Việt Nam strengthens economic diplomacy efforts

April 02, 2024 - 20:10
The conference focuses on enhancing economic diplomacy and its role in Việt Nam’s development in 2024 and beyond.
Prime Minister Phạm Minh Chính delivers a speech at a hybrid conference with Vietnamese representative agencies abroad and localities nationwide on Tuesday. — VNA/VNS Photo

HÀ NỘI — Prime Minister Phạm Minh Chính on Tuesday chaired a hybrid conference with Vietnamese representative agencies abroad and provinces and cities nationwide to discuss enhancing economic diplomacy and its role in Việt Nam’s development in 2024 and beyond.

Addressing the event, PM Chính highlighted investment, export and consumption as three traditional growth engines, alongside emerging sectors such as green economy, digital economy, circular and sharing economies.

He suggested several issues for discussion, focusing on how to navigate the current economic situation, including staying informed about the global and regional situation, consolidating existing markets while expanding into new ones, mitigating supply chain disruptions by improving brand reputation, product quality and embracing green and digital transformation; increasing coordination both at home and abroad, among ministries, agencies, enterprises, the State and the public; and encouraging firms to adapt to changing circumstances.

At the conference, the Foreign Ministry reported on comprehensive and effective economic diplomacy efforts by ministries, agencies and localities, which have opened up new directions for cooperation and contributed significantly to Việt Nam's socio-economic development.

Economic cooperation has been made the focus of nearly 60 high-level diplomatic activities conducted by Party and State leaders since early 2023, resulted in many specific economic cooperation agreements with various partners. Notably, market access and attracting resources for new economic fields in green technology, energy transition, hi-tech agriculture, tourism, and labour have always been on the agenda of high-level exchanges with big partners in Northeast Asia, Europe, North America, and potential partners in South Asia, East Europe, Middle East, Africa and Latin America. The mobilisation of resources of overseas Vietnamese has also been promoted.

Ministries, sectors and representative offices abroad have actively supported Vietnamese localities and enterprises in participating in international events and promotional activities, and connected Vietnamese businesses with international partners to expand markets so as to draw quality foreign direct investment (FDI) and secure new-generation official development assistance (ODA).

They have also closely monitored and warned about trade defence measures used by other countries, protected the legitimate rights of Vietnamese businesses abroad, and timely provided information on the world economic situation and trends to localities and domestic enterprises.

Ministries and agencies are working closely together to carry out the 16 signed free trade agreements (FTAs), advancing negotiations on new agreements like the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates, and FTAs with the European Free Trade Association (EFTA), Mercosur, among others; advocating the recognition of Vietnam's market economy status, contributing responsibly and effectively to important multilateral economic cooperation mechanisms such as the United Nations, ASEAN, APEC, Mekong, G7, G77 and WEF.

Economic diplomacy activities have contributed significantly to Vietnam's total export-import turnover of US$683 billion in 2023, with an all-time high trade surplus of about $28 billion. Despite the global economic downturn, Việt Nam attracted nearly $36.6 billion in FDI, up 32.1 per cent, with some $23.2 billion disbursed, the highest level ever recorded. — VNS