(Photo: EPA)
According to the Bangkok Post, Vietnam has been preparing for this mega-event for over two years, and has four key objectives.
Firstly, amid the rise of populism and protectionism, the host must seize the moment with APEC leaders to make their cooperative process more effective and efficient. Secondly, the efforts to reduce trade barriers and increase investment liberalisation must continue as APEC is entering its fourth decade of development. It is still a tall order because there are challenges in dealing with intellectual property rights, and opening e-commerce and service liberalisation.
Thirdly, to sustain economic growth, Vietnam must use this opportunity to further promote bilateral trade to expand its exports and attract foreign investment. Vietnam, already has one of the largest free-trade networks in ASEAN, with 17 free-trade arrangements.
Finally, Da Nang is considered Vietnam's most well-known port facility and will be the showcase for future connectivity that links Southeast Asia to the rest of the world. Beside the economic cooperation, APEC 2017 is hoped to help Vietnam promote cooperation on various fields with big countries.
According to the article, Vietnam will also use the APEC platform to push Washington to display a clearer position on trade and investment liberalisation.
As host of APEC 2017, Vietnam will seek further commitment on the sidelines of the event from 11 member countries of the Trans-Pacific Partnership that the trade deal should continue, even without US participation.
In conclusion, the publication said the success of APEC would further enhance Vietnam's leading role at the ASEAN summit. Already, Hanoi is preparing for its ASEAN chairmanship in 2020 to ensure that the group will work to strengthen ASEAN centrality and external relations, as well as community-building by closing the gap between its old and new members.
In a recent interview, Professor Yeah Kim Leng from Sunway University (Malaysia) appreciated Vietnam's role in the activities of the APEC, and expressed high expectation for the results achieved at APEC 2017 as the host Vietnam.
With the theme of "Creating a new momentum, looking after a common future together", Prof. Leng said that the theme Vietnam gives to APEC 2017 is very appropriate as Asia-Pacific is still the most dynamic development area in the world. APEC is one of the largest markets in terms of scale and growth potential as well as the growing middle class. These factors help boost trade and create enormous potentials to attract investment from regions, such as the EU and the US.
Regarding to Vietnam's efforts as host of APEC 2017, the Professor said that if the Trans-pacific Partnership Agreement (TPP) is considered, Vietnam is one of the key beneficiary economies. However, as the TPP is in danger of collapsing after the US declared its withdrawal, Vietnam may re-gather APEC member economies to create a free trade area in Asia -Pacific.
Established in 1989, APEC comprises 21 economies, including Australia, Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the US and Vietnam.
Vietnam joined APEC in 1998, and hosted APEC in 2006.
At present, the preparations have been made to welcome leaders and delegations from the 21 APEC member economies, along with nearly 10,000 other delegates, international journalists and world-leading entrepreneurs./.