2021 APEC Ministerial Meeting on Structural Reform

2021 APEC Ministerial Meeting on Structural Reform

The 3rd APEC Structural Reform Ministerial Meeting (SRMM) was held on 16 June 2021. The virtual meeting was hosted by New Zealand under the Chairmanship of the Honourable Dr David Clark, Minister of Commerce and Consumer Affairs, to discuss the progress of APEC’s work on structural reform. The Vice Minister of Planning and Investment Tran Quoc Phuong participated in this meeting.

In the opening remarks at the meeting, the Honourable Dr David Clark, Minister of Commerce and Consumer Affair of  New Zealand underscored the crucial role that structural reform plays in boosting recovery as well as advancing policy development that will improve the institutional and legal environment across APEC. “Implementing the right structural reforms will help ensure that our economies, businesses and all our people can build towards a sustainable and inclusive recovery, and improve resilience for the future,” Dr Clark said.

He highlighted that structural reform efforts will enable economies to respond to the urgent issues and prepare the region for future economic shocks. Macroeconomic responses from economies have provided critical buffers during the pandemic for people and businesses while microeconomic policies will improve markets’ efficiency and productivity .

At the meeting, Vice Minister of Planning and Investment Tran Quoc Phuong commended the efforts of New Zealand in hosting the third SRMM. This SRMM exhibits timeliness as APEC member economies are exploring new paths and new reform requirements to promote economic recovery, whilst enhancing resilience to future shocks.

Viet Nam is implementing new programs and initiatives to promote economic growth recovery and sustainable development in 2021-2030. Based on submission by the Ministry of Planning and Investment, the Government of Viet Nam issued the Resolution 50/NQ-CP dated 20 May 2021 on Action Plan to implement Resolution of the 13th Communist Party Congress. The Resolution 50/NQ-CP has various contents to concretize the Government’s determination to promote rapid and sustainable development.

Vice Minister Tran Quoc Phuong at the Meeting

For the past years, the Ministry of Planning and Investment has received valuable technical assistance from APEC member economies to implement reform initiatives in Viet Nam. A notable example is the Program titled Australia Supports Economic Reform in Viet Nam (the Aus4Reform Program) which, during 2017- 2021, has enabled the Ministry of Planning and Investment and other ministries, line authorities to undertake fundamental reforms in such areas as business environment, competition policy, private sector development, etc. Such reforms under the Program have been highly appreciated by the Government and the international community.

Panorama of the Meeting at the Ministry of Planning and Investment

With a view to deepen APEC collaboration in structural reforms during 2021-2025, Vice Minister Phuong underscored the importance of structural reforms, notwithstanding on-going complicated evolvement of the COVID-19 pandemic. From the experiences of Viet Nam and the Ministry of Planning and Investment, sustaining reforms even in during times of economic downturn – such as due to the COVID-19 pandemic since 2020 – will boost economic growth recovery and strengthen investor confidence.

Besides, Viet Nam has been identifying and promoting reform initiatives towards green growth. In the context of adverse consequences due to COVID-19 pandemic, extreme weather and climate change, the Ministry of Planning and Investment is actively developing the Strategy for Green Growth for 2021-2030, vision to 2050, exploring new initiatives such as Project on Promoting circular economy, developing climate-resilient economic development model, etc. Vice Minister Phuong believed these initiatives would contribute significantly to green recovery in Viet Nam and looked forward to sharing these initiatives to APEC members in the near future.