Vietnam supports inter-regional cooperation and connectivity for development

Speaking at the event, Vietnamese President Luong Cuong affirmed that, in the face of global challenges such as economic crisis, climate change, and security issues, strengthening cooperation among economies in the Asia-Pacific region is crucial that not only enhances competitiveness but also creates a favourable environment for countries to jointly address global issues.

Strengthening cooperation and connectivity will help regions share knowledge, coordinate strategies, and align policies and resources, thereby opening up new spaces for growth, he said.

To build effective regional economic connectivity, Cuong emphasized three key principles of enhancing dialogue and consensus, preserving a peaceful environment for development; respecting international law and promoting multilateralism; and ensuring balanced, inclusive, and equitable benefits, with a focus on putting people and businesses at the center.

He also suggested major solutions, including implementing selective and phased integration processes, maximizing the advantages and complementarity between regions; improving institutional frameworks and enhancing the effectiveness of existing mechanisms; and unlocking resources and promoting the effectiveness of North-South, South-South, and public-private partnerships.

He stressed the need to focus on building interregional and intercommunity bridges, digital and green transformation cooperation networks, as well as trade-investment, finance-banking, infrastructure, and cultural and people-to-people exchanges.

Vietnam is ready to cooperate with both APEC and non-APEC economies to promote effective interregional connectivity that benefits all people and businesses, stressed the president.  

He highlighted that, with its strategic location in Southeast Asia and modern logistics network, Vietnam has the capability to play a role in expanding trade and interregional connections. The engagement in large free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Regional Comprehensive Economic Partnership (RCEP), and the European Union – Vietnam Free Trade Agreement (EVFTA) has made Vietnam an important link in global value and supply chains.

Looking ahead, Vietnam will collaborate with other ASEAN countries to strengthen cooperation between the ASEAN Economic Community and the dynamic, creative Latin American region, he affirmed.

APEC Leaders and invited guests welcomed and highly appreciated Cuong’s practical observations and proposals.

On the same day, Deputy Prime Minister and Minister Bui Thanh Son participated in the Dialogue between APEC Leaders and the APEC Business Advisory Council (ABAC). This dialogue serves as an opportunity to promote public-private cooperation and mobilize the participation and contribution of the business sector in the APEC cooperation process, as well as in building a prosperous and sustainable Asia-Pacific region.

Delegates discussed solutions to support small and medium-sized enterprises (SMEs), particularly those led by women. They also explored ways to promote the formation of the Free Trade Area of the Asia-Pacific (FTAAP) and enhance cooperation between APEC, ASEAN, the WTO, and other regional cooperation frameworks. ABAC members expressed hope for more decisive and coordinated actions between governments and the private sector to realize the APEC Putrajaya Vision 2040.

ABAC also made recommendations aimed at achieving breakthroughs in key areas such as promoting digital trade and green transition, mitigating the impact of inflation, addressing economic growth disparities, combating climate change, and creating a transparent, efficient, and business-friendly investment environment.