APEC seeks solutions to development inclusion

The symposium on Promoting Economic, Financial and Social Inclusion in APEC, HCMC, August 28, 2017 - Photo: VNA

The event drew the attendance of over 200 delegates and was chaired by Vietnamese Permanent Deputy FM Bui Thanh Son.

Addressing the opening ceremony, Deputy FM Son  who is also APEC 2017 SOM Chair emphasized that while APEC has asserted effort to promote development inclusion, however, there remain significant gaps between what APEC has done and the expectations of the people.  

Mr. Son said that equal attention should be paid to three dimensions of economic, financial and social inclusion. Effectiveness of each dimension would be reduced if the other two are not keeping pace. Conversely, enhanced effectiveness of one dimension will feed into the other two. It is therefore imperative for APEC to take a strategic and holistic approach to inclusion.  

According to the Speaker, to strengthen APEC’s role as a driving force of global growth, all segments of society will need to be brought on board.

Inclusion is really at the heart of all economies, developed and developing, he said, adding that Viet Nam is no exception, he added.

Mr. Son was quoted as saying that over 30 years of "Doi moi" (reform), the country has brought about significant socio-economic progress. Yet Viet Nam is still coping with increasing income inequality. Therefore, Viet Nam is determined to build a facilitating and action-oriented government that works for the people and businesses. 

Addressing the symposium, Kamal Malhotra, Resident Coordinator of the UN in Viet Nam, said that while many APEC member economies have well earned reputation for economic transformation and completed substantial progress in poverty reduction and economic growth, the challenges ahead in sustaining the progress are significant and should not be underestimated. 

The UN in Viet Nam and in other APEC economies is willing to provide technical, operational and realistic support needed by the governments to identify and implement feasible and innovative solutions to challenges to economic, financial and social inclusion. 

The World Bank (WB)’s Country Director for Viet Nam Ousmane Dione said the WB stands ready to support countries and regions, including APEC.

On this occasion, delegates spent time discussing the first theme on “Economic development inclusion” and listening to reports from the International Monetary Fund (IMF), the Organization for Economic Cooperation and Development, the Economic Research Institute for ASEAN and East Asia (ERIA), the Asian Development Bank (ADB) and APEC member economies.

In the afternoon, delegates attended three other sessions on other aspects of development inclusion./.

By Khanh Phuong