In line with the Party and the government’s policy that economic development must be a pivotal task, on April 15, 2010, the Party’s Central Committee enacted a directive to “strengthen economic diplomacy in a period of accelerating national industrialization and modernization.” The directive stressed that conducting economic diplomacy was a key task for all levels of government, in which ministries and sectors involving in external economic relations must be the pioneers.
At the MoFA, economic diplomacy has been considered to be one of the pillar of the country’s comprehensive diplomacy, with the deputy prime minister cum minister of foreign affairs promulgating a directive to “strengthen economic diplomacy during the country’s ever-deeper integration process.”
This directive was followed by the enactment of a series of follow-up directives. For example, the recent directive on “measures to boost economic diplomacy for the 2014-2015 period” was aimed at improving the effectiveness of external activities in service of Vietnam’s sustainable socio-economic development.
With a strong motto of “breakthrough, initiation, advice, information, support, and implementation,” economic diplomacy activities have played an important role in supporting Vietnam’s socio-economic development and international integration.
Bilaterally, Vietnam’s further cementing of relations with other countries has created a business-friendly climate for attracting investment and aid, making it more convenient for enterprises to do business.
Multilaterally, Vietnam’s active participation in the international arena, and its initiatives for developing this collaboration have enhanced its external position, which has brought about important results in the country’s economic relations.
In addition to cooperating with other ministries, sectors, localities, and enterprises to expand international cooperation activities in the economic, trade, and investment fields, the MoFA and Vietnam’s overseas representative agencies have also been actively promoting Vietnam’s investment and business policy and climate among international investors and the overseas Vietnamese community.
The MoFA has required these agencies to provide sufficient and precise information to the government so it can monitor the macro-economy, select effective solutions to weather all difficulties, and lure more foreign direct investment and official development assistance.
Vietnam is embarking upon a new stage of development, focusing on more comprehensive international integration. This has sparked a need to increase the effectiveness of economic diplomacy via the renewal of implementation methods, and the combination between economic diplomacy and the country’s development policies. In the time to come, economic diplomacy will be comprehensively promoted and focused on the following key points:
First, economic diplomacy must closely follow the country’s development requirement, so that it can provide the party and the government with timely advice about international economic-trade-investment issues, and so that sound socio-economic policies can be devised.
At the same time, this diplomacy must also take advantage of Vietnam’s positive cooperation with strategic partners, developed countries, traditional friends, and emerging markets in order to attract capital and technology, and expand the economy.
Second, economic diplomacy must take the initiative in reinforcing national interests and interweaving these interests with multilateral organizations, such as the World Trade Organization, the Asia-Pacific Economic Cooperation, ASEAN, the Asia-Europe Meeting, and the Mekong sub-regional cooperative groups.
This will help further increase Vietnam’s prestige in international forums. Additionally, economic diplomacy must expand its political and diplomatic lobby in order to accelerate the signing and adoption of free trade agreements between Vietnam and its partners.
Third, economic diplomacy must increase support for ministries, sectors, localities, and enterprises to expand their own external economic activities and participate in the country’s international economic integration process. It must also enhance its role as a consultant and a link for boosting the implementation of key cooperative projects with other nations.
Economic diplomacy must act as a protector of the national interest and work toward the benefit of enterprises and citizens in all economic and trade disputes.
Diplomacy and investment are closely linked. Given the context of growing globalization and international integration, the task for ministries and localities is not only focused on helping the country achieve sustainable development, but also on contributing to the shared peace, stability, and prosperity at home and abroad.
In this spirit, the diplomatic sector will continue closely working with ministries and localities, taking the lead in effectively mobilizing and using all local and international resources for Vietnam’s sustainable development, so that the country will be “well-matched with the super powers of the five continents,” as instructed by President Ho Chi Minh.
