1. General Introduction to APEC
The Asia-Pacific Economic Cooperation (APEC) forum, short for English Asia-Pacific Economic Cooperation , is the leading economic cooperation mechanism in the Asia-Pacific region. APEC was established with the goal of promoting trade and investment liberalization, facilitating the business environment, and supporting economic-technical cooperation among member economies towards a dynamic, cohesive, and sustainable region.
The idea of forming APEC was first proposed by Australian Prime Minister Bob Hawke in a speech in Seoul on January 31, 1989. Ten months later, on November 6–7, 1989, ministerial representatives from 12 economies in the region d met in Canberra (Australia) and agreed to establish this forum, marking the beginning of a large-scale and far-reaching economic cooperation mechanism.
President Luong Cuong and South Korean President Lee Jae-myung at the APEC 2025 conference. (Photo: Nhan Dan Newspaper)
Since its inception, APEC has always played an important role in promoting the flow of goods, services, and investment, along with business exchange and cooperation activities among member economies. With the orientation of building a resilient and prosperous Asia-Pacific economic community, APEC continues to be an important foundation for economic development and integration in the region.
2. APEC members and the expansion process
APEC was established with 12 founding economies and has undergone four expansions in 1991, 1993, 1994, and 1998. To date, the forum has 21 member economies with a population of 2.8 billion people, a total GDP of approximately 44,000 billion USD, and trade value of 18.5 trillion USD (2014). These figures show that APEC accounts for about 39% of the population, 57% of GDP, and 47% of global trade, affirming the forum's important role in the global economy.
APEC member groups by expansion phase include:
Founding members (11/1989): Australia, Brunei, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States.
Joined 11/1991: China, Hong Kong (China), Taiwan (China).
Joined 11/1993: Mexico, Papua New Guinea.
Joined 11/1994: Chile.
Joined 11/1998: Peru, Russia, Vietnam.
Among them, APEC members are referred to as member economies rather than "member countries". The reason is that cooperation within APEC primarily focuses on economy and trade, where members interact with each other as economic entities, rather than sovereign nations. This allows APEC to operate more flexibly, aligning with the goal of promoting regional economic integration and cooperation.
3. Reasons why APEC suspended new member admissions from 1998
At the 5th APEC Summit in November 1997 in Vancouver (Canada), member economies agreed to add three new members in 1998, including Peru, Russia, and Vietnam. At the same time, APEC also decided to suspend new member admissions for 10 years. The reason given was that APEC did not want new admissions to affect the goal of "regional integration and open economies".
By the 15th APEC Summit in 2007 in Sydney (Australia), members further extended the suspension of expansion until 2010. To date, the rule suspending new member admissions remains in effect. Although many economies such as India, Colombia, Brazil, Laos, Cambodia, Mongolia, and Ecuador have expressed a desire to join, APEC maintains its decision to ensure the stability and effectiveness of internal cooperation.
4. APEC 2027 – An important milestone for Vietnam and Phu Quoc
Following two successful APEC events in Hanoi (2006) and Da Nang (2017), Vietnam will host the third event in 2027, in Phu Quoc. In the context of Phu Quoc continuously expanding its infrastructure, upgrading facilities, and attracting many large projects, hosting APEC 2027 holds special significance.
Phu Quoc is ready for its host role with a series of new key projects
The event is not only an opportunity to promote the image of a modern and deeply integrated Vietnam, but also promises to create new development momentum for Phu Quoc. APEC 2027 is expected to boost tourism growth, expand international cooperation, attract quality investment capital, and bring Phu Quoc closer to its goal of becoming a regional hub for services, commerce, and resort tourism. This is also a testament to Vietnam's increasingly strong position on the map of international cooperation.
