Third ABAC Meeting: “Embrace. Engage. Enable”

12:36:17 PM | 7/15/2022

This is the theme of the Third APEC Business Advisory Council Meeting, aiming to embrace opportunities when the world is reconnected; enable cooperation to come up with ideas and initiatives; and engage digitized, sustainable, and inclusive new transformational models. The topics discussed in this meeting are of special interest to the regional business community, regarding economic recovery and growth, regionally and globally.

The meeting, to be hosted by Vietnam and chaired by Vietnam Chamber of commerce and Industry (VCCI) and ABAC Vietnam, is set to take place from July 26-29, 2022 in Ha Long City, Quang Ninh. Vietnam's hosting of this gathering in the context that the global economy is struggling to recover from the Covid-19 pandemic is of particular significance and appreciated by the international community. With this event, Vietnam affirms its ability to control the pandemic, proves its stability and highlights its sustainable economic growth. Thus, this event helps Vietnam draw foreign investment flows into Vietnam more effectively.

Mr. Pham Tan Cong, President of VCCI, President of ABAC Vietnam, said, the Third ABAC Meeting is expected to bring together nearly 200 delegates either online or in person, including official ABAC members, alternate ABAC members, senior APEC officials, ABAC guests, researchers and speakers.

“Among delegates to Vietnam, many are leaders of large corporations such as NEC, Marubeni, UPS, Acer and leaders of major trade and investment promotion agencies in the region. Vietnamese President Nguyen Xuan Phuc is a special guest and he will address the opening session on July 27,” he said.

Asia-Pacific Economic Cooperation (APEC) is an international organization of 21 Pacific Rim member economies established in 1989 to strengthen regional economic cooperation ties and foster sustainable economic growth and prosperity in the Asia-Pacific region. Joining APEC in 1998, Vietnam is an active member and has so far hosted the APEC Summit twice, in 2006 in Hanoi and in 2017 in Da Nang. APEC is a forum that brings together 15 out of 30 strategic partners, comprehensive partners and leading economic and trade partners of Vietnam, accounting for more than 77% of trade, nearly 81% of direct investment and more than 85% of tourists.

The APEC Business Advisory Council (ABAC), established in November 1995 by APEC Economic Leaders, is assigned to advise leaders on the most important business issues in the region. ABAC is composed of 21 member economies. Each APEC economy has up to 3 representatives, selected from the private sector to participate in ABAC. ABAC members are officially appointed by Leaders of APEC economies. ABAC members include Senior Leaders of business organizations and leaders (usually Presidents, Vice Presidents and General Directors) of large financial and industrial corporations of APEC economies.

According to the Working Agenda, ABAC has four meetings in 2022:

First Meeting: Singapore from February 15-18, 2022

Second Meeting: Vancouver, Canada from April 25-28, 2022

Third Meeting: Vietnam in July 2022

Fourth Meeting: Bangkok, Thailand from November 13-16, 2022

The hosting of the Third ABAC Meeting will help promote Vietnam's priorities in realizing its goals of economic recovery and sustainable growth” and will be a chance for Vietnam to show up itself as a bright international investment destination in the new normality with secure, open and attractive investment policies; effectively control the pandemic; and show its active international integration. At the same time, this event will also help enhance Vietnam's position in ABAC in particular and APEC in general.

VCCI President Pham Tan Cong affirmed that Third ABAC Meeting is of great economic and commercial significance to the business community in the region. The topics are of special interest to the regional business community, toward economic recovery and growth, regionally and globally. In particular, this meeting is an important chance for ABAC to make a business recommendation report to Finance Ministers, Trade Ministers, Central Bank Governors, and ABAC's Annual Report to APEC Leaders. In addition, this session will prepare contents for the Dialogue between APEC Leaders and ABAC, which will take place at the APEC Economic Leaders’ Week 2022 in November 2022 in Thailand.

During the event in Quang Ninh, VCCI will cooperate with Quang Ninh Provincial People's Committee to organize two important activities. The first is Quang Ninh Investment Promotion Conference aimed to promote the business investment environment and cooperation opportunities. The second is the Eastern Expressway Economic Connection Forum, aiming to link four localities along the highway from Hanoi to Mong Cai Border Gate, namely Hung Yen, Hai Duong, Hai Phong and Quang Ninh.

the Third ABAC Meeting is hosted by VCCI and ABAC Vietnam, jointly organized by Quang Ninh Provincial People’s Committee, ABAC International Secretariat, ABAC Thailand (ABAC 2022 Chairmanship) and two ABAC Vietnam member companies - Sovico Group and Saigon Invest Group.

ABAC's initiatives are beneficial to businesses

Madam Nguyen Thi Thu Huong, General Director of Kinh Bac City Development Shareholding Corporation (KBC)

Initiatives of the APEC Business Advisory Council (ABAC) have greatly benefited the business community, such as supporting businesses to recover and overcome the pandemic, and have equitable access to vaccines, medical supplies and resources. Many new cooperation initiatives have been proposed to enhance synchronism and consistency in facilitating the mobility of goods and people, investment and business of enterprises while preserving the environment, and ensuring health and safety. As a result, tourism, transportation, aviation, retail, and cross-border trade have gradually become active again thanks to pandemic prevention measures, vaccination and financial support packages in many economies.

In addition, activities to boost e-commerce, facilitate free trade and remove trade barriers to restore production and business, avoid production chain disruption; initiatives to reconnect people, trade and investment flow in the region towards building a prosperous Asia-Pacific will help achieve sustainable and inclusive growth in the future.

As an ABAC member, on behalf of the Vietnamese business community to join the Third ABAC Meeting, we will jointly discuss and put forth proposals to the APEC Forum so that each government will be able to have their own policies to foster sustainable economic growth, expand e-commerce, and jointly build a globally connected production/supply chain.