President Luong Cuong speaks at the APEC CEO Summit. Photo: Lam Khanh/VNA

President Luong Cuong shared his assessment that as the world and Asia-Pacific are undergoing great transformations, APEC needs to build an international economic governance system favorable for development.

He highlighted the role of the business community, suggesting the need to further the role and contribution of the business community, especially in green transformation, digital transformation, technology development, and shaping world economic rules and regulations, strengthening people-to-people exchanges, cooperation and friendship between countries.

The President emphasized that Vietnam is entering a new era with a new mindset, with a strong desire to develop a prosperous and happy country and with a firm belief in a bright future. Vietnam persists in principles and viewpoints on independence, self-reliance, multilateralization, diversification, for peace, cooperation and development.

Vietnam supports the multilateral trading system and the central role of the World Trade Organization, he said, adding that the country will participate in responsibly and contribute actively to world politics, the global economy and human civilization in the spirit of being a friend, a reliable partner and an active, responsible member of the international community.

The President also highlighted the major advantages of Vietnam's economy, which is its favorable geographical location in Southeast Asia, with a dynamic, highly open economy and a network of 17 free trade agreements. Vietnam has a large, potential market, is a favorable destination for the process of shifting supply chains in the region. Vietnam is working on a new economy, transitioning from brown to green, from the traditional economy to the digital economy, entrepreneurship and innovation, and strategic infrastructure development.

 “The great successes that Vietnam's economy has achieved are due in part to the trust that international businesses and investors place in our country. I hope that you will continue to work with Vietnam on the upcoming journey. I also affirm that Vietnam's strong development will open up many new opportunities for domestic and international businesses in fields from trade, industry, agriculture, and tourism to infrastructure, logistics and high-tech. The Vietnamese market has, is and will bring many benefits and advantages that not many places have for international businesses and investors," President Cuong emphasized.

The President concluded that in the face of great changes in the world and the risks of protectionism, fragmentation, and decoupling, APEC needs to shoulder the responsibility of bridging, connecting, and boosting cooperation among members to jointly build an international economic governance which is transparent and equitable, ensuring balanced benefits for all parties.