Economic diplomacy contributes to socio-economic development: PM

Economic diplomacy has truly become a key component in all external affairs, especially high-level diplomacy, contributing effectively to implemeting strategic breakthroughs, Prime Minister Pham Minh Chinh said while chairing a conference with ambassadors and heads of Vietnamese representative agencies abroad to review the economic diplomacy work in 2024, in Hanoi on December 20.

The conference was held in a hybrid format, connecting the Government headquarters with 94 Vietnamese representative offices abroad and the People's Committees of 63 centrally-run cities and provinces nationwide.

The PM affirmed that economic diplomacy has been institutionalised and systematised in a methodical manner, gaining consensus and active participation from the entire political system, along with close coordination among ministries, sectors, and localities.

He applauded the positive results in the economic diplomacy work, which have become a highlight of Vietnam's foreign relations, noting that these have importantly contribute to the country's socio-economic development achievements.

Chinh spotlighted 700 economic diplomacy activities, trade and investment, and tourism promotion programmes carried out by Vietnam’s diplomatic missions abroad, and over 400 trade and investment promotion activities of localities in domestic areas and foreign countries in diverse and flexible formats. He said the work has become increasingly substantive and systematic.

He asked for greater determination and effort, and decisive actions to create breakthroughs in the economic diplomacy work, saying that the work must be one of key contributors to achieving the goal of 8% economic growth in 2025, and double-digit growth in the coming time.

He said the economic diplomacy work should pay heed to promoting the signing of legal frameworks such as free trade agreements (FTAs), investment protection agreement (IPAs), comprehensive economic partnership agreement (CEPA); evaluating unique potential, outstanding opportunities, and competitive advantages of Vietnam and its partners to identify potential areas for cooperation; innovating visa policies and diversifying visa types; and fostering connections between businesses of Vietnam and other countries.

He also requested renewing traditional growth drivers such as export, investment, and consumption; promoting new growth motivations such as green economy, digital economy, circular economy, knowledge economy, sharing economy, and night-time economy; and concentrating on building brands for Vietnamese products and services, and diversifying products, markets, supply chains.

It is necessacry to boost diplomacy in all fields, expand cooperation in technology, especially technology transfer related to manufacturing semiconductor chips, AI; and enhance partnership in exploiting outer space, sea space, underground space, he stressed.

The PM assigned specific tasks to Vietnamese ambassadors and heads of diplomatic representative offices abroad, including calling on US agencies to promptly remove Vietnam from the D1 - D3 lists of high-tech export restrictions, and soon recognise Vietnam's market economy; promoting cooperation with China in border gate economic development and transport connectivity, particularly railway connection; cooperating with Middle Eastern countries to build an international financial hub in Ho Chi Minh City.

He expressed his belief that with the collective strength, solidarity, and determination of ministries, sectors, localities, associations, and businesses, especially the proactive role and leadership of the diplomatic sector and Vietnamese missions abroad, the economic diplomacy work will continue to be implemented strongly, comprehensively, and more creatively with breakthrough results, contributing to laying a solid foundation for the country to enter a new era - the era of the nation’s rise.

According to the Ministry of Foreign Affairs, the economic diplomacy work has played an active role in implementing the Government's and the Prime Minister's directives to rejuvenate traditional growth drivers and foster new growth engines.

In nearly 60 foreign affairs activities conducted by high-ranking Party and State leaders in 2024, economic content became a focus, producing concrete and substantive results, especially the PM's visits to India, Australia, New Zealand, the Republic of Korea, the UAE, Qatar, Saudi Arabia, Hungary, Romania, and Dominica, along with working visits to China and Russia. Over 170 cooperation agreements were signed during these engagements.

Vietnam has increased the total number of FTAs the counry signed and joined to 17. It has actively promoted the implementation of these agreements and worked diligently to address market barriers, contributing significantly to export recovery and growth.

Economic diplomacy activities, particularly in technology, semiconductors, and innovation, has been vigorously promoted with key partners and major corporations. Prominent companies such as Apple, Intel, Google, NVIDIA, Samsung, LG, Cadence, Qorvo, Marvell, and Siemens have invested and expanded their investment and business, and established cooperative ventures with Vietnam.