The event is of significance for APEC and its 21 member economies, including many large and emerging economies with dynamic development, which account for approximately 38% of the world’s population, 61% of global GDP and 47% of global trade.
The meeting takes place in the context of complicated developments in the world and region with increasing instability and challenges due to the re-emergence of the COVID-19 pandemic with dangerous new variants.
Meanwhile, the global economy is recovering, but it remains unstable and uneven. Countries continue to place priorities on promoting economic recovery after the COVID-19 epidemic and fostering restructuring towards green, sustainable, inclusive and digital-based development. The Asia-Pacific remains the leading region in economic recovery, development, and connectivity.
Over the more than 30 years of development since its inception in 1989, APEC has continued to assert itself as the leading regional economic linkage mechanism, initiating and promoting the trend of economic, trade and investment liberalisation in the region and the world while making important contributions to economic growth and maintaining peace, stability, cooperation and development in the Asia-Pacific.
The year 2021 is important to APEC as it is the first year to implement the APEC Vision 2040. The 21 member economies continue attaching importance to APEC and considering this a leading forum in the region and an important mechanism in the Asia-Pacific to help foster multilateral efforts to cope with the COVID-19 pandemic, recover economies, and prepare for durable growth.
Vietnam became an official member of APEC at the 10th APEC Ministerial Meeting in Malaysia in 1998, raising the forum’s membership to 21. This was a significant milestone during the implementation of Vietnam’s foreign policy of openness, multilateralisation and diversification of external relations along with active international integration.
The APEC gathers 15 of the 30 strategic and comprehensive partners which are leading economic and trade partners of Vietnam.
During the 23 years of its APEC membership, Vietnam has made positive, active and responsible contributions to the forum, thereby helping to promote regional peace, stability, cooperation, and maintain APEC’s role as a leading mechanism for economic connectivity in Asia-Pacific.
Vietnam's position in multilateral activities, including those of APEC, has increased thanks to its important results in the prevention and control of the COVID-19 pandemic, economic recovery, as well as the country’s successful assumption of the roles of ASEAN Chair in 2020 and a non-permanent member of the United Nations Security Council for the 2020-2021 tenure.
May President Nguyen Xuan Phuc’s participation in the event be a success, thus continuing to asserting Vietnam's active, proactive and effective role, position and contributions to regional cooperation activities, including those of APEC.