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APEC serve as a driver for global growth: President Phuc

VNS
President Nguyen Xuan Phuc highly appreciated APEC’s role over the past three decades, noting that it has not only been serving as a driver for global growth, facilitating trade and investment, but also playing a pioneering role in responding to natural disasters, developing clean energy, preserving biodiversity, and stepping up trade in environmental goods.
APEC serve as a driver for global growth: President Phuc ảnh 1 President Nguyen Xuan Phuc delivers a speech from Hanoi. (Photo: VNA/VNS)

Phuc made the statement at the APEC CEO Summit 2021 under the theme “Sustainable development and climate change”. The two-day on-site and online summit took placed on Thursday in Auckland, New Zealand.

The President said to fulfil the APEC Putrajaya Vision 2040, APEC leaders are working together and setting aside differences to spearhead more robust and concerted efforts to stay ahead of challenges and risks, maintain a serene living environment, and ensure sustainable development.

Phuc emphasised that: “Our green planet was shaken by accumulative and unprecedented impacts caused by climate change, extreme natural disasters, environmental degradation, and the Covid-19 pandemic. Such severe consequences are far worse than any forecasts, forcing all countries and economies to transform the business and production models, and social interactions and turning people’s life upside down. Time is not on our side, for these challenges continue to worsen with every passing day. Thus, we need to work closely together to overcome such hardships.”

He said responding to climate change was the shared responsibility of all countries and economies. It required innovative and effective international cooperation, enhanced assistance in providing more resources and new technologies, and capacity building for developing countries. Each State needed to pursue long-term interest, and promote a comprehensive approach, ranging from infrastructure, finance, and trade to the protection of the environment, labour force, and society. However, Phuc noted that all states, given their leading role, should avoid doing the work of other actors in society. They instead should encourage the formulation of suitable institutions and benefits to mobilise resources from businesses and the people, and build upon public-private projects for green growth.

He also pointed out three proposals for the business community that each business needs to develop a roadmap to cut emissions in line with the greenhouse gas emission goals and indices of respective countries. These include green gas emission control, energy efficiency, and greening economic sectors, lifestyles, and consumption habits. He reminded businesses to invest in the future by focusing on projects in clean energy, new technology development with increasing “green values”, or smart and green agriculture. It is also essential to establish green supply chains and encourage environmentally-friendly behaviours by consumers.

He said the APEC Business Advisory Council (ABAC) should draft a “Guideline on promoting APEC sustainable business”, focusing on micro, small and medium enterprises (MSMEs).

Phuc affirmed that Vietnam and its businesses and people fully understand the intertwined risks and opportunities. Vietnam pledged to take bold action to transition to a green growth model and comprehensive response to climate change.

At the COP26 Summit, Vietnam made a strong commitment to achieving net zero emissions by 2050, increasing the share of renewable energy to more than 30 per cent in the total primary energy supply, and ensuring a stable forest coverage rate of 43 percent. The country was also pursuing people-centered green development, on the basis of modern institutions and governance, advanced technologies, and high-quality human resources.

In this process, Vietnam looks forward to the closer cooperation with APEC member economies, countries, and businesses at home and abroad. Apart from further improving its business and investment environment, Vietnam was also offering incentives for enterprises to seize the opportunities to provide green products and services. In addition, Vietnam is also ameliorating its institutions and policies pertaining to green and innovative corporations, and eco-industrial parks. These policies, together with our market of 100 million people and vast network of 14 FTAs, will open up opportunities for foreign investors to work with Vietnam, and together share the fruits of sustainable development, he concluded.

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