At ABAC III in Hai Phong, President Luong Cuong highlighted the importance of public-private cooperation and business-led solutions for regional sustainability.
The central theme of ABAC 2025, “Bridging - Business - Beyond,” reflects not only a commitment to connectivity but also a bold aspiration to collaborate in overcoming challenges for sustainable development.
President Luong Cuong delivers opening remarks at the third meeting of the APEC Business Advisory Council (ABAC III). Photo: Lam Khanh/VNA
On the morning of July 16, in Hai Phong, President Luong Cuong attended and delivered a keynote speech at the opening session of the third meeting of the APEC Business Advisory Council (ABAC III) and related events.
Held from July 15 to 18, ABAC III is co-organized by the Vietnam Chamber of Commerce and Industry (VCCI), ABAC Vietnam, and the Hai Phong City People's Committee. The event welcomes approximately 200 international and Vietnamese delegates, including ABAC members who are top executives from leading corporations, trade and investment promotion organizations from all 21 APEC economies, along with assistants and international guests.
ABAC is the official representative mechanism for the business community within APEC, ensuring their voices are heard in dialogues with APEC Ministers and Leaders. It serves as a vital platform for businesses to engage deeply in the regional economic integration process, contributing to a more prosperous and sustainable Asia-Pacific economic community.
As one of the council’s four annual meetings, ABAC III rotates among major cities of APEC member economies. It is not only a high-level policy forum but also a space for the business community to develop practical recommendations to be presented to APEC Leaders during the APEC Economic Leaders’ Week in October 2025 in South Korea.
This year’s ABAC III aims to finalize the ABAC letter to APEC Ministers responsible for the economy, SMEs, health, and digital transformation; and to complete its report with policy recommendations to be submitted at the APEC Leaders’ Week.
Discussions focus on strategic themes such as trade and investment, the digital economy, green transformation, sustainable finance, SME development, supply chains, artificial intelligence, and smart healthcare.
Hosting this session reaffirms Vietnam’s active role in regional economic integration and its strong commitment to free trade, inclusive and sustainable growth - core values upheld by both APEC and ABAC.
The meeting also provides an opportunity to showcase Vietnam’s culture, people, and economic potential to international friends, enhancing its global standing and supporting its economic diplomacy strategy, tourism promotion, and long-term attraction of quality investments.
In his address, President Luong Cuong highlighted that over its 36-year journey, APEC has proven to be the region’s premier economic cooperation mechanism, a driving force for growth, integration, peace, stability, and prosperity.
Amid profound geopolitical shifts, post-pandemic economic recovery risks, climate change, extreme weather, evolving trade policies, and supply chain disruptions, the President emphasized that multilateral cooperation and public-private dialogue are more essential than ever.
President Luong Cuong attends the opening session of the third ABAC meeting in Hai Phong. Photo: Lam Khanh/VNA
President Cuong affirmed ABAC’s role as a key bridge between the private sector and APEC economic leaders. ABAC not only proposes business-friendly policies but also crafts practical solutions to strengthen value chains, boost investment, facilitate trade, and encourage innovation. He expressed confidence that ABAC’s initiatives would remain vital drivers of sustainable growth across the region.
He welcomed ABAC’s choice of core themes for the meeting - free trade and sustainable investment, digital transformation and AI, green finance and sustainability, health security, and biotech innovation - all of which align with Vietnam’s national development strategy through 2030 and vision to 2045.
To achieve these priorities, Vietnam is pushing bold institutional reforms, improving its legal framework, and building a transparent, competitive, and stable business environment.
In recent years, Vietnam has emerged as a top destination for international investors - not only because of its market size of over 100 million people, but also due to its broad access to global markets through next-generation free trade agreements such as CPTPP, RCEP, and EVFTA.
“Vietnam attaches great importance to cooperation with APEC and actively contributes to realizing the APEC 2040 Vision of an open, dynamic, resilient, and peaceful Asia-Pacific community for the prosperity of all people and future generations,” the President said.
He emphasized that, as a central player in regional economic linkages and multilateral trade agreements, Vietnam offers investors access to diverse markets and regional supply chains.
Investing in Vietnam means investing in a dynamic, stable, and rapidly growing economy - and a strategic step toward global partnerships and integration with free trade regions.
Sharing Vietnam’s 2024 economic achievements, including export revenues surpassing USD 390 billion for the first time, the President noted that in 2025, the country aims for growth above 8%, laying the foundation for double-digit growth in the coming years.
Vietnam’s growth strategy focuses not just on speed but sustainability - macroeconomic stability, inflation control, balanced development between economy, society, and environment, alongside fostering innovation, building a tech ecosystem, and investing in R&D in semiconductors, AI, and the digital economy.
Recognizing businesses as a pioneering force in national modernization, Vietnam has issued major policies to support private enterprises - especially SMEs - including access to capital, workforce training, digital transformation, technology upgrades, and investment in priority sectors.
These efforts reflect the government’s strong commitment to creating a favorable business climate and supporting sustainable enterprise development.
President Cuong noted the government is implementing support mechanisms such as regulatory sandboxes, tax incentives for innovative businesses, administrative reform, and investment in digital infrastructure and open data services for businesses.
Delegates attend the opening session of the third ABAC meeting in Hai Phong. Photo: Lam Khanh/VNAPresident Luong Cuong attends the third ABAC meeting in Hai Phong. Photo: Lam Khanh/VNA
Vietnam is also encouraging businesses to invest in strategic sectors such as renewable energy, the green economy, smart cities, and high-tech agriculture. The state promotes policy dialogues between government and private sectors to ensure regulations align with real-world needs.
Looking to the future, President Cuong said Vietnam is pursuing comprehensive development, laying the groundwork for accelerated business growth in key areas like infrastructure, energy, digital transformation, green and circular economies. The goal is for Vietnam to become a high-income, developed nation by 2045.
He emphasized that a sustainably developed APEC cannot exist without strong business cooperation. He called on APEC’s business community to deepen collaboration, integrate supply chains, share technologies, and enhance resilience to global shocks. He urged organizations like ABAC and major corporations to support SMEs through training, technology transfer, and market cooperation so they can participate more deeply in global value chains and contribute to inclusive, sustainable regional development.
Looking ahead, the President affirmed Vietnam’s commitment to advancing APEC cooperation centered on people, driven by businesses, and aimed at sustainable development. He pledged continued collaboration with ABAC in developing practical policy recommendations that reflect the expectations and needs of the business community.
He expressed his belief that ABAC III in Hai Phong will serve as a forum for intellectual exchange, visionary dialogue, and the incubation of innovative ideas. The recommendations and initiatives arising from ABAC III will play a crucial role in preparing for the dialogue between ABAC and APEC Leaders in October in South Korea.
Following his address, President Luong Cuong and the delegates toured exhibition booths showcasing Hai Phong’s local specialties, culture, and economic potential.
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