The 10th APEC Ministerial Meeting in Malaysia in 1998, during which Vietnam, Russia and Peru were admitted to APEC. (Photo: VNA)
Hanoi (VNA) – The accession to APEC on November14, 1998 marked a big step forward in Vietnam’s foreign policy of door opening,multilateralisation, diversification and international economic integration,which created a driving force for the country’s renewal and integration duringthe past two decades.
This is the assessment of Deputy Prime Minister and ForeignMinister Pham Binh Minh in an article titled “20 years in APEC: from a strategicvision to Vietnam’s imprints” on the occasion of Vietnam’s 20-year membershipin the Asia-Pacific Economic Cooperation (APEC) forum.
According to Deputy PM Minh, as the leading economiccooperation mechanism in Asia-Pacific, a region home to global economic,commercial and technological hubs, APEC has brought various benefits to Vietnamin terms of strategy, economics, trade and investment, thus contributing to thecountry’s comprehensive development.
First of all, it is noteworthy that half of Vietnam’s 28strategic, comprehensive and key economic and trade partners are members ofAPEC. Together, they account for 75 percent of the country’s total foreigntrade, 78 percent of direct investment and 79 percent of foreign tourists. Inaddition, 14 out of 16 free trade agreements (FTAs) that Vietnam has signed oris negotiating, concerns 17 APEC members.
Second, APEC membership has significantly enhanced Vietnam’sposition in the international arena. As an APEC member, Vietnam has an equalvoice with many world leading economies in the building and formation ofregional economic and commercial rules and regulations.
Third, the APEC forum is an important channel for Vietnam topromote bilateral ties, helping deepen ties with partners, consolidating thepeaceful environment for national development.
Fourth, joining APEC and carrying out commitments on dooropening for trade and investment and business facilitation has helped pushreform and the completion of institutions and policies in the country towardsmeeting international commitments. It also creates the prerequisite for Vietnamto participate in larger playing fields with higher-level commitments such asthe World Trade Organisation (WTO) and FTAs, including new-generation FTAs withhigh standards. The implementation of international commitment also gives thecountry the leverage to realise its resolve to build a facilitating andaction-oriented government of integrity to serve the people and businesses.
Fifth, as an APEC member, Vietnam has received help toenhance its capacity of international integration. The implementation of commitments,synchronisation of policies, and APEC’s support projects have helped improvethe international integration capacity for ministries, sectors, localadministrations and enterprises, as well as deepen the knowledge and experienceof officials involved in international integration.
Lastly, APEC brings great potential and opportunities forVietnamese enterprises in accessing markets and advanced technology, favourableinvestment and business environment and convenient transport, and seekingstrategic partners.
Deputy PM Minh highlighted Vietnam’s active role in APEC,thus contributing to peace, stability, cooperation and economic connectivity inthe region, maintaining APEC’s role as the leading economic cooperation mechanismin Asia-Pacific.
Vietnam is among a few APEC members having hosted APECsummits twice, in 2006 and 2017.
It is also among the most active members in proposing ideasand projects, authoring more than 100 projects in various fields.
The country has held many positions in APEC committees andworking groups. Its business community also actively participates in and makesmany recommendations to APEC.
The Deputy PM affirmed that APEC will continue to be one ofthe main points in Vietnam’s foreign policy in the current development period.
“Vietnam will continue to accompany APEC in the nextdevelopment period, join hands in building a strategic vision on anAsian-Pacific community of peace, stability, dynamism, innovation, andprosperity,” he stressed. -VNA
