4-7-2023 (HANOI) In a conference focused on enhancing economic diplomacy, Prime Minister Pham Minh Chinh emphasized that while Vietnam’s economy is open, its scale remains modest, and its competitiveness and resilience against external shocks are limited. The traditional and large markets of Vietnam have been contracting, with imports from Vietnam reduced by up to 50% in many places. In light of these circumstances, the Prime Minister underscored the need for an indomitable spirit and determination to overcome difficulties and challenges through effective diplomatic and economic measures. With inflation under control and gradually decreasing over the months, Vietnam’s priority lies in promoting growth through the stimulation of consumer spending, investment, and exports.
Regarding the focal point of economic diplomacy for the remaining months of the year, the Prime Minister highlighted the importance of adopting the “bamboo diplomacy” spirit. This entails seizing collaboration opportunities while ensuring a strategic balance and fostering harmonious relationships with major and important partners.
Reaffirming the principle of “no hesitation as long as it yields the highest effectiveness,” as demonstrated during the vaccine diplomacy amid the pandemic, the Prime Minister directed the foreign affairs sector to prioritize national and people’s interests, substantive effectiveness, and uphold international solidarity and multilateralism, considering both the people as the subject and center of impetus.
The Prime Minister outlined the major orientation of prioritizing new growth drivers, including digital transformation, green development, circular economy, sharing economy, innovation, and diversification of markets, products, and supply chains. Policy initiatives must be coupled with specific incentives to promote these sectors.
According to him, economic diplomacy must serve as a strong impetus for the rapid and sustainable development of the nation. Thus, it is crucial to promote cooperation mechanisms that strategically benefit Vietnam, such as infrastructure development, semiconductor industry, hydrogen, renewable energy, biotechnology, agriculture, high-quality human resource training, and cooperation in climate change adaptation.
The Prime Minister directed the utilization of every opportunity to boost economic growth, particularly in investment and exports. Simultaneously, attention must be given to enhancing product quality, reinforcing the main export markets, and capitalizing on the potential for developing agricultural products and fruits and vegetables. The effectiveness of signed Free Trade Agreements (FTAs) should be maximized, and the FTA network with potential partners should be expanded.
The Prime Minister expressed the viewpoint of attracting high-quality foreign direct investment (FDI) while capitalizing on Official Development Assistance (ODA) and concessional loans. Additionally, efforts should be made to persuade investors to expand their investments in emerging sectors in Vietnam.
Regarding tourism promotion, taking into account the recently revised visa and immigration policies, the Prime Minister urged to “maximize the opportunity presented by the strong recovery of international tourism.” He also emphasized the need to boost labor exports amid the shortage of labor force in many countries post-COVID-19.
As reported in the conference, during the external activities of the Party, the State, the Government, and ministries, economic matters were prioritized with the signing of 70 agreements.
The ambassadors and heads of representative agencies for the 2023-2026 term have engaged in discussions with nine ministries and sectors, over 100 associations, and large enterprises to understand the support needs for promoting cooperation and resolving difficulties.
