PM calls for focus on economic diplomacy to attract foreign investment

Vietnam needs to strengthen its economic diplomacy to attract investments from multinational companies and achieve green transformation and sustainable development, PM Pham Minh Chinh has said.

Chairing a Cabinet meeting on Thursday, he said Vietnam has gradually shifted its focus to diplomacy to serve socio-economic recovery and development.

Minister of Foreign Affairs Bui Thanh Son said one of the focuses of the country’s diplomacy this year is economic cooperation.

Chinh agreed and said economic diplomacy must be promoted to attract “high-quality investments” and Vietnam needs to take advantage of opportunities to attract external resources for green transformation.

He was referring to transitioning from a fossil fuel-based economy to one that is powered by renewable energy, and achieving sustainable development.

“Economic diplomacy needs to have a focus based on different potentials, outstanding opportunities and competitive advantages,” he said.

It also needs to promote national interests and be conducive to national security, he said.

He called for reasonable and balanced management of currency exchange and interest rates, and inflation and growth to promote growth drivers investment, exports and consumption.

This would help Vietnam diversify its markets, products and supply chains amid the difficulties in the global markets that have affected supply chains and intensified competition, he said.

Vietnam has signed 15 free trade agreements with more than 60 countries and territories, and is negotiating other with Israel and the European Free Trade Association.

It is one of 14 countries participating in negotiations for the Indo-Pacific Economic Framework for Prosperity, whose members include the U.S., India, South Korea, Japan, and Australia.

Chinh called on ministries and local authorities to improve coordination between themselves for enabling economic diplomacy.