Vietnam affirms active, responsible role in APEC

State President Luong Cuong is set to make an official visit to Peru and participate in the 2024 Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Week in the capital of Lima from November 12 - 16, marking his first official trip to the Latin American country and attendance at a multilateral forum in his capacity as the State leader of Vietnam.

Made at the invitation of Peruvian President Dina Ercilia Boluarte Zegarra, the President's upcoming attendance at the 2024 APEC Economic Leaders' Week underscores Vietnam's strong commitment to multilateralism and active engagement in APEC's collaboration process.

The 2024 APEC Economic Leaders' Week will be held in the capital of Lima, Peru

Vietnam's active and responsible contributions to APEC

Vietnam officially became a member of the regional economic forum at the 10th APEC Ministerial Meeting in Kuala Lumpur, Malaysia on November 15, 1998. This milestone was a significant step in Vietnam’s foreign policy of openness, diversification and multilateralisation, and international economic integration.

According to Deputy Minister of Foreign Affairs Nguyen Minh Hang, over the past 26 years as an APEC member, the Southeast Asian nation has left its imprints on regional cooperation, consistently being recognised for its active, responsible, and effective contributions to realising the forum’s goals and visions and advancing its influence.

First, Vietnam has twice successfully undertaken the APEC chairmanship in 2006 and 2017, showcasing its capacity to lead and facilitate cooperation among members, successfully contribute to conferences, and bolster economic collaboration and connectivity within APEC and Asia-Pacific. The country has also taken on prominent roles in various structures of the organisation, including its Secretariat, ASEAN group, and numerous committees and working groups. Recently, member economies endorsed Vietnam's bid to host APEC once again in 2027.

Second, Vietnam has made practical contributions to sustaining APEC’s collaborative momentum amid global economic challenges. By proposing and implementing nearly 190 initiatives across critical sectors – which range from structural reform, human resources development, women’s empowerment, rural and urban development, to climate response, food security, and e-commerce, Vietnam has enriched the forum’s related agenda, helping it become more comprehensive, adapt to international change, and catch up with new development trends of the era. These efforts have contributed to affirm APEC’s essential role in advancing economic growth and connectivity in Asia-Pacific and the world.

Third, Vietnam has initiated and shaped APEC’s long-term vision. Notably, it led efforts to draft the report entitled “People and Prosperity: An APEC Vision to 2040”, which laid the ground for regional leaders in adopting a vision for an open, dynamic, resilient, and peaceful Asia-Pacific community by the time, toward shared prosperity for all people and future generations.

With the adoption of the vision and its accompanying action plan, the forum has completed an initiative originally proposed by Vietnam and approved at the 25th APEC Economic Leaders’ Meeting in November 2017 in the central coastal city of Da Nang.

Since early 2024, Vietnam has actively contributed to the organisation’s collaboration, launching initiatives and projects across key areas like structural reform, finance, science and technology, innovation, human resources development, tourism, agriculture, climate response, and sustainable and inclusive growth.

Currently, Vietnam chairs the group which is responsible for developing the APEC structural reform agenda for 2026-2030 and is leading the drafting of the 2025 APEC Economic Policy Report.

Vietnam's benefits from APEC membership

According to Vietnamese Ambassador to Peru Bui Van Nghi, the country’s participation in APEC has yielded strategic, economic, trade, and investment benefits, boosting its comprehensive development. Specifically, APEC membership has elevated Vietnam’s global position with an equal voice alongside the world’s leading economies in shaping regional economic and trade rules, while deepening its ties with key bilateral partners toward effectiveness and practical outcomes.

Vietnam's APEC membership has also helped drive domestic economic reforms and innovation through commitments to open trade, investment, and business facilitation. It has improved global integration skills of Vietnamese ministries, localities, and enterprises, while opening opportunities for Vietnamese businesses, particularly small- and medium-sized enterprises.

According to Deputy Minister of Foreign Affairs Nguyen Minh Hang, State President Luong Cuong’s attendance at the upcoming 2024 APEC Leaders' Week, which coincides with the forum’s 35th founding anniversary, highlights Vietnam’s commitment to addressing regional and global challenges, promoting international economic integration, and creating new momentum for regional growth./.

VNA