PM receives ASEAN BAC leaders in Hanoi

Souvannavong and heads of ASEAN BAC countries extended their condolences to Vietnam over huge human and property losses caused by typhoon Yagi and subsequent landslides and flash floods.

Souvannavong stated that ASEAN BAC has been working to promote trade, investment, and integration within ASEAN and with its partners, with a primary focus on cooperation in digital transformation, green and sustainable development, and self-reliance in health and food security.

Efforts are being made to strengthen supply chains among Mekong countries and the greater Mekong sub-region, including Laos and Vietnam, as well as to enhance cooperation in finance, infrastructure, and digital transformation, he said.

He revealed that at the end of this year, ASEAN BAC will organize the ASEAN Business and Investment Summit (ASEAN BIS) in Vientiane, Laos. He expected that the Vietnamese Government would support and contribute significantly to the success of the Summit.

Chinh for his part expressed his gratitude to ASEAN BAC chairpersons for their sympathy and support in helping Vietnam address the aftermath. He affirmed that Vietnam will continue to support Laos in successfully hosting the ASEAN Summits 44-45 and related meetings, contributing to building a more united and prosperous ASEAN Community.

The PM congratulated the success of the 101st ASEAN BAC meeting recently held in Hanoi and the recommendations outlined in the report on ASEAN BAC’s 2024 agenda. He expressed hope that the Council’s priority areas will significantly advance the process of innovation, institutional and policy improvement, trade and investment facilitation, digital transformation, and sustainable and inclusive development in ASEAN, particularly with new growth drivers.

This will help businesses overcome challenges and seize opportunities for development, he said.

In the context of global challenges such as the prolonged impact of the COVID-19 pandemic, geopolitical conflicts, strategic competition, and non-traditional security challenges like climate change, natural disasters, pandemics, aging populations, and resource depletion, Chinh stated that ASEAN has demonstrated resilience, adaptability, and proactive measures to maintain growth and continue to play a crucial role in the global supply chain.

The ASEAN economy continues to show steady and positive progress, with an estimated growth rate of 4.6% in 2024, which is a bright spot in the global economic landscape, he stressed.

He highly appreciated the business community’s role in sustaining such growth, affirming ASEAN governments regard businesses as the backbone of the ASEAN economy and a foundation for long-term and sustainable economic growth in the region.

With a facilitative role, ASEAN governments consistently support and create the best possible conditions for businesses and entrepreneurs to develop, based on shared visions, healthy competition, and principles of “harmonized interests, risk sharing” and win-win results.

Welcoming the ASEAN BAC Chairpersons’ call for ASEAN to prioritize policies that support ASEAN businesses in investing and operating within ASEAN countries, he proposed that ASEAN BAC work with governments and people of ASEAN countries to implement five key areas of collaboration. These areas include formulating institutions and policies; supporting economic connectivity, especially in infrastructure; mobilizing resources, revitalizing traditional growth drivers, and fostering new growth drivers in digital economy, green economy, and knowledge economy; developing high-quality human resources, especially in areas such as digital transformation, green transition, and high technology; and supporting the creation and management of smart, modern, and innovative businesses.

The PM expressed his belief that businesses will innovate their thinking and methods, mobilize resources for collective development, and aspire to build an ASEAN that is united and cohesive in its diversity. He urged ASEAN BAC members to continue to play a pioneering role, making ASEAN a top destination for investors and contributing to the region’s rapid and sustainable development.

He said he will attend the ASEAN Business and Investment Summit to be held in Vientiane later this year.