Vietnam and other ASEAN countries need to realize a common goal of putting the people and enterprises at the center of development efforts, according to Prime Minister Nguyen Xuan Phuc.

Prime Minister Nguyen Xuan Phuc at the ASEAN BIS 2020. Photo: Quang Hieu.

ASEAN member countries must grasp opportunities from a shift of global supply chains and investment capital flows to ensure the bloc’s long-term development, stated Mr. Phuc at the ASEAN Business and Investment Summit (ASEAN – BIS) 2020 held in Hanoi on November 13. 

This year’s theme ‘Digital ASEAN: Sustainable and Inclusive’ will focus on the importance of the Fourth Industrial Revolution in stimulating growth, trade and investment against the backdrop of the impacts of the coronavirus and the many challenges facing the region.

The summit’s program will cover four sub-themes: ASEAN’s Economic Outlook; the Future of ESG Investing in Asia; Technology and the Future of Work in ASEAN; and ASEAN Resilient, Sustainable and Inclusive Growth.

Attending this year’s event are the leaders of ASEAN as well the presidents and prime ministers of ASEAN’s dialogue partners such as Australia, China, OECD, UNDP or the World Bank, among others.

Prime Minister Nguyen Xuan Phuc and delegates. Photo: Quang Hieu.

Vietnam PM Phuc suggested the ASEAN – BIS 2020 would serve as a bridge between policy makers and international organizations, as well as businesses in the region, in turn opening up opportunities for further cooperation and development towards sustainable and inclusive growth.

Over five decades of development, ASEAN has become a dynamic and creative business community with a population of over 630 million and GDP of US$3.1 trillion (2019), making it the fifth largest economy in the world.

Mr. Phuc attributed such achievement to the contribution of the business community, including small and micro-sized enterprises.

An effective working mechanism among business communities in the region, including the ASEAN Business Advisory Council (ASEAN BAC), the East Asia Business Council (EABC), has resulted in suggestions and ideas submitted to leaders of ASEAN and ASEAN +3, and ensured the position of region as a spotlight in economic development of the world.

Overview of the ASEAN BIS 2020. Photo: Quang Hieu.

Vietnam strives to become ideal destination for investors

As the Chair of ASEAN 2020, Vietnam has been actively working alongside ASEAN countries in containing the Covid-19 pandemic and boosting economic recovery, including the resumption of movements for experts, managers, and investors and providing support for those affected by the pandemic, noted Mr. Phuc.

Mr. Phuc referred to a forecast by the International Monetary Fund (IMF) in October that Vietnam is on track to reach economic growth of 2 – 3% in 2020 amid a dim global outlook.

Vietnam is striving to become an ideal destination for regional and international investors for mutual benefits, stressed Mr. Phuc, adding the country is committed to cooperating with ASEAN countries in providing substantial support for the business community, especially in digital transformation, jobs creation, sustainable and inclusive development, among others.

Chairman of the Vietnam Chamber of Commerce and Industry Vu Tien Loc said Covid-19 is a wake-up call and send a message that the world is facing a turning point in its development process.

Mr. Loc expected stronger cooperation among countries, economic sectors, governments and the business community to overcome current crisis.

According to Mr. Loc, medium, small and micro enterprises, as well as startups or women-led enterprises with hundreds of millions of workers depending on them are those that are the hardest hit by the Covid-19 pandemic and in need of stronger support from governments.

In this regard, Mr. Loc said digital economy and sustainable growth models would be the most effective support at this moment. 

In early 2020, VCCI and ASEAN BAC formed an ASEAN Entrepreneurs Network (AEN), which, Mr. Loc said, is an example to promote the ASEAN startup community.