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APEC summit: Recognition of Vietnam's economic achievements and rising international role
APEC summit: Recognition of Vietnam's economic achievements and rising international role
9/11/17
All eyes are on the APEC Summit on Nov 11-12 in Vietnam --
one of the fastest growing economies – amid the global economic slowdown.
Vietnam as the host country, has attempted to harmonise interests, seek common
ground to bridge differences, and promote co-operation among APEC
members.
Areas like inclusive economic growth, finance and society,
human resource development in the digital era, and development of small- and
medium-sized enterprises have laid the foundation for discussion by ministers
and leaders of APEC economies in the upcoming APEC Economic Leaders’
Week.
Vietnam has made great strides in integrating with the
global economy and accomplished a great deal as its rapid economic growth in
the past 30 years testifies. It is committed to opening up its finance sector,
an important pillar in the economic integration process, and enhancing
international co-operation.But the country’s financial integration is
relatively low, though increasing, especially when compared with its high
degree of trade integration.
It has been a decade since Vietnam became the 150th member
of the World Trade Organisation (WTO). It now has trade relations with around
200 countries and territories and investment relations with 114.
The country has signed or wrapped up negotiations for 12
bilateral and multilateral free trade agreements (FTAs), including
new-generation FTAs with large scope and high-level commitments such as the
Trans-Pacific Partnership (TPP). It is also engaged in talks for four other
FTAs: the Regional Comprehensive Economic Partnership (RCEP), the Asean-Hong
Kong (China) FTA, and separate FTAs with the European Free Trade Association
and Israel. Deepening global economic ties will also lead to deeper financial
ties. Vietnam’s tariff liberalisation through its FTAs has been vigorous, and
the country is set to open up its financial services to implement its
commitments as well as enable a comprehensive economic structure reform.
Today Vietnam is being counted as an economy of the future
courtesy reforms undertaken by its ruling Communist Party over the past few
decades. Starting from a small, and backward economy heavily devastated after
more than 30 years of war, lagging far behind the region and the world and with
extremely difficult living conditions, rapid development to improve people's
lives, and strengthen the country was an urgent requirement for Vietnam. At the
same time, sustainable development today is a challenge for mankind. The
Communist Party of Vietnam, therefore, has chosen a strategy for rapid and
sustainable national development.
Rapid and sustainable development has been a consistent view
point of the Congresses of the Communist Party of Vietnam. The sixth Congress
in 1986, which initiated the renewal process in Vietnam, put forward the view:
"Stability and development are linked together in the process of moving
forward; stability is for development and only through development can
stability be achieved."
The seventh Congress in 1991 adopted the Strategy for Socio-Economic
Stabilization and Development until 2000, pointing to "rapid economic
growth, high efficiency and sustainability"; "Economic growth must be
linked to social progress and equity, cultural development and environmental
protection."
The eighth Congress in 1996, the ninth Congress in 2001, the 10th Congress in
2006 continued to affirm the viewpoint of "rapid, effective and
sustainable development, economic growth coupled with social progress and
equity and environmental protection."
The 11th Party Congress in 2011 stated that rapid
development associated with sustainable development and sustainable development
are a cross-cutting demand of the Strategy for Socio-Economic Development until
2020. The 12th Party Congress in 2016 continued to affirm: "Ensure rapid
and sustainable development on the basis of macroeconomic stability and
continuously improvement of productivity, quality, efficiency and
competitiveness. Harmoniously develop in both scope and scale, attach
importance to deepening development; develop knowledge economy, and green
economy. Economic development must be closely linked to cultural and social
development, environmental protection, and proactive response to climate
change. Ensure national defense and security and maintain peace and stability
for national construction".
The concept of rapid and sustainable development of the Communist Party of
Vietnam have been inspired by global experience of rapid and sustainable
development. Rapid and sustainable development is a process of high and stable
economic growth over a long period of time. The Communist Party of Vietnam
identifies people-centric, rapid, sustainable development, human factor,
science and technology as the driving force for development.
The concept of rapid and sustainable development has been
integrated in amendment, supplement and promulgation of the 2013 Constitution
-- closely linking economic development with social progress, equity and
environmental protection. Between 2001-2010, Vietnam has been able to maintain
a rapid growth rate, over 7% per year. Between 2006-2016, the economic growth
rate decreased but still reached an average of 6.12% per year, which was quite
high amid difficult domestic and international situation. Both GDP and GDP per
capita went up. By 2015, Vietnam's GDP bagged almost US$200 billion, 3.95 times
higher than 2006 (at current prices); GDP per capita reached $2,109 per year,
three times higher than 2006.
Vietnam became a middle-income developing country. Progress
has been achieved in industrialisation and modernisation, the proportion of industry
and services in GDP has increased, and agriculture in GDP structure has
dropped. The economic growth model has initially shifted from broad-based
development to deepening development. Vietnam's national competitiveness has
been improved. According to the World Economic Forum's (WEF) ranking on
aggregate competitiveness index, Vietnam's position rose in recent years, in
2016 it was 60 over 138 economies.
Vietnam has achieved several Millennium Development Goals
ahead of schedule. The rate of poor households has fallen by an average of 2%
per year, from 15.5% in 2006 to 4.5% in 2015. The unemployment rate for among
working age population in 2015 was 2.3%. Vietnam completed universalization of
junior secondary education, and vocational training has been
strengthened. The trained workforce in 2015 reached 27.88 million people,
almost double 2006’s number of 14.36 million, accounting for 51.64% of the
labour force. Social housing has been given attention and investment. Per
capita housing area went up from 17.5m2 in 2010 to 22m2 by 2015. The system of
medical facilities, medical services have reached out to all communes and
villages throughout the country.
However, Vietnam’s economy faces certain challenges.
Economic growth rate is unstable and tends to slow down (it was over 7% in
2001-2005, 6.32% in 2006-2010, and 5.91% in 2011-2015). Vietnam's GDP and GDP
per capita are low compared to many developing countries. Economic growth
is still broad-based, and capital contributed 66.73% to GDP growth in the
2011-2015 period; macroeconomics is not stable with potential risks of bad
debts, public debts, unbalanced state budget revenues and expenditures; risks
due to exchange rate fluctuations; threats to water security, and climate
change.
Vietnam has drawn some lessons to improve its leadership in
rapid and sustainable development in the coming years. The country has affirmed
that rapid and sustainable development is the correct strategy that needs to be
resolutely and persistently carried out. In face of rapid changes it is
necessary to step up theoretical study, attach importance to review practices,
especially new models and good experiences; regularly grasp and predict
new developments; harmonize relationship between rapid and sustainable
development, between immediate and long-term interests, between economic and
social development; link economic growth with the realisation of social
progress and equity, environment protection, consolidation of national defense
and security.
Main items of imports from Vietnam are mobile phones &
accessories, computers and electronics hardware, machinery and equipments,
chemicals, rubber, ordinary metals, wood and wooden products, fibres of all
kinds, pepper, means of transport, products of steels, coffee, footwear,
products of chemicals and polymers and resins./.
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All comments [ 11 ]
With its preparations throughout this year and the upcoming APEC Economic Leader; Meeting, Vietnam wants to show the world that it is up to the challenges.
Vietnam's economic growth rate is expected to reach 6.7% in 2017, while inflation has been curbed and foreign currency reserves hit US$44 billion, and export value reached US$154 billion, up 19%.
Hosting the Asia-Pacific Economic Cooperation (APEC) Forum for a second time shows that Vietnam is an active and responsible member of the group, making effective contributions to APEC’s development after 19 years of membership.
The country selected “Creating New Dynamism, Fostering a Shared Future” as the theme of APEC 2017 to promote growth via extensive and intensive economic cooperation and integration in Asian-Pacific.
Over the past 19 years, with the motto of cooperating to jointly build a peaceful, stable, developing and prosperous Asia-Pacific community, Vietnam has proved an active member via promoting economic connectivity and reinforcing the regional multilateral trade system.
Vietnam proposed four main priorities, including promoting sustainable, innovative and inclusive growth; deepening regional economic integration; strengthening competitiveness and innovation for micro-, small-and medium-sized enterprises in the digital age; and enhancing food security and sustainable agriculture in response to climate change.
By hosting the forum, Vietnam hopes it can make practical contributions to APEC’s development and increase the efficiency of APEC cooperation, while boosting the country’s partnership with other member economies.
This will promote the image of Vietnamese peace-loving and friendship where local businesses and people could contribute to APEC cooperation for practical benefits.
The United Nations Resident Representative to Vietnam, Kamal Malhotra highly regarded the Vietnamese initiative, highlighting that inclusive growth is a key element in the United Nations’ 2030 Agenda for Sustainable Development.
Vietnam’s efforts to propose the suitable APEC theme, priorities and
cooperative initiatives have met the concerns and interests of other APEC member economies, businesses and people, being consistent with the general trend in international cooperation and contributing to the regional socio-economic development strategies, including sustainable development and human-centered development.
By hosting the 2017 APEC, Vietnam has not only reaffirmed its policy of
deepening international integration and attaching great importance to Asia-Pacific, including regional cooperation mechanisms like the APEC Forum. It has also highlighted its strategic visions towards a peaceful, stable and dynamic Asia-Pacific region, which continues to be the driver of regional as well as global economic growth and linkages.
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