APEC - Big Playground Full of Opportunities

 

At the workshop “Vietnam-APEC: 10 Years of Cooperation for the Development of Asia-Pacific Region” that has been co-organised by the National Committee of International Cooperation, Ministry of Foreign Affairs, Ministry of Industry and Trade, and Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi, Deputy Prime Minister cum Foreign Minister Pham Gia Khiem affirmed that participating in APEC, Vietnam got more chances to access the big and potential market of Asia-Pacific, a dynamic region and a world centre.  In the process of 10-year APEC membership, the most special landmark is Vietnam's successful hosting and organising APEC 2006 with hundreds of conferences from official, ministerial levels to high-rank level, which provided many practical contents to APEC governments and regional business community.

 

“It is a two-way road when participating in the APEC over the past ten years. In addition to gaining benefits, Vietnam also actively bears the responsibility of a member, contributing to overcoming challenges set for the APEC via initiatives of narrowing development gaps; reinforcing the system of the bilateral trade; fighting against risks of terrorism, natural disasters, epidemics to guarantee safety for a favourable business and investment environment; reform APEC effectively and dynamically to suit developments in the global and regional economies”, emphasised Deputy Prime Minister.

 

According to statistics, in the first 11 months of 2008, the value of FDI flows to Vietnam has reached US$61 billion, 75 per cent of which comes from APEC members. As for export activity, Asia-Pacific region has been playing an important role in Vietnam's export potential. Vietnam's export turnover gained from this market is about US$33.5 billion, or over half of total export turnover. Besides, 50 per cent of ODA and 79 per cent of Vietnam's import turnover originate from APEC's members.

 

In customs, Vietnam has piloted e-customs procedure, which helps reduce considerable the duration of dealing with documents from 7-8 hours to 10-15 minutes. Vietnam is gradually improving legal documents on e-trade, expanding the application of electronic customs procedure and national single-window mechanism by 2012, contributing to realising the target of e-trade within APEC by 2010, applicable to developing countries.

 

Associate Prof. Dr Pham Tat Thang, Trade Research Institute - Ministry of Industry and Trade, said Vietnam endowed with a geographical situation on the important international sea route, a long coast, many key ports on the cross-Asian route had many advantages to implement the commercial and economic cooperation programmes, contributing to trade development based on WTO rules in the Asia-Pacific region.

 

Mr Thang added Vietnam was gifted with rare biological diversity that helps to produce valuable agricultural products. “With these products, Vietnam can help satisfy the various food and foodstuff demands in the Asia-Pacific region. However, the matter is how to make Vietnam's goods meet strict requirements of such a big market as the APEC, and Vietnam is able to take part in the added value chain and the distribution system of APEC members”, said Mr Thang.

 

Vietnam's economy stays at the low level, so it should make use of consensus within APEC to bring about efficient solutions in attracting investments and advanced technologies from developed countries like the United States, Japan, Korea, Taiwan, Singapore, or Canada, and push up investment cooperation with countries of the same level or less developed than Vietnam.

 

“In the trade-economic relation, Vietnam has signed many bilateral agreements and participated in free trade areas as an ASEAN member”, said Mr Thang.

 

Therefore, Vietnam should make all efforts to search consensus and support from other APEC members in implementing regional economic and trade development cooperation programmes. The multilateral relation and rule of consensus will positively assist bilateral relation, creating good conditions to get closer to bilateral commitments between Vietnam and each country, each group of countries in the region, and neighbouring countries.

 

Vietnam must develop to match its key position in the ASEAN and establish economic relationship with each member and the whole APEC bloc via the strength of the ASEAN community.