In recent days, as Vietnam is rushing to prepare for APEC 2027, the term “APEC” appears more frequently in the media and economic reports. However, many readers still ask the basic question: what does APEC stand for and what is the significance of this cooperation mechanism in the current context?
APEC stands for the English phrase Asia-Pacific Economic Cooperation , or the Asia-Pacific Economic Cooperation Forum. It is one of the largest and most influential forums in the region, bringing together 21 member economies. Since its establishment, APEC has played a crucial role in promoting trade liberalization, facilitating investment, and enhancing connectivity among economies in the world's most dynamic region.
APEC member economies. (Source: Compiled)
Vietnam has hosted APEC twice in 2006 and 2017, leaving many marks on organizational capacity, infrastructure, and thorough preparation. The preparation for APEC 2027 continues to be an occasion for Vietnam to assert its position in regional cooperation, while opening up opportunities to attract new investment flows and enhance national image promotion.
During this period, many localities, especially major tourism-service centers, are implementing infrastructure upgrade activities and perfecting the ecosystem to serve international events. The preparation work is not only limited to conference and seminar systems but also extends to areas such as accommodation, transportation, services, and cultural experiences.
Among the localities being considered for APEC 2027 activities, Phu Quoc emerges thanks to its advantages in landscape, tourism ecosystem, and potential for developing complexes to serve large-scale conferences and events. Recently, Ngoc Island has recorded the emergence of many new projects implemented in a synchronized and modern direction, aiming for international standards.
Notably, Phu Quoc is implementing the expansion project of Phu Quoc International Airport – an infrastructure considered key for welcoming heads of state and international delegates during APEC 2027. The project is invested by Sun Group, upgrading the airport to 4E standard according to ICAO, expanding runways, building Terminal T2, and especially a VVIP terminal exclusively for heads of state attending APEC.
Upon completion, the airport will be directly managed and operated by Sun Group in coordination with Changi Airport Group – the operator of Changi Airport (Singapore), to ensure service and management standards meet international levels. This collaboration will enhance the overall passenger experience and optimize operational processes during the peak APEC period.
Besides the airport, several major corporations are also accelerating the construction of new clusters of works to complete infrastructure and enhance Phu Quoc's reception capacity in the near future. These projects not only serve the immediate needs of APEC, but also lay the foundation for Phu Quoc to move closer to its goal of becoming a leading MICE destination in the region.
The APEC 2027 event is therefore not only an occasion for Vietnam to demonstrate its role in regional cooperation, but also an important opportunity for Phu Quoc to increase its attractiveness, expand its service scale, and develop sustainably in the long term.
