Nearly 600 delegates from the 21 Asia-Pacific Economic Cooperation (APEC) forum attended the APEC 2006 Investment Forum in Hanoi on November 15.  

In his opening speech, Prime Minister Nguyen Tan Dung said that APEC plays an important role in global economic development as the dynamic economic region makes up 40 percent of the world’s population, 56 percent of global GDP and 48 percent of global trade. 

Since its establishment 17 years ago, Mr Dung said, through its active undertakings, APEC has made worthy contributions to the development of its member economies, especially by creating conditions for promoting trade and investment cooperation within APEC and between APEC and other regions on the basis of equality, mutual benefit and shared development.

He noted that the 14^th APEC Economic Leaders’ Meeting will be taking place at a time when the world economy is facing both opportunities and challenges, requiring further cooperation and discussions to help APEC sustain the momentum, further grow and play a greater role in the sustainable development of the world economy.

In this context, he said the APEC 2006 Investment Forum is expected to provide the chance for member economies to share experience, work out measures to improve investment environment and quality and contribute to the theme of the 14^th APEC “Towards a dynamic community for sustainable development and prosperity” as well as the Hanoi Action Plan to realise the Busan Roadmap to achieve the Bogor Goal of trade and investment liberalisation and facilitation.

The Vietnamese PM also highlighted Vietnam’s economic development during the past 20 years of the Doi Moi (Renewal) process and eight years after joining APEC. 

“Vietnam has made profound changes characterised by the annual economic growth rate of 7 percent, and notably 8 percent for 2005,” said Mr Dung. “Vietnam enjoys political stability. The Vietnamese people are happy with improved living standards and strongly believe in national development policy adopted by the Communist Party and State of Vietnam.”

Mr Dung further said that Vietnam’s external relations and international economic integration have been further promoted and broadened. The country has established trade relations with 220 countries and economies and attracted 8,000 foreign direct investment projects from 76 countries and economies with the total registered capital of US$70 billion.

He stressed that APEC plays an important role in Vietnam’s economic development as it makes up 70 percent of the country’s exports and 73 percent of FDI.

He said that Vietnam has sets targets of lifting the country from the underdeveloped nation status by 2010, substantially improving the material and spiritual life of the people and becoming an industrialised nation by 2020. To do this, he said besides bringing into full play the internal strength, Vietnam spares no effort to accelerate international economic integration and pursue the consistent policy of being a friend and reliable partner of all countries for the sake of peace, friendship, mutually beneficial cooperation and shared development.

He informed delegates that Vietnam has just become the 150^th member of the WTO and is the only candidate nominated by Asian countries for the non-permanent membership in the UN Security Council in the 2008-2009 term.

He expressed hope that through the forum and other APEC-related meetings, APEC member economies, including Vietnam, will find more opportunities for economic cooperation, market expansion and investment promotion to achieve prosperity in each member and APEC as a whole on the basis of consensus, equality, mutual benefit, shared development, thus contributing to stability and development in the region and the world at large.