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ECONOMY

APEC 2017: Narrowing differences in business standpoint

Updated at Saturday, 04 Nov 2017, 12:06
The Hanoitimes - As the host for APEC Economic Leaders’ Week, Vietnam will strive to promote similarities among economic members, solving challenges and difficulties in each specific issues, in turn achieves APEC’s objective and goals by promoting dialogue and arriving at decision on the basis of common consensus.
APEC Economic Leaders’ Week 2017 will officially be convened in Da Nang, with the participation of leaders from 21 economic members, more than 10,000 representatives from Vietnam and abroad (in the meeting of enterprises there will be 3,000 representatives), along with thousands of reports from all over the world. As such, this will be the biggest foreign affair event in Vietnam in recent years, which marks an important mile stone in the process of Vietnam’s extensive regional and global integration. 


Enterprises related activities have always been important, and the Vietnam Business Summit 2017 in Danang will be the biggest event for international business community with the attendance of leaders from major economies.  The APEC Economic Leaders’ Week will be an platform for Vietnam to showcase its new status in actively involving in the process of developing policies, growth model, and reorganizing global and regional economy, as well as to advertise and promote Vietnam’s economy. 

A rapidly changing world and a transforming Asia-Pacific are presenting the region with unprecedented opportunities and challenges. The Fourth Industrial Revolution, the 2030 Agenda for Sustainable Development and the Paris Agreement on Climate Change have laid important foundations for sustainable, inclusive and equitable global development. Yet, the confluence of prolonged economic stagnation, new waves of protectionism, terrorism, regional conflicts and climate change, amongst others, ever more complex and interrelated non-traditional security challenges are exerting far-reaching impacts on each and every economy, business and individual across the world.

With this being said, according to the International Monetary Fund (IMF), despite the global and APEC’s economy will continue its growth, but in long term, it will still lower than previous decades, due to low productivity and increasing inequality with many are left behind, such as developing countries, women, small and micro enterprises. 

In this event, Danang will also be the place where the world will pay its attention to and expect important messages from world leaders. As such, in the US President Donald Trump’s speech at the Vietnam Business Summit 2017, he will announce the US’s vision on a new open and free India ocean – Pacific region. The world is also expecting messages from leaders beginning their new term such as the Chinese President Xi Jinping, Japanese Prime Minister Shinzo Abe and New Zealand newly elected Prime Minister Jacinda Ardern. 

Numerous hot issues will be mentioned, ideas will be discussed both in the agenda and in sideline of the APEC Economic Leaders’ Week, such as furthering Asia-Pacific economic integration and accelerating efforts to achieve the Bogor Goals of open and free trade and investment by 2020, the future of Trans Pacific Partnership (TPP), and the China’s One Belt One Road Initiative. 

Vietnam has been a successful model in reform and integration, new dynamics in global situation has significantly impacted Vietnam in two ways, which are both opportunities and challenges. One example has been mentioned is mechanized process and the changing way of global trade and commerce when production chains have gone back to developed countries, and cheap labor force is not an advantage of Vietnam anymore. 

With this context, priorities of Vietnam proposed to APEC 2017 have received positive responses from APEC’s economic members, which are not only suitable with APEC’s demands, but also coming from what Vietnam is in need of to survive and prosper, such as: Further sustainable, inclusive and equitable growth; Improve the competitiveness and innovation of enterprises, especially micro, small and medium enterprises (MSMEs) in the digital economy and the internet; Increase the resilience and inclusiveness of APEC economies, particularly in promoting education, employment, healthcare, gender equality, sustainable rural and agricultural development to adapt to climate change,  and ensuring food, energy and resources security, especially water resources.
Nguyen Tung
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