Vietnam proposes addressing global economic contradictions at APEC CEO Summit

Addressing world leaders and CEOs, Thuong noted that the global economy is growing constantly, creating wealth for society, but the gap between rich and poor is widening, and environmental damage is becoming more and more serious.

After more than three decades of globalization, international economic relations with interwoven interests and mutual dependence have been developed, but the trend of protection and separation is growing globally.

Scientific and technological advances, on the one hand, bring about great development opportunities but on the other hand pose unpredictable dangers. In addition, economies pursue the consumption-driven growth model, while they fail to pool enough resources for sustainable development goals.

To continue pursuing the set lofty goals, he suggested a new mindset that is inclusive, harmonious and humane. Accordingly, it is necessary to ensure the mutual relationship between economic growth, social justice and environmental protection; keep the world economy open closely associated with ensuring the economic security of countries; promote global governance of technology, especially artificial intelligence and biotechnology; and prioritize resources for sustainable and inclusive development goals.

He hailed APEC as a leading incubator for economic integration ideas, laying the foundation for global cooperation agreements. It is also at the forefront of promoting green growth, responding to natural disasters, strongly supporting gender equality, assisting small and medium enterprises, and improving the quality of health and education.

In this process, the president said, the business community plays an important role, actively contributing to policy formulation and implementation as well as promoting innovations. He called on the business community to accompany the State in fulfilling sustainable development commitments, increasing investment in science and technology, human resources development, and building inclusive, resilient communities.

Sharing Vietnam’s development policies, the President affirmed that it’s a must to maintain steady economic growth coupled with ensuring social justice and environmental protection. People are always placed at the center of the decision-making process. He also stated that Vietnam never trades off its social justice and environment for economic growth.

To this end, he said, Vietnam aims to build an independent and self-reliant economy associated with proactive international integration. The country strengthens management and effective use of resources; protect the environment and respond to climate change; promote green transformation towards global climate goals and commitments. In addition, it encourages the poor and disadvantaged people to rise up on their own strength, integrate into the community, and eliminate discrimination in society.

The president called on businesses to continue to accompany Vietnam in providing consultation, policies and investment ideas, transferring modern technologies and new economic models, attracting investment capital, and supporting its development. He pointed out prioritized areas for investment attraction, including science - technology, innovation; green economy, digital economy, circular economy, knowledge based economy; electronic component, electric car, semiconductor manufacturing; new energy, renewable energy; green finance; biotechnology, and health.

APEC’s success can only be achieved on the basis of friendship and trust between members, and the companionship of businesses and people, he stressed, affirming Vietnam stays ready to join other APEC members and the Asia-Pacific business community in building a bright future for all.