Vietnam pledges to make more contributions to APEC cooperation

Vietnam will continue actively contributing to and effectively implementing cooperation orientations and directions of the Asia-Pacific Economic Cooperation (APEC), State President Luong Cuong affirmed while addressing the 31st APEC Economic Leaders' Meeting in Lima, Peru, on November 16 (local time).

In his remarks, Cuong noted that while the global economic landscape is fraught with challenges and uncertainties, it is equally illuminated by the presence of significant opportunities.

Geopolitical conflict, trade friction and macro-level instability have reduced global growth prospects. Yet the Asia-Pacific economies have been able to maintain a stable growth trajectory, and remain the engine and driver of global growth, he elaborated.

The Vietnamese leader noted that despite the rising tide of protectionism, supply chain disruptions, and polarization, there is a strong demand for strengthened international economic cooperation and integration.

According to Cuong, development and digital gaps, and global environmental issues continue to be top challenges. Yet the development of transformative technologies and the increasingly profound and comprehensive digitisation and green transition are bringing about new and innovative solutions and opportunities for cooperation.

In this context, to enhance APEC's role and amplify its contributions, the Vietnamese leader proposed major lines of action. He suggested continuing to advance trade and investment liberalization, and strengthening the rules-based multilateral trading system.

“We must cultivate and sustain vibrant economic linkages, facilitating the seamless flow of finance, technology, knowledge, and labor across borders. Establishing robust and resilient supply chains is essential while making decisive strides towards realizing a Free Trade Area of the Asia-Pacific”.

It is necessary to expedite cooperation programmes and initiatives aimed at inclusive growth and technology, the State President continued.

“We must position people at the forefront of digital transformation and green transition. It is crucial to tackle the digital divide and prioritize support for vulnerable communities in remote regions, ensuring they not only access but also benefit from digital innovations. This requires substantial investment in green and digital infrastructure, alongside collaborative efforts to disseminate cutting-edge technological applications in addressing global challenges, particularly climate change.”

APEC should continually enhance global institutions and governance, the leader said.

“We must advance APEC's structural reform and improve its institutions to create an agile, adaptive, forward-thinking entity capable of spearheading new growth avenues. Expanding technical support and capacity-building projects for developing countries is vital. We should also incentivize the participation of businesses and communities, who are drivers and beneficiaries of APEC’s cooperation.

In pursuing these goals, Vietnam is actively collaborating with APEC partners on the APEC Structural Reform Agenda for 2026-2030 to boost its operational effectiveness, Cuong affirmed.

Following discussions, the leaders adopted a joint statement and endorsed two signature initiatives proposed by host country Peru: the Lima Roadmap to Promote the Transition to Formal and Global Economy and the Ichma Statement on a New Look to Advance the Free Trade Area of the Asia-Pacific.

They also welcomed South Korea as the host of APEC 2025, China for APEC 2026, and Vietnam for APEC 2027.

Later the same day, the Vietnamese State President and his entourage left Lima, concluding their successful trip to attend the 2024 APEC Economic Leaders’ Week and pay official visits to Chile and Peru.