APEC – Window for Vietnam to reach the world

Following its entry into the Asia Pacific Economic Cooperation (APEC), Vietnam’s role has been constantly strengthened and uplifted. The country has made significant contributions to the prosperity of the region.

Vietnam was officially admitted to APEC in 1998. Over the past 12 years, APEC and Vietnam have made impressive progress in investment, trade and tourism ties. Not only actively participating in cooperative programmes for trade and investment liberalisation and facilitation, and technical economic cooperation in APEC, Vietnam has also confirmed its role in cooperating with other APEC members through new initiatives based on APEC’s three pillars: trade and investment liberalisation, trade facilitation and technical economic cooperation. Furthermore, Vietnam and APEC have also discussed and cooperated to find optimal solutions to major regional and international economic and political issues, like solutions to the regional financial crisis, response to the escalation of food prices and the battle against terrorism.

12 years after joining APEC, Vietnam has attained significant achievements, accelerated the process of international economic integration and strengthened multifaceted relations with other countries in this dynamic region. From 1998 to September 2006, APEC members invested nearly US$49.4 billion in 6,527 projects in Vietnam, accounting for 83.1 % of total FDI projects and 69.2 % of total FDI capital in the country. Ten out of 14 countries and territories with the largest investment capital in Vietnam were APEC members. These top investors injected US$47.3 billion, or 95.7 % of APEC’s direct investment and 66.2 % of total FDI in Vietnam. APEC is also the biggest provider of ODA capital for Vietnam, with Japan on the top of the list. This source of funds has considerably improved infrastructure and balanced budget spending in Vietnam.

With regard to policymaking, APEC cooperation helps Vietnam to apply good policy practices and governance methods and to implement its doi moi (renovation) effectively. APEC is also an information exchange centre through which Vietnam can access world development trends to orient and adjust its domestic policies, and promote investment and trade with other countries. In addition to accessing good policy practices, APEC also provides regular contact and dialogue mechanisms on policy issues at different levels, from specialist level to ministerial level and economic leaders. This dialogue and contact opens many opportunities to exchange and resolve issues of common concern, to solve trade and investment policy difficulties, and to promote bilateral ties with Vietnam’s important partners. APEC also has a positive impact on trade policies and activities in Vietnam, owing to technical economic cooperation programmes. These programmes cover many areas of cooperation, with over 200 projects deployed each year to develop human resources, provide technical assistance, exchange governance experience, and develop infrastructure and markets. They help Vietnam boost production and business capacity and enhance its economic competitiveness.

Vietnam has many opportunities to cooperate with developed economies to accelerate the process of international economic integration and proactively participate in solving regional and international issues. APEC gathers most key trade partners of Vietnam – APEC members account for 80 % of Vietnam’s export earnings and 75 % of FDI capital. In addition, APEC is a forum for Vietnam to diversify its external relations. APEC serves as a dialogue forum to exchange and cooperate on a voluntary basis. APEC forums are an opportunity for Vietnam to call for assistance and promote international investment cooperation.

APEC is an important forum for Vietnam to raise its position on the international arena and the successful hosting of APEC 2006 is a high point.

At present, Vietnam takes part in about 70 multilateral institutions at different levels, from global and inter-regional to regional and sub-regional. Among the multilateral inter-regional institutions, APEC is identified as an important forum for Vietnam to uphold its role, position and prestige, as well as promote bilateral relations with major partners around the globe.

Japan will chair the APEC Economic Leaders’ Meeting, which is to be held in Yokohama on November 13 and 14. In the framework of APEC 2010, Vietnamese enterprises will have the opportunity for direct contact with companies from other member economies. As the Chair of APEC 2010, Japan put forth the draft outline on growth strategy. The draft consists of four main contents: inclusive, sustainable, balanced and knowledge-based growth. Vietnamese Deputy Minister of Industry and Trade, Nguyen Cam Tu, said the new APEC Growth Strategy is a specific step toward the vision to build a prosperous, peaceful and stable APEC community. Vietnam fully supports trade and investment promotion activities in APEC. – VCCI

Tags: APEC

Posted by VBN on Nov 15 2010. Filed under Int'l Cooperation. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry