At a press conference in Hanoi on December 9 to introduce the APEC Vietnam 2017. 

Creating a new impetus for sustainable development

The world is currently in a constantly changing stage with complicated proceedings seen in many regions. The strong development of technology and the fourth industrial revolution are dramatically transforming the lives of people as well as their connectivity and manner of exchange. Economies and regions are facing with many intertwined and multidimensional challenges. Global economic and trade growth in 2016 declined to the lowest level since the world financial crisis and economic recession, only reaching 2.2% and 1.7%.

Stagnation in global trade, reduction in material prices, tightened fiscal and monetary policies and intensified protectionism have impacted global economic growth. In addition, this growth and sustainable development are being threatened by the unequal allocation of globalisation achievements, technological advances at risks of widening the development gap, geo-political competition, terrorism, transnational crime, cyber security, inequality, poverty, epidemics, migration and climate change.

In such a “grey-dyed” picture of the world situation, APEC is not beyond the spiral of negative impacts and new challenges. As an increasing number of regional connectivity mechanisms are emerging and APEC’s operational reforms have yet to bring about the desired results, the task set for APEC is to carry on with its renovation in order to affirm its role as a leading forum for economic cooperation in the Asia Pacific region.

Therefore, Vietnam has selected the theme “Creating a new driving force for a common future” for the APEC Year 2017, with the implication of APEC economies joining hands to accelerate the finalisation of the Bogor Goals on trade and investment liberalisation until 2020 and build a vision for regional connectivity. The four priorities recommended by Vietnam are promoting sustainability, creativity and inclusive growth; strengthening regional connectivity and integration; supporting micro, small and medium-sized enterprises to increase competitiveness; and enhancing food security and sustainable agricultural development.

A strategic vision of regional future

Vietnam’s theme and priorities as the host of the APEC Year 2017 have been supported and seen by APEC member economies as an important foundation for the Strategic Vision of the region’s future and a premise for economies to foster Asia-Pacific partnership for sustainable and inclusive development in the 21st century. At the conferences and events organised by Vietnam to introduce the agenda for APEC 2017, delegates from member economies stated that the creation of a “new driving force” is extremely necessary for APEC to continue proving its leading and pioneering role in the efforts to restore and strengthen regional economic connection and promote models of sustainable and inclusive economic and trade growth, aiming to bring about equal benefits for all people.

Hailing Vietnam’s role as the host of the APEC 2017, Valery Sorokin, head of Russia’s APEC Senior Officials’ Meeting (SOM) delegation, stressed that the priorities proposed by Vietnam reflected the common concern of APEC members, which was the maintenance of APEC’s position as a driving force for global economic growth. According to the head of Peru’s SOM delegation Luis Quesada, Vietnam’s recommendations were extremely necessary in the new development process of APEC. Alan Bollard, Executive Director of APEC Secretariat, also agreed that the priorities put forward by Vietnam were significant to the development roadmap that APEC was pursuing, particularly the issues on trade liberalisation and maintenance of peace and development.

APEC accounts for 39% of the world’s population and contributes to 57% GDP and 49% trade value of the globe. The forum gathers most of Vietnam’s important partners on trade, investment and development. Therefore, the development of Vietnam is closely allied with economies in the large and potential Pacific Rim region.

The hosting of APEC 2017 is among Vietnam’s foreign affair focuses in the period of comprehensive international integration, affirming the country’s determination to continue renovating and contributing to shaping multilateral cooperation mechanisms. It also offers Vietnam a new opportunity to enhance economic, trade and investment ties with regional partners, towards fulfilling the goals of the national socio-economic development strategy during 2011-2020. APEC activities will be able to widely and effective advertise the image of an innovative, vibrant and actively integrating Vietnam; bring about development and exchange opportunities for regions, localities, businesses and people across the nation; and facilitate the country’s understanding about the forum.

State President Tran Dai Quang once emphasised that Vietnam taking over the hosting of APEC 2017 reflected the high level of trust from the international community for the country and represented huge pride and responsibility for Vietnam in joining member economies to ensure the APEC Year 2017 was imbued with the forum’s unceasing development process while promoting the region’s trend of peace, stability, cooperation and development.