Deputy FM affirms role of economic diplomacy in new era of national development
VOV.VN - Deputy Minister of Foreign Affairs Nguyen Minh Hang has emphasized that economic diplomacy is becoming increasingly substantive and systematic, following the “three clarities” principle of clear results, clear products, and clear contributions to socio-economic development, thereby laying the foundation for the country to enter a new era of advancement.
Economic diplomacy creates breakthroughs in 2024
Last year, amid global fluctuations, economic diplomacy was implemented both decisively and effectively, following Directive 15 of the Party Secretariat and Resolution 21 of the Government, making an important contribution to socio-economic achievements.
Economic diplomacy has become a key component of nearly 60 high-level diplomatic activities, resulting in over 170 co-operation agreements, strengthening trade, investment, tourism, and labour ties with major partners such as Northeast Asia, the United States, and India. Simultaneously, new growth drivers have been actively promoted, with notable examples including technology collaboration with major groups such as NVIDIA, Amkor, LG, Hyosung, and Foxcom.
Market diversification efforts have also yielded significant results, particularly in Latin America, the Middle East, Africa, and Eastern Europe. Vietnam signed a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE), opening a new phase of co-operation in economic, trade, and investment. Additionally, economic diplomacy has actively supported localities and businesses as they seek to expand international relations, with over 700 trade, investment, and tourism promotion activities carried out.
Economic diplomacy – a driving force for national development
According to the Vietnamese diplomat, economic diplomacy has never been promoted as strongly as it is now. It has become a central task of Vietnamese foreign affairs and a driving force for the cause of sustainable development. The Prime Minister has directed the strengthening of economic diplomacy, viewing it as a tool to navigate challenges and attract greater resources for the cause of national development.
The nation is entering a new phase of development with targets set for 2030 and 2045. The economy currently stands at nearly US$480 billion, ranking 33rd globally, with a per capita income of US$4,700. Vietnam has become an important link in the global supply chain. The international community highly appreciates the country’s development potential, regarding it as a model for co-operation. Therefore, promoting economic diplomacy can be viewed as an essential requirement to seize opportunities from international integration.
Key focuses of economic diplomacy in 2025
This year holds great significance as a pivotal phase in the 2021 to 2025 development plan. Economic diplomacy will be implemented under the principle of “saying it means doing it, committing means executing, executing means achieving results”, with five key focuses:
- Promoting high-level diplomacy to expand relations with key partners and leveraging opportunities at multilateral forums hosted by Vietnam, such as the P4G Summit and the ASEAN Future Forum.
- Effectively implementing high-level agreements and resolving co-operation challenges, such as lifting the IUU yellow card, developing border gate economies, and enhancing transportation connectivity, especially the three railway routes linking China.
- Expanding economic, trade, and investment relations, tapping into potential markets such as Halal, Africa, South Asia, and Latin America; boosting the aviation industry and signing new Free Trade Agreements (FTAs).
- Driving new growth engines, focusing on technology diplomacy, semiconductors, the digital economy, and collaboration with major tech corporations such as NVIDIA, while exploring opportunities in science and technology, as well as AI co-operation.
- Strengthening the role of policy advisory, researching solutions to attract resources for the development of green economy, digital economy, circular economy, artificial intelligence, and climate change adaptation.
Deputy Minister Nguyen Minh Hang expressed confidence that through the close co-ordination between the Ministry of Foreign Affairs, other ministries, localities, and businesses, economic diplomacy will continue to achieve breakthroughs and make substantive contributions to the country's development moving forward.
