In 2010, Vietnam’s economic diplomacy saw many important events. The country not only attended but also presided over many big international economic forums. Its successes were attributed to the diplomatic sector.

Economic diplomacy has been supported by all ministries, departments, localities, businesses and diplomatic agencies. It becomes a necessary for the world’s development when countries integrate and work closely with each other. The diplomatic sector is very proud of its contribution to the development of the national economy.

2010 was the year when Vietnam assumed the ASEAN presidency and witnessed a wide range of economic events together with political and cultural events. Vietnam together with other ASEAN countries approved many important decisions to build a prosperous economic community, such as the statement on sustained recovery and development, the master plan on ASEAN connectivity, and the statement on human resources and skills development for economic recovery and sustainable growth. The country has actively attended and presided over many big conferences, such as the ASEAN Business Forum, and a meeting between businesses from ASEAN countries and partners.

As the ASEAN president, Vietnam actively and effectively took part in two G20 summits in Canada and the Republic of Korea. This was the first time Vietnam attended such a big international events with the participation of the world’s leading economies to discuss global economic issues. The presence of Vietnamese Prime Minister at the G20 is the more significant as the G20 is the world’s leading management institution.

Vietnam raised common voice of developing countries in the world, for which it was praised by the international community. Initiatives that Vietnam put forth in 2010 will be implemented in the following years, helping us to leave a landmark in the regional and international economy.

The diplomatic sector took full advantages of Vietnam’s ASEAN presidency to open cooperative prospects for the following years. This was the first time Vietnam presided over the East Asia Economic Forum in Hanoi, which attracted the largest number of politicians, leaders of leading businesses and scholars from the region and the world.

Vietnam also successfully invited Russian and American leaders to attend the East Asia summit for the first time, which was a turning point and created favourable conditions for economic cooperation in a large community.

The economic diplomacy plays a major role in providing information for other countries about Vietnam as a politically stale country, and an attractive destination for investment, trade and tourism.

Vietnam signed 67 agreements and cooperation deals, creating a favourable framework for bilateral trade and economic relations with other countries. They included three strategic events: First was the agreement with Russia to build the nuclear power plant No1 in Vietnam during the President Dimitry Medvedev’s visit to Vietnam and the agreement with Japan to build the nuclear power plant No2 in Vietnam during the Japanese Prime Minister Naoto Kan’s visit to Vietnam.

Second, international donors pledged to provide more than US$7.9 billion to Vietnam in 2011, nearly equal to that of 2010. The goodwill was explained by the World Bank Director in Vietnam, Victoria Kwakwa who said that the international community was contented with Vietnam’s effective use of ODA and that the country needs more capital for development although it become the average income country and the international donors have not really recovered after the financial storm.

Third, a “Vietnam-Africa cooperate for sustainable development” seminar was held with the participation of more than 50 delegates from Africa and many international organisations, including Vice General Secretary of the United Nations. It helped to strengthen the co-operation between Vietnam and Africa.

Furthermore, the international economic integration process has made significant progress, helping Vietnam integrate more deeply and comprehensively into the rest of the world.

Vietnam have actively taken part in multilateral and international economic institutions, including WTO, APEC, ASEM, ASEAN, ACMECS and CLV and successfully signed Partnership and Cooperation Agreement (PCA) with the European Union at the ASEM 8. Currently, the Ministry of Foreign Affairs and relevant agencies are negotiating to sign Trans-Pacific Strategic Economic Partnership Agreement (TPP) with the US, Australia, Brunei, Chile, New Zealand, Peru and Singapore.

To continue its role as a friendship bridge for national development, in 2011 the economic diplomacy will be further implemented more by the Party and State to become an effective tool for the country’s sustainable and rapid development. To fulfill the target a close and timely coordination among agencies is necessary at home and between its representatives abroad so as not to miss any opportunity for economic development.