Vietnamese Prime Minister calls to strengthen APEC co-operation

The APEC Finance Ministers' Meeting was held in Hoi An on October 19-21

This was part of Prime Minister Nguyen Xuan Phuc’s remarks at the 24^th APEC Finance Ministers’ Meeting held in Hoi An city of Quang Nam province on October 21.

According to the PM, despite having the world's most dynamic economies, the APEC region faces numerous challenges in its growth, while growth in some APEC member economies is still slow.

Besides, the Asia Development Bank (ADB) reported that the speed of growth in trading in the APEC region has been showing signs of a slowdown. Furthermore, the 4.0 industrial revolution is considered to bring both opportunities and challenges for the world in general and the APEC region in particular. Thus, strengthening co-operation is a pressing need.

The PM emphasised that after 30 years of doi moi, Vietnam has turned itself from one of the least developed countries into a middle-income country in 2010.

Prime Minister Nguyen Xuan Phuc was talking about the importance of closer co-operation

In 2016, Vietnam’s gross domestic product (GDP) increased by 6.21 per cent and the figure is expected to reach 6.7 per cent this year.

Despite having positive GDP growth, the government will continue restructuring the economy, especially the financial sector towards increasing the sector’s effectiveness and quality for sustainable and inclusive growth.

In his remarks, the PM highly appreciated the co-operation of APEC finance ministers in discussing four priority topics, namely base erosion and profit shifting, long-term investment in infrastructure, disaster risk financing and insurance, and financial inclusion at the APEC Finance and Central Bank Deputies' Meeting organised on October 20.

Fruitful discussions on the side-lines of the event

The 24^th APEC Finance Ministers’ Meeting and related meetings took place in Hoi An during October 19-21 with the participation of 300 delegates from 21 APEC economies as well as leaders of international institutions, including the World Bank and the Organisation for Economic Co-operation and Development (OECD).

Participants at the APEC Finance Ministers’ Meeting discussed and issued a joint statement on base erosion and profit shifting.

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