PM requests fostering economic diplomacy to drive growth

Highlighting the positive socio-economic results in H1, PM Chính said economic diplomacy has obtained many encouraging, substantive, and effective achievements.

Prime Minister Phạm Minh Chính on July 18 chaired a meeting with heads of Vietnamese representative agencies abroad to discuss the promotion of economic diplomacy to boost the country's economic growth in the second half of 2024 and the following years.

The event was connected with the overseas representative agencies and the People’s Committees of provinces and centrally-run cities via videoconference.

Highlighting the positive socio-economic results in H1, PM Chính said economic diplomacy has obtained many encouraging, substantive, and effective achievements.

He held that since there are more difficulties and challenges than opportunities and advantages at present, ministries, sectors, localities, especially the diplomatic sector and overseas representative agencies, must steer clear of subjectivity or losing vigilance but show strong determination, exert great efforts, and take drastic and focus-driven actions.

Vietnam is prioritising economic growth, so the traditional growth drivers, namely consumption, investment and export, must be renewed, PM Chính said, asking the overseas representative agencies to focus on bolstering exports, and to do that, they need to promote export markets by helping foster economic, trade, investment partnerships, people-to-people exchanges, and tourism.

At the same time, the country is stepping up new growth drivers, which are digital economy, circular economy, green economy, sharing economy, and knowledge-based economy, with innovation, science - technology, and the fourth Industrial Revolution being the stepping stone for development, he said, adding that the agencies should increase attracting investment to help fuel the new growth drivers.

It is necessary to connect other countries, economic regions, and economies in the world with the Vietnamese economy, connect global businesses with Vietnamese firms, and connect Vietnamese localities with other countries’ so as to capitalise on opportunities for development, the Government leader stressed.

PM Chinh noted that Việt Nam is negotiating more free trade agreements (FTAs) and enhancing political and diplomatic relations to create a favourable environment for economic, trade, and investment development. Given this, businesses need to actively coordinate with the representative bodies abroad to introduce Vietnamese products, especially those in demand, to the world, he said.

The PM asked for stepping up the expansion of Middle Eastern and South American markets, increasing the export of Halal products, and pressing on with the negotiation and signing of FTAs with countries in the Middle East, Africa, and South America.

The overseas representative agencies should keep a close watch on other countries’ trade remedies against Vietnamese exports in order to carry out early response measures, he said, adding that they also need to make use of the tourism recovery trend to help fuel domestic manufacturing, business activities, and people’s livelihoods.

In addition, the agencies, together with enterprises, ministries, and sectors, need to work out new and breakthrough measures to attract investment and finance for development, call for technology transfer from foreign partners, and grasp scientific - technological development trends as well as smart management skills to apply, the PM said.

PM Chính also requested the representative bodies to protect the rights and legitimate interests of overseas Vietnamese while promoting favourable conditions for the communities to settle down in the host countries and contribute to the homeland.

The Foreign Ministry affirmed that economic diplomacy has been implemented effectively in the first half, which has contributed to maintaining a favourable environment for national development and resource mobilisation, consolidating growth drivers, and assisting localities and enterprises in removing obstacles in investment projects

Economic affairs continued to be a key focus in 36 high-level diplomatic activities since the beginning of the year, producing many substantive and specific outcomes as seen in the signing of many cooperative agreements with partners. The country has welcomed many big foreign groups such as NVIDIA, Apple, Intel, Google, Infosys, Siemens and business delegations comprising hundreds of companies from North Europe, the US, Canada and Japan.

Việt Nam has also made the most of the 16 FTAs it has signed with 60 partners while pushing ahead with negotiations on upgrading some existing FTAs and new ones.

However, participants noted that economic cooperation with some strategic regions has not matched the framework of relations, the handling of problems in projects has not been drastic enough, and efforts to tap potential markets have failed to produce breakthrough results.

The delegates proposed that economic and technology contents continue to be included in working agenda of high-level external activities, and more information be provided to enterprises on the demand, potential and laws of other countries for higher effectiveness of economic diplomacy.