Government acts to maximize economic diplomacy benefits

The Government has recently issued Resolution 21/NQ-CP approving an action plan envisaging measures to make the best use of economic diplomacy for national development in the 2022-2026 period.

Government acts to maximize economic diplomacy benefits  - Ảnh 1.

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The action plan aims to implement Directive No. 15-CT/TW dated August 10, 2022 on economic diplomacy for the country’s development until 2030 adopted by the Secretariat of the Central Committee of the Communist Party of Viet Nam.

Accordingly, the Government defines economic diplomacy as a fundamental and central task of the diplomatic sector and an important driving force for national development, contributing to the cause of industrialization and modernization, strengthening capacity, competitiveness, and resillience of the economy. 

Economic cooperation will be come a key topic in dipomatic activities, according the the action plan.

The action plan underlines the importance of closely monitoring situations and impacts of strategic competition among major powers, strategic adjustments, policies and economic initiatives of big countries towards the region in order to take advantage of opportunities and minimizepotential threats. 

Raising efficiency of economic integration

The Government targets to effectively implement international commitments, including "new-generation" free trade agreements, bilateral and multilateral agreements in the fields of finance, customs, social insurance, labor..., whiel proactively handling problems especially arising in areas such as labor, environment as well as sustainable development. 

The Government also aims for higher position of the economy in the global value and production chain, establishing a stable and reliable network of partners for important industries and fields in favor of green transformation, sustainable development, digital transformation, technology transfer and modern technology application. 

The Government will actively perfect the defense system to protect the economy, enterprises and domestic market in line with international commitments.  

It looks to strengthen the early warning capacity of trade remedy cases, as well as the capacity to handle international trade and investment disputes. 

Policy continuation

The action plan is the follow-up step to realise what has set forth in a conference to promote economic diplomacy in service of national development chaired by Prime Minister Pham Minh Chinh in September 2022. 

At the event, Minister of Foreign Affairs Bui Thanh Son highlighted that the pioneering role of the diplomatic sector will be carried forward in building and maintaining an environment of peace and stability, mobilizing external resources to serve the national development and raising the country’s position and reputation in the international arena in 2023.

Deputy Foreign Minister Nguyen Minh Vu said that economic diplomacy was strongly promoted, becoming the central task of the whole sector as well as of all 94 Vietnamese representative offices abroad.

In 2022, the diplomatic sector quickly shifted its focus from vaccine diplomacy to economic diplomacy for national recovery and development.

The Ministry of Foreign Affairs organized more than 50 working delegations with 25 localities, held about 70 activities connecting localities with partners, supported the signing of more than 40 international cooperation documents./.

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