APEC should consider establishing an international economic governance system to promote development and address key global challenges.

State President Luong Cuong at the event. Photo: VNA

State President Luong Cuong shared this view while addressing the APEC CEO Summit 2024, part of the APEC Economic Leaders’ Week in Lima, Peru on November 14.

The APEC Business Summit, the largest annual gathering of the Asia-Pacific business community, brings together APEC Leaders and senior executives from thousands of leading companies across the region. The Summit provides a platform for discussions on new development trends, emerging opportunities, and pressing challenges, as well as innovative solutions for regional cooperation and growth.

This year’s Summit, themed "People. Business. Prosperity," features over 20 sessions on key global and regional issues. Topics range from climate change, geopolitical shifts, and the rise of artificial intelligence to energy transitions, economic integration, and inclusive growth.

Vietnam’s State President Luong Cuong, the keynote speaker, emphasized the importance of the transformative changes sweeping through the Asia-Pacific and global economies, affecting all countries and businesses.

Against this backdrop, Cuong highlighted the need for APEC to build an international economic governance framework that promotes growth and supports key global priorities.

These priorities include fostering a peaceful and stable international environment that enhances global trade, investment, and economic integration; ensuring equitable access to opportunities so that all nations and people can share in the benefits of cooperation and development; supporting a green energy transition to tackle climate change—the defining challenge of our time; and advancing responsible development and application of transformative technologies like artificial intelligence to drive economic and social progress.

Cuong acknowledged the vital role of the business community, encouraging a spirit of optimism and resilience as essential for success. He emphasized four areas where business leaders can make a significant contribution: by leading innovation in green, circular, and digital business models that pave the way for key economic sectors; by investing more in research and development to advance breakthrough technologies to address global challenges; by helping shape new rules and regulations in emerging, strategic sectors of the world economy; and by acting as a bridge between economies, enhancing people-to-people exchanges and fostering friendly cooperation among nations.

Urging businesses to increase their contributions, particularly in green and digital transformation, technology development, and international cooperation, Cuong affirmed that Vietnam enters a new era with renewed ambition and optimism. The country aspires to a prosperous and happy future, underpinned by a dynamic economy ranked 35th in the world, a stable and people-centered political foundation, a patriotic and resilient population of over 100 million, and strong international partnerships.

He reiterated Vietnam's core principles of independence, self-reliance, and multilateral commitment to peace, cooperation, and development. Vietnam remains committed to the multilateral trading system and supports the World Trade Organization’s central role, endorsing the principles of free trade and global integration. Vietnam also pledges to actively and responsibly engage in global economic and political arenas as a reliable partner in the international community.

President Cuong also pointed out that Vietnam’s rapid growth opens up promising new opportunities for both domestic and foreign businesses in areas like trade, industry, agriculture, tourism, infrastructure, logistics, and high-tech industries. The Vietnamese market offers unique advantages for foreign investors, including a prime location in Southeast Asia,  a high degree of openness with 17 free trade agreements, and a large and dynamic consumer market. He highlighted Vietnam’s emerging green economy, transitioning from traditional industries to digital innovation, along with the development of strategic infrastructure in transportation, energy, and digital connectivity.

In his concluding remarks, Cuong stressed that amid global instability and the risks of protectionism and economic fragmentation, APEC must continue to serve as a bridge for cooperation among member economies. APEC has a responsibility to work towards a transparent and fair international economic governance system that ensures balanced benefits for all.

The State President’s address was met with widespread support and high praise from APEC leaders and the regional business community, underscoring the Summit’s role in fostering dialogue and cooperation across the Asia-Pacific region.