 Minister of Foreign Affairs Bui Thanh Son (Photo: Tuan Anh) |
2021 was a difficult year which posed unprecedented challenges to the global and Vietnamese economy. But the Vietnamese economy still saw positive growth, partly due to economic diplomacy’s success in creating a favorable global environment and efficiently mobilizing external resources for national development and integration.
Strong implementation
The recommendations of economic diplomacy have helped businesses maintain and expand investment overseas. Foreign Minister Bui Thanh Son said: “Economic diplomacy has been strong and effective. Despite the COVID-19 pandemic, economic cooperation with partners has increased, particularly exports. Last year Vietnam’s export turnover reached 600 billion USD. We have promoted health diplomacy and vaccine diplomacy and taken advantage of foreign support for COVID-19 prevention and control.”
Vaccine diplomacy has helped the government and sectors quickly control the pandemic. In just four months, Vietnam went from having the lowest vaccination rate in the region to having the 6th best vaccine coverage in the world.
The government and Prime Minister have held direct talks with FDI businesses to help them expand operations.
Recovery and growth are top priorities
This year countries have reopened for economic recovery, revived tourism, enhanced green transition and digitalization, and restructured global supply chains, creating new opportunities for localities and businesses.
Economic diplomacy, under the motto "drastic, innovative, proactive, effective, and creative", has 3 main tasks: contributing to socio-economic recovery and development; promoting growth model reform, green and clean growth, and digitalization; and helping businesses connect with foreign markets and take advantage of new opportunities.
The world is in the 4th Industrial Revolution, a transformation having a strong impact on all countries, governments, businesses, and people. In addition to the direction of government leaders and the close coordination of ministries, all localities, businesses, and Vietnamese representative agencies abroad must consider it a top priority to seize the opportunities of Industry 4.0.
Vietnamese Ambassador to the US Ha Kim Ngoc said it’s important to get overseas Vietnamese to invest in Vietnam. “We have to focus on contemporary trends like high-tech and innovation. Localities should invest in new sectors to attract overseas Vietnamese intellectuals and create a favorable environment for them. Localities should create an environment, infrastructure, and policies to encourage and effectively use talented people,” Ngoc said.
The diplomatic sector has built a firm foundation for economic diplomacy, contributing to national development. Party leader Nguyen Phu Trong has called for more effective economic diplomacy to deepen relationships with Vietnam’s partners.