Public-private cooperation key to boost sustainable growth
President Luong Cuong identified public-private partnerships as a major way of promoting economic growth and sustainable development among APEC member states.
THE HANOI TIMES — President Luong Cuong on July 16 called on the APEC Business Advisory Council (ABAC) to continue fostering public-private cooperation by facilitating connections between the private sector and governments.
Delegates at the APEC Business Advisory Council's third meeting on July 15. Photo: Voice of Vietnam
He told the third ABAC meeting of 2025 that such partnerships would support micro, small, and medium-sized enterprises (MSMEs) and promote domestic innovation.
ABAC plays a crucial role in forging business connections and developing initiatives that stimulate economic recovery, innovation, and sustainable growth throughout the Asia-Pacific region, the president said.
He praised ABAC and the regional business community for offering practical solutions amid climate change, supply chain disruptions, geopolitical competition, and trade policy uncertainty.
“We highly value our cooperation with APEC. Vietnam is committed to contributing to the shared goal of realizing the APEC Vision 2040 for an open, dynamic, resilient, and peaceful Asia-Pacific community," President Luong Cuong said.
He added that businesses are central to Vietnam’s transformation into a modern, green, and digital economy by 2045.
“Vietnam stands ready to accompany the business community throughout this transition and integration process,” he said.
The ABAC 3rd meeting is a key regional event designed to promote economic cooperation, connect businesses, and prepare policy recommendations to be submitted to APEC leaders at APEC Economic Leaders’ Week in South Korea in October 2025.
Hosted by the Vietnam Chamber of Commerce and Industry (VCCI) in partnership with Sovico Group and Saigon Investment Group - Vietnam’s representatives to ABAC, the event is underway from July 15 to 18 in the northern port city of Haiphong.
Delegates from 21 APEC member economies are in attendance, including senior executives of leading corporations and multinational companies.
Topics covered at the meeting include trade and investment, sustainable finance, digital transformation, green development, innovation, food security, and healthcare.
The key proposals collected at the event will be submitted to APEC leaders for discussion in October 2025.
On July 15, President Luong Cuong attended the Haiphong Investment Promotion Conference and held talks with ABAC 2025 Chair Hyun-Sang Cho and other prominent ABAC members. He also visited an exhibition showcasing Vietnamese specialty products.
During the conference, the Haiphong government issued 32 investment certificates to domestic and international businesses.
