Hanoi (VNA) – State President Luong Cuong received Cho Hyun-sang, Chair of the APEC Business Advisory Council (ABAC) 2025 and Vice Chairman of the Republic of Korea’s Hyosung Group, along with ABAC members representing the 21 APEC economies on July 15.

The event took place within the framework of the council’s third meeting (ABAC III) this year, held in the northern port city of Hai Phong.

Appreciating ABAC members' support for selecting Vietnam as the host of the third meeting, President Cuong said this reflects their high regard for Vietnam’s role and reputation in the Asia-Pacific region.

This meeting is of special significance as it formulates policy recommendations from the business community for submission to APEC leaders at the summit in the RoK this October, he said, expressing his confidence that Vietnam will actively contribute to the council’s recommendations, thus promoting sustainable growth among the member economies and building an open, inclusive, and resilient future for the Asia-Pacific.

According to the State leader, ABAC III is among the first activities marking the start of Vietnam’s preparations for hosting APEC in 2027. Therefore, he called on the business communities of the APEC economies to continue their support and partnership so that the country can fulfil this important responsibility.

For his part, Cho said the meeting demonstrated Vietnam’s strong support for the international business community. He saw it as a testament to Vietnam’s ongoing efforts to improve its investment environment, enhance public-private dialogue, and support foreign businesses in securing long-term, effective, and sustainable investment in the country.

Outlining this year’s key priorities for ABAC, with a focus on economic recovery and deeper regional integration, he reaffirmed the council’s commitment to contributing to a prosperous, inclusive, and inter-connected APEC economic community. He also expressed appreciation for the presence of the Vietnamese leader at ABAC III, as well as the Hai Phong Investment Promotion Conference.

Echoing Cho’s views, President Cuong was pleased to note the encouraging progress in Vietnam’s trade and investment ties with other APEC members.

The Vietnamese Party and State always create favourable conditions for foreign investors, including ABAC members, to operate confidently and successfully in the country, he noted.

As Vice Chairman of Hyosung Group, Cho also shared updates on the firm’s investment projects in various Vietnamese localities. He reiterated Hyosung’s commitment to further contributing to Vietnam’s economic development, and extended his gratitude to the Vietnamese President and Government for supporting Korean enterprises, including Hyosung, over the past years.

President Cuong applauded Hyosung’s business activities in Vietnam, affirming the country’s welcome and encouragement of investments in high-tech sectors, as in line with its science, technology, and innovation-driven national development strategy.

He also asked Cho to keep working closely with Vietnamese authorities to help promote Vietnamese businesses' cooperation with partners across the Asia-Pacific, and to assist the country in hosting APEC in 2027.

𝓰 On this occasion, the ABAC Chair presented an official invitation to President Cuong to attend and deliver remarks at the APEC CEO Summit in October./.