President Luong Cuong speaks at the APEC CEO Summit. Photo: Lam Khanh/VNA

President Cuong said that, with the world and Asia-Pacific undergoing great transformations, APEC needs to build an international economic governance system favorable for development.

He suggested expanding the role and contribution of the business community, especially in green transformation, digital transformation, technology development, shaping world economic rules, and strengthening people-to-people exchanges, cooperation, and friendship between countries.

He said Vietnam is entering a new era with a new mindset, a strong desire to become a prosperous and happy country, and a firm belief in a bright future. Vietnam is steadfast in its views on independence, self-reliance, multilateralization, diversification, peace, cooperation, and development.

Vietnam supports the multilateral trading system and the central role of the World Trade Organization, he said, adding that the country will participate responsibly in and contribute actively to world politics, the global economy, and human civilization in the spirit of a friend, reliable partner, and responsible member of the international community.

The President highlighted the strengths of Vietnam's economy – its favorable geographical location in Southeast Asia, its dynamic, very open economy, its 17 free trade agreements, its large market, and its favorability as a destination for shifting supply chains. Vietnam is transitioning from brown to green, and from a traditional economy to a digital economy promoting entrepreneurship, innovation, and strategic infrastructure,

“The great successes that Vietnam's economy has achieved are due in part to the trust that international businesses and investors place in our country. I’m sure Vietnam's strong development will open up many new opportunities for domestic and international businesses in trade, industry, agriculture, tourism, infrastructure, logistics, and high-tech. The Vietnamese market has brought and will bring international investors many benefits and advantages that not many other places have," said Cuong. 

President Cuong said that, in the face of great changes around the world and the risks of protectionism, fragmentation, and decoupling, APEC needs to shoulder the responsibility of bridging, connecting, and boosting cooperation among members in jointly building an international economic governance which is transparent and equitable and brings benefits to all parties.