With a view to boosting economic cooperation, including expansion of exports and attraction of more investment, diplomatic economic activities will continue to be amplified, according to the Ministry of Foreign Affairs.

The ministry (MoFA) last week reported that the diplomatic sector plans to place a major priority on beefing up the country’s key growth impetuses, which includes exports, investment, tourism, and also agriculture, as well as new growth driving forces such as digital transformation, green development, circular economy, sharing economy, and innovation.

“We will continue working with Vietnam’s partner nations to elevate relations, and also with big investors to attract them into the country to implement projects, which will help benefit enterprises and individuals,” said MoFA Minister Bui Thanh Son at last week’s 32nd Diplomatic Conference organised in Hanoi.

In an example, the MoFA is now working with relevant ministries and agencies in Vietnam and Singapore to make preparations for both nations to lift their existing strategic partnership to a comprehensive strategic partnership.

At last week’s meeting between Prime Minister Pham Minh Chinh and his Singaporean counterpart Lee Hsien Loong, both leaders agreed to promote the implementation of high-level agreements, including facilitating trade and investment, and cooperation in clean energy, education and training, and people-to-people exchanges.

They said authorised agencies of the two nations “will soon discuss the implications towards upgrading the relationship between Vietnam and Singapore to a comprehensive strategic partnership at the appropriate time.”

The two prime ministers also agreed to concretise the established Digital-Green Economic Partnership, expand the network of Vietnam-Singapore industrial parks to remote localities up and down Vietnam, and also encourage the further conversion of their traditional parks into smart, green, and low-carbon integrated complexes.

Diplomatic activities have taken place vibrantly and have become a big highlight in 2023, including welcoming leaders of China, the US, Laos, Cambodia, and more, Party General Secretary Nguyen Phu Trong noted at the conference.

“From a country formerly under siege and embargo, we have expanded and deepened relations with 193 countries and territories, including three with special relations, six with comprehensive strategic partners, 12 strategic partners, and 12 comprehensive partners,” he added.

According to Minister Son, foreign affairs and diplomacy have been promoting their pioneering role in mobilising external resources, making important contributions to the country’s socioeconomic recovery and development.

“Economic diplomacy has expanded and deepened economic cooperation with many partners, contributing to ensuring macroeconomy, major balances, economic growth promotion, and expansion of exports and imports, while helping to attract many new resources, including foreign direct investment (FDI), official development assistance, and science and technology,” Son said.

“This has helped bring Vietnam into the group of 40 largest economies in the world and top 20 economies in terms of trade and FDI.”

According to the Ministry of Industry and Trade (MoIT), further international integration has enabled Vietnam’s export turnover to rise from $243.7 billion in 2018 to $371.7 billion last year.

The MoFA is now combining with the MoIT to work with many nations importing Vietnamese goods about removing trade barriers and increasing purchasing the goods.

In an example, China will soon further open its market for Vietnamese goods, especially high-quality agricultural and aquatic products and fruits. It will also coordinate in creating better conditions for quarantine and customs clearance, and stand ready to work together with Vietnam to address obstacles related to institutions and policies.

Vietnam and China two weeks ago agreed to boost cross-border standard railway connectivity, and study the possible construction of the standard Lao Cai, Hanoi, and Haiphong railway system, and the Dong Dang-Hanoi, and Mong Cai, Halong, and Haiphong railway lines.

When it comes to FDI, as of November 20, Vietnam wooed nearly 38,850 valid projects registered at $462.4 billion, of which over $294 billion or more than 63 per cent has been disbursed. In the January-November 20 period, the registered FDI in Vietnam experienced significant growth, reaching almost $29 billion, up nearly 15 per cent on-year.

“The diplomatic sector is actively contributing to promoting Vietnam’s international economic integration and connectivity, and actively mobilising and attracting resources for new growth drivers, green financial sources, and investment for energy conversion and developing high technology,” said Deputy Minister of Foreign Affairs Nguyen Minh Vu.

“Moreover, the MoFA has also actively promoted the implementation and supported the establishment of international economic cooperation and linkage frameworks, including 15 signed free trade agreements, signing deals ​​with Israel and continue to promote negotiations with the European Free Trade Association, the UAE, and the Mercosur bloc of nations.”

Vietnam Investment Review