Five focal points of economic diplomacy work in 2024: FM Bui Thanh Son

WVR - On April 2, Prime Minister Pham Minh Chinh chaired a hybrid conference with Vietnamese representative Missions abroad and provinces and cities nationwide to discuss enhancing economic diplomacy. Participation in the conference also included Deputy Prime Minister Tran Luu Quang, Ministers of Foreign Affairs, Industry and Trade, Planning and Investment, Information and Communication, Agriculture and Rural Development; Heads of Vietnam's representative Missions abroad, leaders of business associations.
Five economic diplomacy focal points in 2024: FM Bui Thanh Son
Prime Minister Pham Minh Chinh chaired a hybrid conference with Vietnamese representative Missions abroad and provinces and cities nationwide to discuss enhancing economic diplomacy. (Photo: Anh Son)

Reporting at the conference, Foreign Minister Bui Thanh Son affirmed that economic diplomacy has received close attention and strong direction from the Prime Minister and Deputy Prime Ministers.

In the past 18 months, the Prime Minister has chaired 5 economic diplomacy conferences (this conference being the 6th) to directly guide ministries, sectors, Vietnam's Representative Missions abroad, and localities in promoting economic diplomacy.

In the context of the world economy undergoing rapid and complex changes, economic diplomacy has been systematically and comprehensively implemented, gradually becoming a fundamental and central task, contributing positively to the Vietnam's economic and social development, with notable outcomes, Minister Son emphasized.

Firstly, the institutionalization and organization of economic diplomacy have been implemented in a timely and systematic manner. For the first time, the Government issued an Action Program on economic diplomacy to implement Directive 15 of the Party Central Committee; ministries, sectors, and localities actively issued action plans to specify Directive 15 of the Party Central Committee and the Government's Action Program.

The coordination and implementation of economic diplomacy have been strengthened and innovated, actively advising and establishing inter-sectoral coordination mechanisms such as: the National Steering Committee for Semiconductor Development, the Cooperation Plan for the 2023-2026 period between the Ministry of Foreign Affairs and the Ministry of Agriculture and Rural Development, the cooperation plan to attract overseas Vietnamese tourists between the Ministry of Foreign Affairs and the Ministry of Culture, Sports and Tourism, etc.

Five economic diplomacy focal points in 2024: FM Bui Thanh Son
Foreign Minister Bui Thanh Son speaks at the conference. (Photo: Anh Son)

Secondly, economic diplomacy continues to play an important role in maintaining favorable foreign relations for the country's development. Economic content remains the focus in nearly 60 high-level foreign activities from early 2023 up to now, with many economic cooperation commitments and agreements signed.

Foreign relations and economic cooperation have been expanded; the frameworks of relations with 30 strategic partners, comprehensive partners have been consolidated, expanded, elevated. Notably, since the second half of 2023, Vietnam has elevated the comprehensive strategic partnership with 4 major partners including the United States, China, Japan, Australia, with many important cooperation contents such as science and technology, semiconductors, new generation ODA, green economy, digital economy.

Thirdly, economic diplomacy directly contributes to positive results of foreign economic affairs and integration, international economic linkage. Economic diplomacy has actively supported promotion, advertizement and removal of trade barriers, advancing new directions such as developing the Halal industry, thereby expanding markets for sectors, industries, localities, and businesses.

Alongside the achievements, the Foreign Minister also pointed out some existing shortcomings and limitations in the implementation of economic diplomacy. Among these, namely, are the resolutions of lingering issues with some partners remains prolonged, unresolved, adversely affecting trade and economic relations, investment attraction, and ODA mobilization...

Vietnam has also not yet established or is in the process of studying and developing specific preferential policies and mechanisms to attract investment, develop some strategic industries. Finally, the coordination among ministries, sectors, localities, and businesses sometimes lacks synchronization; and regional connectivity among localities is still weak.

Five focal points of economic diplomacy in 2024: FM Bui Thanh Son
Khai mạc Hội nghị Thủ tướng chủ trì họp về đẩy mạnh công tác ngoại giao kinh tế phục vụ phát triển năm 2024

Foreign Minister identified 5 economic diplomacy focal points in 2024

Firstly, vigorously promote the implementation of commitments and agreements; maximize opportunities from elevating, upgrading, expanding relations with partners and transforming them into concrete projects with specific results. Efficiently organize high-level foreign activities in 2024 with economic content as the focus to deepen economic cooperation, open up new cooperation frameworks, resolve lingering issues with partners, and contribute to consolidating favorable foreign relations for development.

Secondly, accelerate the revitalization of traditional growth drivers, effectively exploit new growth drivers. Strengthen exports to key markets; open up new, potential markets; expedite negotiations, and sign new free trade agreements (FTAs). Accelerate the development of the Halal industry in line with the spirit of the approved Project by 2030; effectively implement tripartite agricultural cooperation with some African countries.

Intensify the transmission of the Government's strong commitment to ensuring a favorable environment for foreign investment and business in Vietnam. Focus on implementing investment cooperation, science and technology, innovation, and human resource development in semiconductor, AI, hydrogen sectors… Attract green financial sources to serve energy transition, sustainable development, especially in implementing the JETP Plan.

Promote tourism; enhance the competitiveness of Vietnamese tourism; advise the Government to issue policies to facilitate international visitors to Vietnam. Effectively implement signed labor cooperation frameworks and open up cooperation with potential labor markets.

Five focal points of economic diplomacy in 2024: FM Bui Thanh Son
Overview of the conference. (Photo: Anh Son)

Intensify advisory and implementation of new breakthrough mechanisms to efficiently mobilize resources in terms of knowledge, investment capital, and the role of overseas Vietnamese as bridges for the country's socio-economic development.

Thirdly, enhance international economic integration and linkages, elevate the country's position, and ensure the highest national interests, maintain harmony and balance in international relations. Research and clearly identify the benefits and focal points which need to be promoted, focusing on substantive and effective cooperation and attracting resources for development.

Early preparation for hosting major multilateral events. Advise on Vietnam's appropriate steps and effectively leverage new initiatives (such as IPEF, BRI, Global Gateway, AZEC, ISA…).Support enhancing the international economic integration capacity of localities and businesses.

Fourthly, enhance the acumen and quality of research and advisory work to serve the economic and social governance of the Government. The focus is on the global and regional economic situation; experiences of countries in addressing the difficulties and challenges of the economy, developing semiconductor, AI, green hydrogen sectors…

Implement strategic research to serve the 14th Party Congress. Strengthen advisory services for localities, businesses to adapt to new trends, standards in international economic cooperation. Enhance dialogue, policy consultation on economic development issues.

Five focal points of economic diplomacy in 2024: FM Bui Thanh Son
Participants at the conference. (Photo: Anh Son)

Fifthly, strongly innovate the coordination in implementing economic diplomacy, such as establishing inter-sectoral coordination mechanisms and improving the efficiency of existing mechanisms to create comprehensive strength to promote the effectiveness of economic diplomatic tasks.

Increase investment in resources for economic diplomacy implementation, including financial resources and human resources, personnel. Intensify communication on political-social stability, favorable business environment, investment in Vietnam, and the contribution of economic diplomacy to the country's economic development.

On this occasion, Minister Son affirmed that there is increasingly strong unity and consensus in implementing economic diplomacy between Party's external relations, State diplomacy, people-to-people diplomacy, among economic-cultural-social pillars, creating comprehensive strength to contribute more practically to the country's economic and social development in the coming time.

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