How has Vietnam changed its outlook since hosting APEC Summit for the first time?

By Linh Lan - Nov 02, 2017 | 07:15 AM GMT+7

TheLEADERIt has been 11 years since Vietnam first took over the chairmanship of the Asia-Pacific Economic Cooperation (APEC), let’s have a look at how the host of APEC 2017 has changed since then.

How has Vietnam changed its outlook since hosting APEC Summit for the first time?
APEC 2017 will be held in Da Nang on Nov 6-11

"In November 1996, the Politburo issued a resolution on expanding and improving the efficiency of foreign economic partnership in 1996 - 2000 period with the main guidance to promote internal resources and make use of external resources, emphasizing the task of urgently and firmly negotiating trade agreements with the US, joining APEC and WTO," former Deputy Prime Minister and former Minister of Foreign Affairs Pham Gia Khiem recalled on the occasion of 10th anniversary of Viet Nam's ascension to APEC.

After that, in November 1998, Vietnam became an official member of APEC, marking an important milestone in the process of Vietnam’s international economic integration.

Vietnam in 2006

Population: 84.2 mil

GDP per capita: US$724

Export: US$39.6 bil

Domestic savings: 31% of GDP

APEC has become an important forum contributing to the enhancement of Vietnam's status in the international arena. After 8 years joining APEC, Vietnam, for the first time in 2006, was honored to host the 14th APEC Summit.

At that time, APEC Year 2006 was the largest international event ever hosted by Vietnam, with the focus of the APEC Economic Leaders’ Week held from Nov 12-19 in Hanoi.

During that period, APEC was Vietnam’s largest direct investment region, accounting for 65.6% of total investment flow. 10 out of 14 most important investors with over US$1 billion of Vietnam were APEC’s members. The total capital of US$39.5 billion compiled for 62.7% of total direct investment in Vietnam.

Vietnam's exports to APEC members made up for for the largest share among global regions, with 72.8%. Imports from APEC also accounted for the largest share, with US$25.3 billion (2004), accounting for 79.2%.

Foreign visitors coming to Vietnam from APEC countries stood at over 2.2 million, accounting for 75.5% of the total number of foreign tourists (more than 2.9 million).

World leaders attended APEC 2006 in Hanoi

It has been more than a decade since then, the Vietnamese economy has achieved many remarkable achievements.

Vietnam in 2016

Population: 92.7 mil

GDP: US$202 bil

Export: US$176 bil

Import: US$173 bil

GDP growth forecast: 2017 (6.3%), 2018 (6.3%), 2019 (6.2%)

At present, 18 APEC members are important partners in Vietnam’s bilateral and multilateral trade agreements. APEC members account for 78% of the country’s foreign direct investment, 75% of trade in goods, 38% of official development assistance and 79% of international tourists in Vietnam. About 80% of Vietnamese overseas students are studying in APEC member economies.

Vietnam is considered one of the fastest growing economies in the world with a rapid increase in the middle class. Real GDP growth in Vietnam is expected to reach 5.1% per year from 2016 to 2050.

APEC 2017 is a lifetime opportunity for Vietnam to affirm the position of Vietnam, especially in the context of deepening international integration.

The success of the APEC 2006 and the increasing international prestige by taking on the responsibilities of many organizations and forums in recent years has helped Vietnam be confident to organize the APEC 2017 with a new mind.