Caring for and accompanying the business community, respecting and protecting the legitimate rights and interests of investors

President Vo Van Thuong speaks at the APEC CEO Summit. (Photo: Thong Nhat/VNA)

The President stressed that, more than ever, APEC needs to reaffirm its commitment to maintaining open markets, promoting international economic integration, and supporting an open, inclusive and sustainable world economy. Ensuring that the benefits of trade are widely and equally distributed in society. Free trade and investment will help Asia- Pacific economies improve their competitiveness and continue to be the top choice of investors.

The APEC Business Summit 2023 is an opportunity for dynamic, enthusiastic and innovative businesses in the Asia-Pacific region to meet. This is an important occasion to share visions and seek effective solutions to major, urgent and strategic issues for the future of the region and the world.

Speaking here, President Vo Van Thuong said that the world economy is currently facing major contradictions, namely: economic growth, increasing wealth, but the gap between rich and poor is widening and environmental destruction is becoming more and more serious; after more than three decades of the world benefiting from globalization and forming a network of international economic relations with intertwined interests and interdependence, the trend of protectionism and separation is increasing strongly; science and technology are developing rapidly, with global influence, but the institutional framework is still basically limited to the national level; science and technology bring great development opportunities but also contain unpredictable dangers; we pursue a growth model that encourages consumption, even over-consumption, but cannot mobilize enough resources for the Sustainable Development Goals.

A new, inclusive, harmonious and humane way of thinking is needed. In particular, it is necessary to ensure the mutual relationship between economic growth, social equity and environmental protection. The measure of an economy's success is not only the scale and growth rate of GDP but also the welfare of its people and the impact on the environment in both the short and long term. Economic growth based on consumption and resource exploitation needs to be replaced by a more sustainable, circular economic model. President Vo Van Thuong

To fundamentally resolve the above-mentioned contradictions and continue to pursue the noble goals set out, the President believes that a new, inclusive, harmonious and humane way of thinking is needed. In particular, it is necessary to ensure the mutual relationship between economic growth, social equity and environmental protection. The measure of an economy's success is not only the scale and growth rate of GDP, but also the welfare of its people and the impact on the environment in both the short and long term. Economic growth based on consumption and resource exploitation needs to be replaced by a more sustainable, circular economic model. At the national level, economic development policies are not only aimed at facilitating business investment, but also at improving the quality of employment, increasing income for workers, and contributing to preserving the ecological environment. At the regional and global levels, cooperation between countries is not only aimed at reducing emissions and converting to clean energy, but also needs to create conditions for developing countries to expand their economies and narrow the development gap. And finally, at each enterprise, the new business philosophy is to link corporate profits with the common interests of society.

President Vo Van Thuong speaks at the APEC CEO Summit. (Photo: Thong Nhat/VNA)

The President stated that maintaining an open and connected world economy goes hand in hand with ensuring economic security for countries. The Covid-19 pandemic and recent instability have highlighted the fragility of the economy and supply chains in the face of shocks. Ensuring economic stability and security is a legitimate need of every country. However, increasing protectionism and market separation will weaken the global economy and reverse the achievements of international economic integration. There needs to be close coordination between countries to enhance the ability to respond to crises, build a transparent and equitable global economic governance system, and ensure the balance of interests of all countries, large or small.

Stating that global governance of technology (especially artificial intelligence and biotechnology) is not only aimed at managing the development of technologies, but also addressing the socio-economic, cultural and political consequences of this process, President Vo Van Thuong emphasized that the formulation of common laws, regulations and standards must take into account the development level of each country, ensuring that all countries, large or small, and all people benefit from scientific and technological advances. At the same time, it is necessary to ensure a balance between creating a favorable environment for scientific and technological development and ensuring national safety, security and sovereignty.

According to the President, it is necessary to prioritize resources for sustainable and inclusive development goals. The world has passed more than half of the 2030 Sustainable Development Goals, but the gap between commitment and implementation is still too large. With the current approach, the Asia-Pacific region can only complete these goals by 2065, which is 35 years later than the original plan. Therefore, it is urgent to mobilize and effectively use public, private, domestic and international financial resources as well as contributions from organizations and people. Developing countries expand the scale of the economy and narrow the development gap. And finally, in each enterprise, the new business philosophy is to link business profits with the common interests of society.

President Vo Van Thuong suggested that it is necessary to promote international cooperation on economic security, especially to enhance the resilience of member economies and businesses in the region against future crises. APEC is a forum for economies to enhance information sharing, coordinate policies, promptly remove difficulties and ensure the smooth operation of regional supply chains. In addition, cooperation on food security, energy security and trade connectivity to diversify supply sources will also contribute to strengthening the economic security of members.

The formulation of common laws, regulations and standards must take into account the development level of each country, ensuring that all countries, large or small, and all people benefit from scientific and technological progress. At the same time, it is necessary to ensure a balance between creating a favorable environment for scientific and technological development and ensuring national safety, security and sovereignty. President Vo Van Thuong

Faced with the enormous challenges we are facing, the President called on the business community to join the State in fulfilling its commitment to sustainable development, pursuing long-term economic, environmental and social goals; increasing investment in science and technology, investing in people, investing in building inclusive and resilient communities. This is an opportunity for businesses to make their mark in society, building trust and brand value.

At the Business Summit, President Vo Van Thuong highlighted Vietnam's development viewpoints and policies, emphasizing that Vietnam maintains sustainable economic growth along with progress, social justice and ecological environment protection, ensuring that all people can develop their potential, participate and equally enjoy the fruits of development, which is a consistent requirement throughout Vietnam's development process. Economic growth coupled with progress and social justice must be carried out in every step, every policy and throughout the development process; not "sacrificing" progress and social justice and the environment to pursue pure economic growth.

President Vo Van Thuong stated that Vietnam is synchronously implementing three main groups of solutions as follows.

Firstly, building an independent and self-reliant economy associated with active and proactive international integration; taking internal strength as the fundamental, strategic and decisive factor, external strength as the important and breakthrough factor. Accordingly, the focus is on promoting economic restructuring associated with innovation of the growth model towards green and clean, towards realizing the goal of carbon neutrality by 2050. At the same time, promoting the implementation of 3 strategic breakthroughs in institutions, infrastructure and human resources; promoting development based on science and technology, innovation and culture, and Vietnamese people. With these efforts, Vietnam is considered one of 7 middle-income countries that have made much progress in innovation in the past decade; one of 3 countries with outstanding achievements compared to the level of development for 13 consecutive years.

Second, strengthen the management and efficient use of resources; protect the environment and respond to climate change; promote green transformation towards global goals and commitments on climate. In parallel with perfecting mechanisms, policies and laws to promote the development of green economy, low-carbon economy and circular economy, the State also studies to supplement many tools to support businesses in digital transformation, green transformation, especially the application of new technologies, access to green financial resources and human resource training.

Vietnam maintains sustainable economic growth along with progress, social justice and ecological environment protection, ensuring that all people can develop their potential, participate and equally enjoy the fruits of development, which is a requirement throughout Vietnam's development process. Economic growth coupled with progress and social justice must be carried out immediately in every step, every policy and throughout the development process; not "sacrificing" progress and social justice and the environment to pursue pure economic growth. President Vo Van Thuong

Third, create an environment that encourages the poor and disadvantaged to strive, rise up by their own strength, integrate into the community, and eliminate discrimination in society. People are the target and subject of development, all future policies and activities must aim at the happiness of the people. Vietnam is implementing three national target programs on sustainable poverty reduction; building new rural areas and socio-economic development in ethnic minority areas; focusing on improving the quality of human resources through developing an equal, inclusive, and comprehensive education-training and vocational education system; at the same time, creating conditions for the young workforce to access science and technology.

The President hopes that you will continue to accompany Vietnam in consulting, proposing new investment policies and ideas; transferring modern solutions, technologies, new economic models; and attracting investment capital and supporting development. With the policy of taking quality, efficiency, high technology and environmental protection as the top criteria, Vietnam prioritizes attracting investment projects in industries and fields such as: science-technology, innovation; green economy, digital economy, circular economy, knowledge economy; electronic components, electric cars...; semiconductor production, new energy (such as hydrogen), renewable energy; developing financial centers, green finance; and biotechnology, healthcare...

President Vo Van Thuong affirmed that Vietnam always cares about and accompanies the business community both domestically and internationally; respects and protects the legitimate and legal rights and interests of investors; as well as ensures the harmony of interests between the state, investors and workers. Vietnam considers the success of enterprises as its own success, and the failure of enterprises as the failure of the state in policy management...

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