The government agrees a fund of VND400 billion to support Da Nang upgrade public works in preparation for APEC 2017. — VNS Photo Cong Thanh

DA NANG  (Biz Hub) — Prime Minister Nguyen Xuan Phuc agreed to allocate VND400 billion (US$ 17.9 million) from the central government budget to support Da Nang preparations to host the 2017 APEC (Asia-Pacific Economic Co-operation) Summit.

The decision was announced last week in Ha Noi at a meeting of the PM, Da Nang, ministries, and APEC's sub-department of logistics.

The money will help the city upgrade public works considered urgent. It will also help decorate conference centres for APEC, which will be held for the first time in the coastal central city.

The PM asked the city to speed up preparations and to check urban works, so as to host a successful APEC. He also urged the city to allocate funds from its budget and other sources to complete projects for APEC events.

The ministries of Finance and Planning and Investment are assigned to co-ordinate with the city in preparation for the upcoming event.

In other news, Deputy Prime Minister Pham Binh Minh said at a meeting in Ha Noi last month that preparations for the 2017 APEC Summit was one of the top priorities of Vietnamese foreign affairs.

Established in November 1989, APEC now comprises 21 economies, representing around 39 per cent of the world population, 57 per cent of total global GDP, and 47 per cent of world trade.

Viet Nam joined the forum in 1998. Since then, the counry has hosted APEC 2006 and the sixth APEC Human Resources Development Ministerial Meeting in September 2014. — VNS