VN advocates Indo-Pacific region of peace, development and prosperity

Deputy Prime Minister, Foreign Minister Pham Binh Minh attends the third Indo-Pacific Business Forum, Ha Noi, October 28, 2020 - Photo: VGP/Hai Minh

Deputy Prime Minister, Foreign Minister Pham Binh Minh made the above statement at the 3rd Indo-Pacific Business Forum in Ha Noi on October 28. 

The event was co-organized by the Viet Nam Chamber of Commerce and Industry and the American Chamber of Commerce (AmCham Viet Nam) on the occasion of the 25^th founding anniversary of the Viet Nam-U.S. diplomatic ties.  

The Forum offered an opportunity for exchanging measures to promote investment and business, contributing to boosting bilateral trade and investment ties amid complicated and prolonged evolution of the COVID-19 pandemic. 

Deputy PM Minh highlighted that the Asia-Pacific region is home to more than half of the world’s 20 largest economies and is forecast to account for 70% of the global GDP by 2050.

The region is also the driver for global economic growth and linkages, and home to several sea lanes critical for trade and communication. Cooperation between the US and the region takes place across numerous areas, including digital economy, technology, energy and infrastructure are extremely promising and they are also the topics of our discussion today.

In pursuit of extensive and comprehensive international integration, Viet Nam has been an active player at international and regional forums for the shared stability and prosperity of the region and the world, said Minh. 

As a highly open economy, Viet Nam is increasingly linked with the Asia-Pacific and many regional economies have been, and will continue to be Viet Nam's top investors and trade partners, he added.

Regarding Viet Nam-U.S. relations, Viet Nam attaches importance to the role of the U.S. in the regional economic development, Minh said, suggesting the U.S. continue promoting cooperation and investment with the region as well as actively participating in ASEAN cooperation and connectivity initiatives, heading to build an integrated and high-competitive economic community. 

A strong, united and dynamic ASEAN will bring benefit for both ASEAN nations and the U.S. alike, including the American business community, said Minh. 

The Indo-Pacific Business Forum, initiated by the U.S., was held for the first time in 2018 in Washington D.C. with an aim to to create a policy dialogue platform and promote cooperative partnership between the governments and the business communities in the region. 

This year's two-day forum focuses on four key areas including infrastructure cooperation, health, digital economy and market connectivity. 

By Thuy Dung