Vietnam attends 35th APEC Ministerial Meeting in Peru

The meeting gathered foreign and economic ministers from APEC’s 21 member economies, including Vietnamese Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son.

Discussions centered on APEC’s progress in 2024, specifically regarding actions aligned with the APEC Vision 2040, as well as initiatives to promote clean hydrogen energy development and food loss prevention.

Vietnam attends 35th APEC Ministerial Meeting in Peru (Photo: APEC)

A key focus was bolstering cooperation on trade, investment, innovation, and digitalisation to support sustainable, inclusive, and resilient growth.

Participants underscored the importance of a fair, transparent, and inclusive trade environment and reaffirmed their commitment to a rule-based multilateral trade system, including WTO reform.

They also supported efforts toward regional economic integration, aiming for a future Free Trade Area of the Asia-Pacific (FTAAP).

Additional discussions focused on enhancing support for micro, small, and medium enterprises (MSMEs) to improve their capacity and access to global markets.

Participants agreed to prioritise APEC cooperation on green transitions, affordable and equitable clean energy shifts, and the implementation of the Food Security Roadmap towards 2030.

Attention was also directed to combating illegal, unreported, and unregulated (IUU) fishing, with an emphasis on fostering a sustainable economic transition for vulnerable populations from the informal to the formal economy.

Son lauded APEC’s 2024 achievements, emphasising Peru’s active contributions as the host.

During the session on "Innovation and Digitalization to Foster a Shift to a Formal and Global Economy", he highlighted Vietnam’s digital transition efforts, aimed at creating job opportunities and economic inclusion, especially within the informal sector.

From Vietnam’s experience, he offered several recommendations for APEC cooperation, including strengthening digital governance by sharing best practices for integrating digital technology into business registration, tax compliance, and labour regulations; supporting MSMEs by enhancing the access to capital and markets through digital platforms and online banking, streamlining administrative processes, and fostering business connectivity; and expanding vocational training and digital skills programmes for workers, particularly in the informal sector, to facilitate a fair transition to the formal economy.

Vietnam’s recommendations were well-received by APEC members and included in the meeting’s formal documents.

The 35th APEC Ministerial Meeting marks a significant event within the 2024 APEC Leaders’ Week, laying groundwork for the 31st APEC Economic Leaders’ Meeting on November 15-16, 2024.