, digital transformation, Industry 4.0, and global integration.

According to Loc, economies have been left with no choice but to contain epidemics and boost economic growth together. In order to facilitate this, he called for joint collaboration and co-operation efforts among economies, between the Government and the business community, and between the private and public sectors.

The meeting represents an opportunity for leaders and the regional business community to come together, share investment orientations, and examine the various prospects of the ASEAN economies moving forward, he said.

To achieve this goal, Loc, who is also president of the summit, suggested that regional governments focus on measures aimed at supporting micro, small and medium-sized enterprises, as well as young entrepreneurs and innovative startups that contribute to the livelihoods of hundreds of millions of people throughout the region but are most vulnerable to COVID-19.

Following the opening ceremony, delegates discussed four topics centred around ASEAN’s economic prospects, investment trends, technology, and future employment, as well as sustainable development and inclusive growth.