President Luong Cuong: Vietnam is entering a new era with a renewed mindset

The APEC CEO Summit 2024 took place as part of the High-Level Week of the Asia-Pacific Economic Cooperation (APEC) Forum on the morning of November 14 (local time) in Lima, Peru.

The APEC CEO Summit is an annual event and the largest gathering of the business community in the region.

President Luong Cuong delivered an important speech at the event as a keynote guest. He noted that the Asia-Pacific region, and the world as a whole, is undergoing significant, epochal changes that have a multifaceted impact on every country and business.

Drawing attention to the indispensable role of the business community, the President emphasized that an optimistic mindset, the courage to innovate, and the ability to identify and seize opportunities even in times of difficulty are the keys to success.

The President noted that the business community can make effective contributions in several areas, namely:

Firstly, pioneering the transformation of trading and production models toward green, circular, and digital economies, thereby becoming leaders in driving the development of key sectors in the economy.

Secondly, increasing investment in research and development, promoting the growth and application of breakthrough technologies to solve urgent global challenges.

Thirdly, actively participating in shaping regulations for new, strategically significant sectors of the global economy.

Fourthly, acting as a bridge to connect economies, promote people-to-people exchanges, and contribute to building and strengthening cooperation and friendship between nations.

The President encouraged stakeholders to strengthen the role and contributions of the business community, with an emphasis on green and digital transformation, technology development. Consequently, this effort will help shape global economic regulations, and foster international cooperation and friendship.

President Luong Cuong emphasized that Vietnam is entering a new era with a renewed mindset, driven by a strong desire for a prosperous and happy nation and a firm belief in a bright future.

Vietnam's strengths include a rapidly growing and dynamic economy, ranked 35th in the world; a strong and stable political system centered on its people; a patriotic, confident, self-reliant population of over 100 million; and a broad network of international friends and partners.

The President affirmed that Vietnam will adhere to the consistent principles of independence, self-reliance, self-sufficiency, and multilateralism for peace, cooperation, and development.

Vietnam supports a multilateral trade system and the central role of the World Trade Organization. It also believes in the value of free trade, connectivity, and international integration and will responsibly contribute to global politics, the world economy, and human civilization as a trusted partner and active member of the international community.

The President highlighted that Vietnam’s strong development will introduce new opportunities for both domestic and international businesses in the fields of trade, industry, agriculture, tourism, infrastructure, logistics, and high-tech industries. Moreover, Vietnam’s market will continue to offer significant benefits and advantages to international businesses and investors.

The President also highlighted the key advantages of Vietnam’s economy, including:

Firstly, a favorable geographical location in Southeast Asia with a dynamic economy, high openness, and a network of 17 free trade agreements.

Secondly, a large potential market and an attractive destination for supply chain shifts in the region, with a population ranked 15th globally, modern infrastructure, and a business environment among the most favorable in Asia.

Thirdly, Vietnam is building a new economy that focuses on transitioning from brown to green and from a traditional economy to a digital, startup, and innovation-driven economy.

Fourthly, Vietnam is promoting the development of strategic infrastructure, especially in transportation, energy, and digital sectors.

Vietnam has made proactive and significant contributions to the APEC Forum, thereby fostering peace, stability, cooperation, and regional economic integration in addition to maintaining APEC's position as the premier economic cooperation mechanism in the Asia-Pacific region.

Notably, Vietnam is among the few members to have successfully hosted APEC twice, in 2006 and 2017. The country has been one of the most active participants in proposing initiatives and projects, contributing over 150 projects across various fields.

Following its successful hosting of APEC in 2017, Vietnam has continued to advance key programs and initiatives from that year, particularly its initiative to develop the APEC Vision 2040.

The APEC Vision 2040 and its implementation plan, endorsed by the leaders of 21 member economies, were achievements rooted in Vietnam’s proposal, adopted at the 25th APEC Economic Leaders' Meeting in November 2017 in Da Nang. Vietnam is expected to host APEC again in 2027.