Vietnam – ASEAN’s economic driver, power connecter: Malaysian expert
Vietnam has been a key economic engine, major power connector, and steadfast advocate for dialogue and diplomacy within the Association of Southeast Asian Nations (ASEAN), according to foreign affairs, security and strategy analyst Collins Chong Yew Keat at the University of Malaya.
In an interview with the Vietnam News Agency (VNA)'s resident reporter on the threshold of the 47th ASEAN Summit and Related Summits in Malaysia on October 26-28, he said that Vietnam has made remarkable contributions to the bloc since its accession in 1995, particularly in the areas of economy, trade, investment, and maintenance of regional stability. With its increasing role, the country has been seen as one of the core drivers propelling ASEAN’s development toward the Community Vision 2045.
Vietnam has established itself as one of the region's fastest-growing economies, he said, adding the country is swiftly transitioning to a new economic model, leading in such critical domains as energy transformation, green economy initiatives, digital economy development, essential minerals extraction, and emerging as a new hub for FDI and advanced manufacturing.
The country’s development has created a domino effect for the whole region which is striving to follow the same trajectory. Vietnam is functioning as a regional magnet, attracting capital, resources and technologies from external partners.
Collins noted that Vietnam has also become a top destination in the "China Plus One" strategy, he said, adding as businesses are relocating production outside China in search of more competitive environments and sustainable long-term economic benefits, Southeast Asia presents the most suitable foundation, with Vietnam leading the charge. He predicted that Vietnam’s economic and trade stability will expand its influence over the next 10-20 years.
On regional security and stability, Collins underscored that Vietnam has pursued the principles of neutrality, strategic balance, and non-alignment that are similar to those of ASEAN. Its diplomacy and “Four No’s” defence policy helps reinforce the bloc’s approach of peace and stability through dialogue, diplomacy, and friendship.
He described Vietnam as a “great power connecter” and “power balancer”, which has maintained sound relations with major powers including the US, China, Russia, and India. Besides, its ability to connect with the Democratic People's Republic of Korea (DPRK), Russia, and the US helps ASEAN affirm its image as a rising power bloc, receiving respect from global powers and maintaining its role as a platform for dialogue.
Amidst fierce political competition, Vietnam's role in upholding ASEAN's principles has become increasingly vital. The country can provide substantial support in building any final draft or joint declaration of ASEAN, capitalising its unique diplomatic advantages to consolidate multilateral and minilateral approaches.
Boasting young demographic advantage, economic transformation, investment in advanced sectors like AI, semiconductor, and critical minerals, Vietnam is well-positioned to achieve the high-income status, he added.
Vietnam places high expectations on the 47th ASEAN Summit in Malaysia
VOV.VN - Vietnam places great expectations on the 47th ASEAN Summit and related meetings in Malaysia, helping to strengthen ASEAN’s solidarity and centrality, effectively implement the ASEAN Community Vision 2045, and elevate partnerships while expanding new areas of cooperation.
