Joining APEC is considered an important significant event in Vietnam’s international integration process. The country has progressed from its admission to the Association of the Southeast Asian Nations (ASEAN) in 1995 to its active participation in inter-regional cooperation frameworks in Asia and the Pacific. It has won international acclaim for its rising position, both economically and politically.

Former Deputy Prime Minister and Foreign Minister Nguyen Manh Cam, who had made significant contributions to Vietnam’s admission to ASEAN, recalled, “Although the Vietnamese economy is less developed than other economies, there is no denying Vietnam’s rising position and prospects in the development process.”

Over the past eight years, through APEC, Vietnam has received strong support from world economic powers and has finally concluded its WTO negotiation process.   

Former State President Tran Duc Luong said at the recent APEC forums and meetings that Vietnam desired to join the world’s largest trade body and that its proposal had received favourable support from APEC member economies. He recalled his talks with the heads of state during the latest two APEC meetings and said they all pledged support for Vietnam’s bid – a positive move towards the country’s WTO accession later.

APEC is the only inter governmental grouping in the world operating on the basis of non-binding commitments, open dialogue and equal respect for the views of all participants. Unlike the WTO or other multilateral trade bodies, APEC has no treaty obligations required by its participants. Its decisions are reached by consensus and commitments are undertaken on a voluntary basis. Therefore, APEC is the forum where Vietnam, together with other leading economic powers, can give opinions on common issues of the world economy, particularly after Vietnam joined the WTO.