Success from APEC 2017: Vietnam with the chance of inclusive development

(VLR) (Vietnam Logistics Review) APEC summit week 2017 ended in the middle of November and also closed Vietnam APEC Year 2017 with remarkable successes. As the result, economies of APEC country member, including Vietnam, are standing in front of a new chance with action plans of “inclusive development” in years to come.

(Vietnam Logistics Review) APEC summit week 2017 ended in the middle of November and also closed Vietnam APEC Year 2017 with remarkable successes. As the result, economies of APEC country member, including Vietnam, are standing in front of a new chance with action plans of “inclusive development” in years to come.

Turning “economic miracles” to “inclusive development miracle”

The most important result from APEC Summit Conference 2017 is the approval of Da Nang Declaration “Creating New Dynamism, Fostering a Shared Future”. The declaration includes 5 main contents: promoting innovative growth, inclusion and sustainable employment; creating new drivers for regional integration; strengthening capacity and creativity of micro, small and medium enterprises (MSMEs), enhancing food security and sustainable agriculture in response to climate changes.

Through Danang Declaration, leaders of 21 APEC member economies showed determination for stronger actions for APEC cooperation. They also committed to develop regional economy to push up trade, open and free investments- comprehensive and systematic push up to the realization of Free Trade Area of Asia- Pacific (FTAAP) and economic integration of APEC region. Developing comprehensively Multi-lateral trade system agreement and considering it a driver for economies and enterprises. The Declaration clearly stated:” We will work to ensure a level playing field through continuing APEC’s leadership in pursuing open markets. We recall our pledge to extend our standstill commitment until the end of 2020 and recommit to fight protectionism, including all unfair trade practices, recognizing the role of legitimate trade defence instruments.”

The enhancing of capacity and creativity of MSMEs has been paid attention. They committed to enhance MSMEs’ competition abilities at the markets including by facilitating their access to finance, technology and capacity building, especially for women and youth-led businesses. Addressing at the opening session at APEC Summit Business Conference, President Quang said APEC should guarantee the inclusion of the development. ”We need to turn economic miracles to inclusive development miracles of the region, implementing the UN’s target of sustainable development,” said Quang.

“Creating new dynamism, fostering a shared future”

Going through 30 years of innovation and nearly 20 years joining APEC, Vietnam has had remarkable achievements. From the country of under development, Vietnam has become a developing economy with average income, an important chain in the network of 16 Free Trade Agreements. It is also an economy with large openness, the future of over 90m Vietnamese people has become gradually attached to Asia- Pacific area. Many APEC member economies have been and will be largest investors or leading trade partners to Vietnam. Prsident Quang confirmed in the coming time Vietnam keeps synchronous and comprehensive innovations, pushing up three strategic breakthroughs: improving economic market mechanism, developing human resource and developing modern, synchronous infrastructures. At the same time, focusing on growth models, developing intellectual economy, high technology, modernizing agriculture, assisting industry, sea economy and tourism are other targets. Mechanisms, policies, law, environment protection are also mentioned.

At Vietnam Business Summit Conference, leaders from international organizations, commercial chambers, and leading international groups considered Vietnam one of the successful economies in terms of innovation and integration in the last three decades. Victoria Kwakwa, Deputy President of WB, in charge of Asia- Pacific region said Vietnam is one of typical countries using relatively effectively capital sources serving development targets, especially in developing infrastructures, poverty reduction and saving environment. Also mentioning at the matter, Philipp Roesler, Director of World Economic Forum said Vietnam has had advance in improving national competition ability, increase 5 rank higher than that of 2016- from 60/138 to 55/137 economies. And there have been many improving index as technology readiness, mechanism and market scale.

Leaders of commercial chambers and international groups highly value Vietnam’s Government attempts on economic innovations and business environment improvements. They considered Vietnam one of safe, attracting investment destinations with strong points of market advantages, rich human resource, improving mechanisms and infrastructures… the country is in its way of integration to regional and global value chains. The U.S President Donald J. Trumps also valued Vietnam one of the fastest-growing economies in the world. “I am happy to see your achievements in the last decade. The thing you are here, together to build the region is the greatest thing ever,” said Trump. And in an address at APEC Summit Week 2017, the President Tran Dai Quang emphasized: “Since the start of innovations, twice honorably being APEC host in 20016 and 2017 showed the future of Vietnam is closely attach to the future of the region, as the theme we set for APEC 2017 – Creating New Dynamism, Fostering a Shared Future.”

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