APEC 2017: US President hails Vietnam as fastest growing economy

US President Donald Trump (Photo: VNA)

“An open Vietnamese economy is one of the fastest-growing economies on Earth,” he said.

In the early 1990s, nearly half of Vietnam survived on just a few dollars a day, and one in four did not have any electricity, he said, adding that it has already increased more than 30 times over, and the Vietnamese students rank among the best students in the world.

“That is very impressive,” he commented.

He also complimented the central city of Da Nang, saying that the port city is bustling with ships from around the world.

“Engineering marvels, like the Dragon Bridge, welcome millions who come to visit Da Nang’s stunning beaches, shining lights, and ancient charms,” he said.

In his speech, President Trump said the US will deal on a basis of mutual respect and mutual benefit.

“We will compete on a fair and equal basis. We are not going to let the United States be taken advantage of anymore,” he said.

“We will respect your independence and your sovereignty. We want you to be strong, prosperous, and self-reliant, rooted in your history, and branching out toward the future,” he said.

“That is how we will thrive and grow together, in partnerships of real and lasting value,” he noted

According to President Trump, the United States is prepared to work with each of the leaders to achieve mutually beneficial commerce.

The US will make bilateral trade agreements with any economy in the region that wants to be its partner and that will abide by the principles of fair and reciprocal trade, he affirmed.

He said he will encourage all economies to speak out loudly when the principles of fairness and reciprocity are violated.

The President said his country is refocusing on existing development efforts and is committed to reforming development finance institutions so that they better incentivise private sector investment in other economies.

“We also know that we will not have lasting prosperity if we do not confront grave threats to security, sovereignty, and stability facing our world today,” he asserted.

“We must uphold principles that have benefited all of us, like respect for the rule of law, individual rights, and freedom of navigation and overflight, including open shipping lanes,” he said, adding that these principles create stability and build trust, security, and prosperity among economies