Minister of Industry and Trade Nguyen Hong Dien (Photo: moit.gov.vn)

Vietnam has established relations with 224 trade partners and 500 international organizations. Vietnam has signed 90 bilateral trade agreements, 60 investment promotion and protection agreements, and 17 free trade agreements. Despite unprecedented challenges as a result of the COVID-19 pandemic, Vietnam’s export-import revenue in 2020 totaled 545 billion USD and is forecast to surpass 660 billion USD in 2021, landing Vietnam in the top 20 economies in terms of international trade.

Minister Dien proposed developing fundamental industries and forming giant industrial groups to improve Vietnam’s competitive edge, stay connected to the global supply chain, and to build an independent, self-reliant economy based on the multilateralization and diversification of international trade relations. Vietnam aims for a harmonization of national interest with that of other countries when promoting its international trade relations, said Minister Dien.    

“Vietnam will fine-tune its institutions and devise new strategies on international economic integration by participating in new-generation free trade agreements and tapping its existing free trade agreements for its sustainable development. National interests are always the top priorities. Vietnam will expand its economic ties with major, potential partners to leverage its economy,” according to Minister Dien.