(MPI) – The APEC Structural Reform Ministerial Meeting 2021 was held online under the chairing of David Clark, New Zealand Minister of Commerce and Consumer Affairs in the morning of June 17th, 2021. Deputy Minister Tran Quoc Phuong attended the meeting at the Operation Center Terminal of Ministry of Planning and Investment.

New Zealand Minister of Commerce and Consumer Affairs David Clark. Photo: MPI

David Clark, New Zealand Minister of Commerce and Consumer Affairs at the opening pointed out that the structural reform played an important role in economic recovery process to provide long-term developmental changes. Promoting reforms is to accord with people and enterprises, develop more inclusively and sustainably and boost resilience against future challenges and difficulties. Covid-19 pandemic has caused different impacts on the regional and global economies, therefore enhancing implementing of APEC’s strategy on structural reform in the period of 2021-2025 is necessary to promote sustainable development, innovation, safety and improvement of resilience for the APEC economies in the coming time. In addition, it is also important to provide solutions to deal with climate change, ensuring sustainability and friendliness to environment.

Speaking at the meeting, Deputy Minister Tran Quoc Phuong highly appreciated the efforts of New Zealand in hosting the Structural Reform Ministerial Meeting (SRMM). This SRMM are held timely as APEC members are exploring new paths and new reform requirements to promote economic recovery while enhancing resilience to future shocks.

Deputy Minister Tran Quoc Phuong at the meeting. Photo: MPI

Vietnam is implementing new programs and initiatives to foster economic growth recovery and sustainable development in the period of 2021-2030. Based on the submission by the Ministry of Planning and Investment, the Vietnamese Government issued the Resolution No. 50/NQ-CP dated May 20^th, 2021 on Action Plan to implement Resolution of the 13^th Communist Party Congress, which concretizes the Government’s determination to promote rapid and sustainable socio-economic development.

For the past few years, the Ministry of Planning and Investment has received valuable assistance from APEC economies to implement reform initiatives in Vietnam. A notable project titled Australian Supports Economic Reform in Vietnam during 2017-2021 has enabled the ministries and line authorities to undertake fundamental reforms in areas such as business environment, competition policy, and enterprises development. Such reforms under the Project have been highly evaluated by the Government and international community.

With a view to deepen APEC collaboration in structural reform in the coming time, Deputy Minister Tran Quoc Phuong stated that structural reforms played a special role despite the complicated ongoing Covid-19 pandemic. From the experiences of Vietnam and the Ministry of Planning and Investment, sustaining reforms even in during times of the downturn and challenges will boost positive impacts on economic growth recovery and strengthen investors’ trust.

In addition, Vietnam has been identifying, implementing and promoting reform initiatives towards green growth. Even in the context of Covid-19 pandemic, extreme weather and climate change, the Ministry of Planning and Investment is actively developing the Green Growth Strategy for the period 2021-2030, vision up to 2050; exploring new initiatives such as Project on Promoting circular economy and climate-resilient economic development model.

Introducing the key contents of the Enhanced APEC Agenda for Structural Reform (EAASR), Head of the General Research Department, Central Institute of Economic Management, also the Lead of the Renewed APEC Agenda for Structural Reform (RAASR) Action Team, Nguyen Anh Duong pointed out that EAASR sought to contribute to APEC’s overarching goal to promote strong, balanced, inclusive, innovative and sustainable growth by creating a favorable environment for open, transparent and competitive markets; boosting business recovery and resilience against future shocks; ensuring all groups in society have equal access to opportunities for more sustainable development; and harnessing innovation, new technology and skills development to boost productivity and digitalization.

Overview of the meeting at the terminal of the Ministry of Planning and Investment. Photo: MPI

At the meeting, representatives of APEC provided comments and opinions on the structural reform. In which, sharing about carbon emissions and greenhouse gas reduction to protect the environment and develop an open economy of China; developing green infrastructure and applying technology to promote digital economy and sustainable environment of Hong Kong – China; strengthening and empowering small and medium enterprises, reducing ocean and household waste of Indonesia; supporting innovation and developing green economy of Japan; developing economy and socializing domestic support activities, effectively implementing the stimulus package to create a shield against challenges and difficulties of Covid-19 pandemic of New Zealand; making plans to effectively implement the stated goals such as reducing emissions and greenhouse gas of Thailand; and creating jobs for people and programs of climate resilience and green economic recovery of the United States./.

Ministry of Planning and Investment