Vietnam Aims to Shine in APEC Spotlight

Posted by AsiaViews | Nov 6, 2017 | 0 |

By Kavi Chongkittavorn*

The Bangkok Post

Oct 31, 2017

After more than three decades of economic reforms, Vietnam will host the Asia-Pacific Economic Cooperation Leaders’ Meeting in Danang on November 10-11. Given the rapidly changing world and this dynamic region, the summit has great significance in terms of economic and strategic matters.

Vietnam, which has been preparing for this event for over two years, has four key objectives. First of all, amid the rise of populism and protectionism, the host must seize the moment with APEC leaders to make their cooperation more effective and efficient. In particular, the summit must embed the foundations for sustainable, inclusive and equitable global development.

Secondly, efforts must continue to reduce trade barriers and liberalize investment as APEC enters its fourth decade. This is a tall order because there are challenges in dealing with intellectual property rights, opening e-commerce and service liberalization.

Thirdly, to sustain economic growth, Vietnam must use this opportunity to increase bilateral trade, expand exports, and attract foreign investment. Vietnam, which has yet to be identified as a market economy, has one of the largest free-trade networks in ASEAN, with 16 free-trade arrangements.

Finally, Danang is considered Vietnam’s most well-known port, which will be the showcase for future connectivity between South East Asia and the rest of the world. After a long period of anxiety over whether Vietnam is part of China’s Belt and Road Initiative (BRI), it can positively be said that Hanoi is part and parcel of BRI, in addition to existing connectivity frameworks espoused by ASEAN and its dialogue partners.

Beyond economic cooperation, the APEC summit provides a unique opportunity – during US President Donald Trump’s visit to Danang and Hanoi – for Vietnam to showcase the diplomatic finesse that has earned it international recognition. Trump is certain to make his feelings known on US trade and Asia policies.

In the past few months, Trump has held talks with four key ASEAN members in Washington. Leaders from Vietnam, Malaysia, Thailand and Singapore got strong pledges from Trump of continued US commitment to and engagement on trade and security. Initially, his “America First” policy rattled the region, as the US is still the biggest export market for ASEAN members.

Washington has linked Vietnam, Malaysia and Thailand to unfair trade practices because of high trade surpluses with the US. During their leaders’ visits, they pledged to invest more in the US and import more US goods, which could mean tens of thousands of jobs for Americans.

In Danang, Trump will also have the chance to meet with Chinese President Xi Jinping, Russian President Vladimir Putin and other leaders from 20 economies. According to Vietnam expert Professor Carlyle Thayer, this is an ideal situation for Hanoi, whose diplomats have always been adept at playing off the differences and convergences among the major powers. Now that Trump has decided to skip the November 14 East Asia Summit at Clark in the Philippines, the APEC platform and sidelines of the leaders’ meeting give added strategic value to the host.

Vietnam will also use the APEC platform to push Washington to display a clearer position on trade and investment liberalization. Since Trump became president, the US has sent mixed signals on how the world’s No. 1 economy will engage with other economies. For the region, Washington’s withdrawal from the US-led Trans-Pacific Partnership (TPP) was a big blow to US free-trade policy and caused predictions of a protectionist trend. In fact, as the summit draws near, Washington has sent out messages that Trump wants fair trade to benefit everyone and that he is not anti-free trade or anti-globalization.

Truth be told, among all of the remaining signatories, Hanoi has suffered the most after the US pullout from the TPP, as it tries to reconcile a big imbalance between benefits and responsibilities in the modified agreement. It is understandable why Hanoi showed initial reluctance to support the so-called TPP 11, the modified trade deal being pursued by the 11 remaining nations in the TPP and being eagerly pushed by Japan, New Zealand and Australia.

As APEC host, Vietnam has no choice but to support TPP 11 and has held several ministerial meetings to discuss its future. Indeed, Vietnam issued a joint statement on its commitment to continue with TPP 11 and leave open the possibility of the US returning to the trade accord.

Hanoi will seek further commitment on the sidelines of APEC from the members of TPP 11 to continue the trade deal even without US participation.

The success of APEC would further enhance Vietnam’s leading role at the ASEAN summit, which follows hot on its heels at Clark Freeport Zone. Already, Hanoi is preparing for its ASEAN chairmanship in 2020 to ensure that the group works in tangible ways to strengthen ASEAN centrality and external relations, as well as community-building by closing the gap between its old and new members.

*Kavi Chongkittavorn is a veteran journalist on regional affairs.

(https://www.bangkokpost.com/opinion/opinion/1351635/vietnam-aims-to-shine-under-apec-spotlight)

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Vietnam Aims to Shine in APEC Spotlight