APEC Peru 2024 venue. — Photo from the organiser

HÀ NỘI — State President Lương Cường is set to make an official visit to Peru and participate in the 2024 Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Week in the capital of Lima until November 16, marking his first official trip to the Latin American country and attendance at a multilateral forum in his capacity as the State leader of Việt Nam.

Made at the invitation of Peruvian President Dina Ercilia Boluarte Zegarra, the President's upcoming attendance at the 2024 APEC Economic Leaders' Week underscores Việt Nam's strong commitment to multilateralism and active engagement in the forum's collaboration process.

Việt Nam's active and responsible contributions to APEC

Việt Nam officially became a member of the regional economic forum at the 10th APEC Ministerial Meeting in Kuala Lumpur, Malaysia on November 15, 1998. This milestone was a significant step in Việt Nam’s foreign policy of openness, diversification and multilateralisation and international economic integration.

According to Deputy Minister of Foreign Affairs Nguyễn Minh Hằng, over the past 26 years as an APEC member, the Southeast Asian nation has left its imprints on regional cooperation, consistently being recognised for its active, responsible and effective contributions to realising the forum’s goals and visions and advancing its influence.

First, Việt Nam has twice successfully undertaken the APEC chairmanship in 2006 and 2017, showcasing its capacity to lead and facilitate cooperation among members, successfully contribute to conferences and bolster economic collaboration and connectivity within APEC and Asia-Pacific. The country has also taken on prominent roles in various structures of the organisation, including its Secretariat, ASEAN group and numerous committees and working groups. Recently, member economies endorsed Việt Nam's bid to host APEC once again in 2027.

Second, Việt Nam has made practical contributions to sustaining APEC’s collaborative momentum amid global economic challenges. By proposing and implementing nearly 190 initiatives across critical sectors – which range from structural reform, human resources development, women’s empowerment, rural and urban development, to climate response, food security and e-commerce, Việt Nam has enriched the forum’s related agenda, helping it become more comprehensive, adapt to international change and catch up with new development trends of the era. These efforts have contributed to affirm APEC’s essential role in advancing economic growth and connectivity in Asia-Pacific and the world.

Third, Việt Nam has initiated and shaped APEC’s long-term vision. Notably, it led efforts to draft the report entitled 'People and Prosperity: An APEC Vision to 2040', which laid the ground for regional leaders in adopting a vision for an open, dynamic, resilient and peaceful Asia-Pacific community by the time, toward shared prosperity for all people and future generations.

With the adoption of the vision and its accompanying action plan, the forum has completed an initiative originally proposed by Việt Nam and approved at the 25th APEC Economic Leaders’ Meeting in November 2017 in the central coastal city of Đà Nẵng.

Since early 2024, Việt Nam has actively contributed to the organisation’s collaboration, launching initiatives and projects across key areas like structural reform, finance, science and technology, innovation, human resources development, tourism, agriculture, climate change response and sustainable and inclusive growth.

Currently, Việt Nam chairs the group which is responsible for developing the APEC structural reform agenda for 2026-30 and is leading the drafting of the 2025 APEC Economic Policy Report.

Việt Nam's benefits from APEC membership

According to Vietnamese Ambassador to Peru Bùi Văn Nghị, the country’s participation in APEC has yielded strategic, economic, trade and investment benefits, boosting its comprehensive development. Specifically, APEC membership has elevated Việt Nam's global position with an equal voice alongside the world’s leading economies in shaping regional economic and trade rules, while deepening its ties with key bilateral partners toward effectiveness and practical outcomes.

Việt Nam's APEC membership has also helped drive domestic economic reforms and innovation through commitments to open trade, investment and business facilitation. It has improved global integration skills of Vietnamese ministries, localities and enterprises, while opening opportunities for Vietnamese businesses, particularly small and medium-sized enterprises.

According to Deputy Minister of Foreign Affairs Nguyễn Minh Hằng, State President Lương Cường’s attendance at the upcoming 2024 APEC Leaders' Week, which coincides with the forum’s 35th founding anniversary, highlights Việt Nam's commitment to addressing regional and global challenges, promoting international economic integration and creating new momentum for regional growth. — VNS