Vietnam PM calls for teamwork among ASEAN businesses

Businesses need to work together to improve institutions, develop strategic infrastructure and create high-quality human resources, especially in the fields of digital transformation, green transformation and high technology, he told ASEAN business leaders at a meeting Wednesday.

Chinh’s speech came as part of the 42nd Association of Southeast Asian Nations (ASEAN) Summit May 9-11 in Labuan Bajo, Indonesia.

The PM was speaking to representatives of the ASEAN Inter-Parliamentary Council (AIPA), ASEAN Business Advisory Council (ABAC) and the High-Level Task Force (HLTF) on the ASEAN Community Vision after 2025, according to a statement from the Vietnam Ministry of Foreign Affairs.

A group of ASEAN young adults was also in attendance.

ABAC delegates emphasized that ASEAN possesses the advantages of an annual economic growth of up to 5%, the world’s third largest labor market, natural resources, and an open consumer market with the potential for long-term development.

ABAC delegates proposed maximizing on these advantages by facilitating investment and trade, enhancing food security, improving health resilience, boosting digital transformation and revamping sustainable development.

ABAC is also drafting an ASEAN Business Roadmap to promote regional economic reform led by public-private partnerships.

PM Chinh said he highly appreciated the recommendations and he praised the role of businesses in promoting trade and investment, facilitating digital transformation, and creating sustainable and inclusive development.

He told the group of ASEAN young adults that that Vietnam is committed to working with ASEAN to create the most favorable conditions for young people to help deciding the future of the ASEAN community.

The PM proposed turning the ASEAN community into a “learning community” and a “creative community.” This means making ASEAN a start-up incubator for young people, he said.

During his dialogue with AIPA representatives, the Prime Minister emphasized the need to strengthen coordination between the legislative and executive branches of ASEAN.

He said AIPA should continue to work closely with ASEAN to protect and uphold principles and establish a common legal environment within the bloc that respects the standards of conduct and compliance of international law.

At the event, ASEAN country leaders approved 10 documents, including the Joint Statement Towards the Vision of the ASEAN Community After 2025, the Initiative One ASEAN Health, as well as other agreements guiding ASEAN cooperation in developing an electric vehicle ecosystem in the region, promoting regional payments connectivity and enhancing local currency transactions.