When did Vietnam join APEC?
June 15, 1996: The Vietnamese government officially submitted its application to join APEC. More than 2 years later, on November 14, 1998: APEC officially accepted Vietnam as a member along with Russia and Peru - this was an important turning point that opened the door further for regional economic integration. Joining APEC helped Vietnam lay the foundation for expanding trade, attracting investment, and promoting domestic reforms.
Overall perspective of the APEC Convention Center being built by Sun Group.
The significance of Vietnam's accession to APEC
The official participation in the region's leading economic cooperation forum has provided Vietnam with a platform to promote trade liberalization, investment facilitation, and the harmonization of standards with the region, while also helping to attract FDI and expand export markets. Becoming an APEC member also serves as a prerequisite for enhancing international prestige, creating favorable conditions for foreign investors, and expanding markets for Vietnamese products.
Besides, through technical cooperation projects, training programs, and policy dialogues, Vietnamese management agencies have gained valuable experience in administrative reform, customs, and economic management, contributing to enhancing institutional capacity.
APEC Convention Center and multi-purpose theater have rapid construction progress.
Notable Milestones of Vietnam in APEC
Under Vietnam's chairmanship, the two APEC Economic Leaders' Weekends in Hanoi in 2006 and Da Nang in 2017 were both highly successful, achieving important results with strategic significance for the APEC Forum as well as cooperation and economic linkage in the Asia-Pacific region.
If at APEC 2006, Vietnam made its mark with the Hanoi Action Plan to implement the Bogor Goals on trade and investment liberalization, then in 2017, Vietnam proposed the initiative to build APEC's new vision after 2020 and establish the APEC Vision Group. This demonstrates Vietnam's long-term, comprehensive approach, laying the foundation for APEC to adopt the Joint Statement on the Putrajaya Vision 2040.
Vietnam is one of the most active members in proposing initiatives and cooperation projects, with nearly 150 projects in APEC's common areas, from human resource development, e-commerce promotion, food security, enhancing women's economic empowerment to rural and urban development, marine debris, and climate change response. These initiatives and projects, on the one hand, promote APEC cooperation in line with the interests and benefits of member economies, and on the other hand, effectively serve Vietnam's socio-economic development goals.
APEC 2027: An Opportunity for Phu Quoc Special Economic Zone to Reach International Stature
The Asia-Pacific Economic Cooperation (APEC) 2027 will be held in Phu Quoc. This island city is the next locality in Vietnam to host APEC after Da Nang. The forum is expected to help Phu Quoc further improve its urban infrastructure, opening up opportunities to attract investment and boost tourism and real estate growth.
Previously, Vietnam hosted high-level APEC activities twice: In 2006 in the capital Hanoi, Vietnam organized its first APEC Year with many important activities and conferences. In 2017 in Da Nang, Vietnam hosted APEC for the second time with conferences and international engagements attracting leaders from many member economies.
APEC 30th in 2027 with the theme "Connectivity, Resilient Economies" is an important milestone, demonstrating Vietnam's position in the region. This is a historic opportunity for Phu Quoc to take off, be shaped, and also an opportunity to step onto the 'front page' of the world's tourism map.
A Series of Projects to Welcome APEC 2027 in Phu Quoc
21 important projects serving APEC 2027 are being urgently implemented by An Giang province to ensure timely completion for operation. Among them, 10 remaining public investment projects are being implemented under public-private partnership (PPP) and business investment methods. To speed up the progress, the An Giang Provincial People's Committee has issued 9 out of 10 urgent orders.
One of the important projects to mention is the upgrade of Phu Quoc airport to meet the increased number of visitors during the forum. The airport will be expanded to increase its capacity to 20 million passengers per year, invested by Sun Group, and completed before the second quarter of 2027. The project will meet the dual objective of serving APEC 2027 and developing the tourism and economy of the pearl island.
Perspective of Terminal T2 of Phu Quoc International Airport
>> See more: Series of key projects to serve APEC 2027
A representative from Sun Group said that the group is closely coordinating with ministries, sectors, and the People's Committee of An Giang province to accelerate the progress and complete the infrastructure project cluster serving APEC. The project cluster is not only intended to serve the conference in 2027 but also a strategic step to enhance the capacity to welcome international guests and promote Phu Quoc to become a tourism, commercial, and service center with regional competitiveness.
