The Vietnam Business Summit will kick off in the central city of Da Nang on November 7 within the framework of the APEC Economic Leaders’ Week, heard a press conference in Hanoi on October 9. 

Scene at the press conference

The conference, held by the Vietnam Chamber of Commerce and Industry (VCCI) and relevant parties, updated outcomes of the third meeting of the APEC Business Advisory Council (ABAC 3) in Toronto, Canada, on July 24-28,  as well as recommendations of APEC business leaders to be submitted to APEC ministers during the week. 

Hoang Van Dung, ABAC Chair, said that at the meeting, the council highly valued positive impacts of the global trade system which is developing on the basis of law and open market, helping improve living standards of people in the APEC member economies. 

ABAC3 held that APEC not only gears towards a more open and integrated region but also aims to bring about sustainable, inclusive growth to the community, he said. 

The meeting heard that trade liberalisation has generated great social benefits, helping millions of people escape from poverty, Dung said, adding that trade liberalisation has been reflected through the formation and implementation of promising trade agreements like the Trans-Pacific Partnership (TPP) agreement, the Regional Comprehensive Economic Partnership (RCEP) agreement and the Pacific Alliance.

Such deals have contributed to creating new jobs and ensuring food security in the region, while promoting trade in the future and laying a foundation for the formation of a Free Trade Area of the Asia-Pacific (FTAAP), he noted. 

The council, therefore, underlined the need for APEC to take concrete steps to realise the target of the FTAAP. 

Dung said business leaders expressed their support for multilateral trade while agreeing to continue the FTAAP, pursue the new agenda on services, remove non-tariff barriers, facilitate trade and investment, and put forth a post-2020 Vision for APEC. 

They also backed the APEC connectivity programme and suggested intensifying digital and internet connectivity, facilitating the movement of skilled workers, developing a contingent of quality labourers and enhancing the participation of micro, small and medium-sized enterprises in the global market via digital economy and e-commerce. 

Vu Tien Loc, VCCI Chairman, such issues as innovative business model, the facilitation of small enterprises’ access to finance and women’s participation in economic activities, along with economic, financial and social inclusion, food security and energy, and green growth also won approval of businesses.

VNA