Full remarks by President Luong Cuong at APEC CEO Summit 2024

Distinguished delegates,

1. It is my great pleasure to attend the APEC CEO Summit 2024, the world's premier policy dialogue forum. This event brings together influential figures from the Asia-Pacific business community, serving as a hub for innovative ideas and a crucial platform connecting businesses across the region.

2. Over the past few days, I've felt a renewed sense of optimism for our future, fueled by our meaningful exchanges and discussions. The positive signals from the global economy underscore the resilience and robust recovery potential within our member economies, gradually easing concerns and reducing uncertainties. Aware of the risks and challenges that lie ahead, we stand equipped with the foundations, tools, and determination to tackle these obstacles, driving our economies toward sustained growth. Embracing a spirit of optimism, coupled with boldness in thinking and action, and the agility to seize opportunities even amidst adversity, are key to our success in this ever-evolving and uncertain world.

Ladies and gentlemen,

Requirements for Shaping the New International Economic Order

3. The world is undergoing profound, transformative changes that shape the international political and economic landscape, impacting every nation and business alike. As a region composed of the world's leading economies, the Asia-Pacific finds itself at the cutting edge of this technological revolution, balancing between tradition and innovation amidst diverse and adverse effects. In this context, APEC provides an essential platform for reflection, dialogue, and the creation of an economic governance system that underpins the growth of our member economies.

To fulfil our shared objectives, we must focus on four key priorities:

Firstly, we must ensure a peaceful and stable international environment that nurtures global trade and investment, alongside economic integration and connectivity. World economic lessons for the past hundreds of years remind us that development and prosperity stem from invigorated trade and the fostering of connections among and people and benefit the people. In contrast, isolationism, protectionist policies, and trade wars lead only to economic recession, conflict, and poverty. Now, more than ever, it's critical to transcend the "zero-sum game" mindset and guard against nationalism skewing policy decisions. In our interconnected world, where interests are deeply interwoven, every country, regardless of its size, must adhere to international law and act responsibly, acknowledging that each decision carries significant, far-reaching consequences.

Secondly, we must ensure that every nation and individual have equal access to opportunities and can fully benefit the outcomes of cooperation and development. While globalization has delivered remarkable successes, it has also brought forth challenges such as rising social inequality and an expanding wealth gap. To restore and reinforce trust in free trade and economic integration, we must implement policies that support workers—through vocational training, job creation, and social welfare. International trade and investment must adhere to the regulations established by the World Trade Organization. This will promote a balanced approach to interests and foster fair competition. Imposing new trade and investment standards without scientific rationale or objective assessment, while overlooking the unique development levels and circumstances of each country, unfairly deprives millions of workers of job opportunities, stifles innovation, and hampers business growth.

Thirdly, we must develop comprehensive solutions for transitioning to clean, green energy to effectively tackle humanity's most pressing challenge: climate change. This intricate process demands a coordinated approach that considers various factors, including capital, technology, infrastructure, human resources, as well as institutional policies, social issues, and economic efficiency. Our foremost priority must be to address the bottlenecks in resources and technology, empowering developing nations to expand their energy systems to meet growing demand for socio-economic development while reducing carbon emissions, towards a complete transition to renewable energy.

- Fourthly, we must ensure that disruptive technologies, particularly artificial intelligence, are developed and applied responsibly and inclusively, becoming essential drivers of economic growth and social progress. The global digital transformation may either narrow or widen the wealth gap between nations and within individual countries, largely depending on how we manage and utilize artificial intelligence. Therefore, the global governance system for this critical field must be established on a fundamental principle that balances the encouragement of development with the assurance of security, safety, national sovereignty, and the ethical values of humanity; bridges the interests of the community with those of businesses; and creates opportunities for all countries to contribute to and benefit from the technological revolution.

The role and contributions of the business community

Ladies and gentlemen,

4. The business community plays a crucial role in the remarkable successes of the Asia-Pacific region and in fostering APEC cooperation. You are the primary creators of economic wealth and the catalysts who transform bold ideas into reality. While the transformative changes happening globally present new opportunities, they also bring significant challenges. I have full confidence that the business sector will work hand-in-hand with governments to convert these challenges into opportunities and opportunities into reality. Your contributions are greatly valued, and your voices will always be heard.

I want to emphasize several key areas where the business community can make impactful contributions:

First, lead the way in innovating business models and production processes toward green, circular and digital economic practices; become a driving force in both the green and digital transitions, inspiring and facilitating the growth of critical sectors.

Second, increase your investment in research and development to nurture the growth and application of groundbreaking technologies that tackle pressing global challenges.

Third, actively participate in shaping the regulations and standards for emerging, strategically important sectors of the global economy.

Lastly, serve as a vital bridge to connect economies, enhance people-to-people exchanges, and contribute to building and strengthening cooperative, friendly relations among nations.

The Era of Viet Nam's Advancement and Opportunities for Enterprises

Ladies and gentlemen,

5. After nearly four decades of reform, and extensive international integration, Viet Nam has emerged from the ravages of war to become a symbol of peace, a beacon in the global economy, and a land brimming with opportunities. Today, Viet Nam strides into a new era with a renewed mindset, propelled by a strong aspiration to evolve into a prosperous and contented nation, backed by unwavering confidence in a bright future. Our strong foundations consist of: (i) a rapidly expanding and dynamic economy ranked 25th globally; (ii) a robust and stable political system that places the people at its core; (iii) a patriotic, self-reliant, and resilient population of over 100 million; and (iv) a wide network of international friends and partners across every continent.

We persevere with the principles of independence, self-reliance, resilience, diversification, and multilateralism, with a focus on peace, cooperation, and development. We fully support the multilateral trading system and recognize the pivotal role of the World Trade Organization, firmly believing in the values of free trade, connectivity, and international integration. Additionally, we will engage responsibly and contribute positively to global politics, the world economy, and human civilization, positioning Viet Nam as a friend, a reliable partner, and an active, responsible member of the international community.

Ladies and gentlemen,

6. The remarkable achievements of Viet Nam's economy are attributable, in part, to the confidence that international businesses and investors place in our country. I invite you to continue your partnership with Viet Nam as we embark on this exciting journey ahead. Viet Nam's vigorous growth will unlock new opportunities for both domestic and international enterprises across a diverse range of sectors, including commerce, industry, agriculture, tourism, infrastructure, logistics, and high-tech industries. The Vietnamese market has consistently offered exceptional benefits and distinct advantages that few places can match. Allow me to highlight three key points:

First, Viet Nam serves as a strategic gateway connecting the Southeast Asian and Asia-Pacific markets to the rest of the world. Located in the heart of Southeast Asia, Viet Nam boasts a highly open economy and a robust network of 17 free trade agreements. We are emerging as a vital bridge that enhances trade and strengthens regional and global connectivity. Our participation in significant FTAs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Regional Comprehensive Economic Partnership (RCEP), and the EU-Viet Nam Free Trade Agreement (EVFTA), along with initiatives like the Belt and Road Initiative and the Indo-Pacific Economic Framework, positions Viet Nam as a critical link in global value and supply chains.

Second, Viet Nam is a large, potential market and an attractive destination for supply chain shifts in the region. With the 15th largest population in the world, 60% of which is of working age, and over 79% having internet access and engaging in e-commerce, alongside a rapidly growing middle class, our integrated infrastructure and business-friendly environment rank among the best in Asia. Viet Nam is recognized for its medium- to long-term growth potential, making it a leading destination for international investors. The Vietnamese government remains committed to support the business community, both domestic and foreign, by continually enhancing the investment landscape, addressing bottlenecks, and implementing flexible, competitive policies.

Third, Viet Nam is establishing a new economy, making a transformative shift from brown to green, and from a traditional to a digital economy, supporting startup and innovation. To support this transition, we are implementing four sets of solutions. First, we are restructuring the economy with an innovative growth model that prioritizes the green and circular economy, emphasizing cutting-edge industries such as chip manufacturing, semiconductors, automation, and artificial intelligence. Second, we are reviewing and refining our institutions and laws to facilitate businesses and investors, encouraging innovation. Third, we are committed to developing high-quality human resources. Fourth, we are focusing on enhancing strategic infrastructure, particularly in transportation, energy, and digital sectors.

Currently, Viet Nam's infrastructure investment amounts to 5.7% of GDP, the highest in Southeast Asia and the second highest in Asia overall. A series of major infrastructure projects are either underway or set to be implemented, including Long Thanh International Airport, the North-South Expressway, the 500kw power transmission line, and the North-South High-Speed Rail. Investment in startups has surged in recent years and is expected to reach $5 billion from 2023 to 2025. Viet Nam ranks as one of the leading economies in the region for digital transformation, with projections indicating that the added value of the digital economy will reach $52 billion by 2024. In addition to supporting the APEC Internet and Digital Economy Roadmap, Viet Nam stands ready to actively participate in negotiations for the WTO's Information Technology Agreement (ITA2) Expansion, aiming to create further opportunities for this potential sector.

Ladies and gentlemen,

7. APEC was established in the aftermath of over four decades fraught with war, division, and crisis. Driven by a collective desire for peace and development, APEC holds the potential to usher in a new chapter in the history of the Asia-Pacific region by fostering and strengthening partnerships among economies. Today, as we navigate significant global upheaval and confront risks of protectionism, fragmentation, and decoupling, APEC must once again embrace its vital role as a bridge that connects and promotes cooperation among its members. Together, we must endeavour to build a transparent and equitable international economic governance system that ensures balanced benefits for all parties involved. I encourage you to reflect on this vision and propose innovative ideas for APEC to realize this goal.

I am confident that this conference will inspire us with fresh perspectives and renewed vitality, enabling us to embark on a new era filled with opportunities and success, an era defined by a dynamic, creative, peaceful, and prosperous Asia-Pacific!

Once again, I would like to express my heartfelt appreciation for the beautiful and welcoming country of Peru, as well as for your meticulous and professional preparations for the APEC 2024 Leaders' Week.

Wishing you all health and happiness

May the Forum be a great success!

Thank you./.