Trade ministers and officials from the 21 APEC member economies will meet in Hanoi to alleviate uncertainty about the future of trade in the Asia-Pacific.
Hanoi (VNA) - Trade ministers and officials from the 21 APEC member economies will meet in Hanoi to alleviate uncertaintyabout the future of trade in the Asia-Pacific and its capacity to boostemployment and living standards for all people across the region. TheAPEC Ministers Responsible for Trade Meeting on May 20-21 will cap off apivotal set of policy development meetings here over the next 10 days to decidethe next steps for trade amid rising skepticism about the benefits ofglobalization and rapid social and technological change. Chairedby Vietnam Trade and Industry Minister Tran Tuan Anh, the proceedings willbuild on initiatives introduced during technical exchanges between trade andsectoral officials to confront these challenges and fleshed out by APEC Senior Officials on May 17-18. This work will be shaped bynew trade and growth projections for the APEC region, which accounts for halfof global trade, to be unveiled on May 17. PacificAlliance, Regional Comprehensive Economic Partnership and Trans PacificPartnership ministerial meetings are expected to be held on the margins of theAPEC Ministers Responsible for Trade Meeting in Hanoi.
“Momentumon market integration and trade is being tested in ways we have not seen sincethese forces transformed the Asia-Pacific into the engine of the worldeconomy,” said Dr Alan Bollard, Executive Director of the APECSecretariat.
“The shifting landscape is both a cause for consternation and an opportunity towork out and align new policy approaches to globalisation that could result inimproved economic and social outcomes.”
By the same token, it is also prompting greater coordinated action to addressconcerns over market competition, worker dislocation and mounting inequꦍality asthe accumulati♔on of wealth increases within economies, he added
Ministersand officials will focus on establishing freer Asia-Pacific trade that securesthe advantages of globalisation while safeguarding the welfare of people hurtby it. This includes new collaborative efforts to facilitate high demandindustries such as digital innovation, environmental services and foodproduction, and address trade restricting measures that undermine theirdevelopment and job creating potential.-VNA
The cross-border exchange of credit information is critical to promoting the quality and efficiency of investment and business activities of all APEC member economies, an official of Vietnam’s central bank said.
The APEC forum needs to hold aloft the flag of trade and investment liberalisation despite the fact that there remained scepticism about globalisation and protectionism has arisen in several member economies.
As one of the most important ministerial meetings held annually, the 23rd Meeting of Ministers Responsible for Trade will review the implementation of the theme and priorities in the APEC Year 2017.
The APEC Senior Finance Officials’ Meeting (SFOM) will take place in the northern province of Ninh Binh on May 18-19 as part of three major events of the APEC 2017 Finance Ministers’ Process.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
Illustrative image (Photo: VNA)
