Full remarks by PM Nguyen Xuan Phuc at 27th APEC Economic Leaders' Meeting

Mr. Chair,

Ladies and gentlemen,

At the outset, I wish to commend Mr. Chair and Malaysia on successfully guiding APEC cooperation in 2020 - a year of much turbulence and unprecedented challenges.

I share the views with many of you that we are now facing multiple crises, dominated by the COVID-19 pandemic and severe economic recession. The road to recovery remains long, uneven and uncertain, with extraordinary risks. We stand before the quest to find a balanced approach between short-term remedy and mid- and long-term solutions.

Now more than ever, APEC members need to uphold the spirit of unity and responsibility, and reaffirm the fundamental importance of multilateral cooperation.

Ladies and gentlemen,

Having successfully fulfilled the Bogor Goals after 25 years, APEC has established itself as the premier regional economic forum with phenomenal accomplishments in socio-economic development.

At our meeting today, it falls upon us to envision the future of APEC, so as to reaffirm the Forum’s indispensable role in the evolving regional architecture and intrinsic ability to adapt itself to a fast-changing world.

Allow me to share a few suggestions:

First, APEC needs to step up coordination in disease containment, further promote economic integration, and ensure uninterrupted supply chains. Such efforts will secure the Asia-Pacific’s position as the driver for global economic recovery.

In 2020, the ASEAN community has worked closely with many partners, including a number of APEC economies here. Through cohesive action, we have proactively responded to the pandemic while effectively addressed the socio-economic impacts for gradual economic rebound.

Second, comprehensive digital transformation should be the new driver for APEC to strengthen its core values in the digital age. APEC should be on the front lines to promote rules-based multilateral trading system, WTO reforms and take the lead in shaping appropriate regulatory and policy frameworks to keep pace with the advent of digital economy.

Such initiative will turn the Asia-Pacific into a global hub of innovation and technology, and support member economies in building human resources in the digital age, enhancing connectivity, and narrowing the development gap, notably the digital divide. 

Third, a new pillar of APEC cooperation should encompass sustainable and inclusive development, and response to non-traditional security challenges, including epidemics, natural disasters, water resource issues, and climate change. Economic development and integration should be centered around our people and businesses. Support for member economies in transitioning to smarter, greener and more inclusive growth models should also be a focus.

With that, I fully support the adoption of the APEC Vision by 2040 on an open, dynamic, resilient and peaceful Asia-Pacific Community for the prosperity of all our people and future generations.

Ladies and gentlemen,

With strong determination and resolute efforts together with the
invaluable cooperation from the international community, Viet Nam has managed to contain the pandemic from very early on, setting us on the path of strong economic recovery. Economic growth is expected to be 3% this year, while employment is on the rise. The country remains politically and socially stable, and trade and investment are becoming more steady.

Moving forward, we are committed to continue working with other APEC members to realize our shared visions and aspirations. May they bear fruits of peace, stability and happiness for all our people.

I thank you.