Hanoi (VNA) – All eyes are on Vietnam as it is hosting the APEC EconomicLeaders’ Week, the biggest economic event in the Asia-Pacific region.

India’sThe Economic Times newspaper has posted an article titled "APEC summit:Recognition of Vietnam's economic achievements and challenges ahead" byDipanjan Roy Chaudhury.

Thenewspaper hailed Vietnam as one of the fastest growing economies amid theglobal economic slowdown, saying it has attempted to harmonise interests, seekcommon ground to bridge differences, and promote cooperation among APEC memberswhile hosting the APEC meeting.

“TodayVietnam is being counted as an economy of the future courtesy reformsundertaken by its ruling Communist Party over the past few decades. Startingfrom a small, and backward economy heavily devastated after more than 30 yearsof war, lagging far behind the region and the world and with extremelydifficult living conditions, rapid development to improve people's lives, andstrengthen the country was an urgent requirement for Vietnam”, the articlesaid.

Vietnamis currently a middle-income developing country with progress achieved inindustrialisation and modernisation. “The proportion of industry and servicesin GDP has increased, and agriculture in GDP structure has dropped. Theeconomic growth model has initially shifted from broad-based development todeepening development. Vietnam’s national competitiveness has been improved.”

Accordingto the article, the country has drawn some lessons to improve its leadership inrapid and sustainable development in the coming years. It has affirmed thatrapid and sustainable development is a correct strategy that needs to beresolutely and persistently carried out.

Thenewspaper also noted that it is vital for Vietnam to step up theoretical study,attach importance to reviewing practices, especially new models and goodexperiences; regularly grasp and predict new developments, harmoniserelationship between rapid and sustainable development, between immediate andlong-term interests, between economic and social development; link economicgrowth with the realisation of social progress and equity, environmentprotection, consolidation of national defense and security.

Meanwhile,Algerian media said that APEC economies are facing many challenges likeeconomic slowdown, growing protectionism, the fourth industrial revolution, andclimate change.

Asthe host of this year’s APEC meetings, Vietnam stressed the need for the membereconomies to look for new driving forces for sustainable development, deepenregional cooperation and more importantly, achieve the Bogor Goals in freetrade and investment by 2020, it said.

Inan article entitled “Vietnam to host APEC summit amid challenges” on November 6,The Khmer Times of Cambodia said APEC is so far the largest economiccooperation mechanism in the Asia-Pacific region, which shares 59 percent ofthe world’s GDP, 48 percent of global trade and 53 percent of the global FDI.

Underthe theme “Creating new dynamism, fostering a shared future”, the APEC Year2017 outlined four priority areas – promoting sustainable, innovative andinclusive growth; deepening regional economic integration; strengtheningcompetitiveness and the innovation of Micro-, Small- and Medium-sized Enterprises(MSMEs); and enhancing food security and sustainable agriculture in response toclimate change.

“Themain challenges of the upcoming APEC summit are how to foster open andinclusive global and regional economic governance, how to ensure open and fairregional trade arrangements, how to overcome the challenges stemming fromclimate change and the fourth industrial revolution and how to link trade withthe realisation of the UN sustainable development goals,” the article cited.

Thepress in New Zealand quoted Prime Minister Jacinda Ardern as saying that APECis important to the country’s future economic development and the APEC 2017Economic Leaders’ Meeting provides an opportunity to strengthen its commitmentto the region and lay a foundation for its regional free trade agreements.

TheNew Zealand PM said addressing a number of contents of the Trans-PacificPartnership (TPP) agreement will be her priority at this week’s APEC meeting inVietnam, adding that her government is striving to remove the pact’sinvestor-state dispute settlement clauses, which would allow foreigncorporations to sue member states in disputes.-VNA