Economic diplomacy is a new and important driver for breakthrough growth.

This afternoon, December 20th, Prime Minister Pham Minh Chinh and Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son chaired an online conference with ambassadors and heads of Vietnamese representative offices abroad to review economic diplomacy work in 2024 and the focus of work in 2025. Vice Chairman of the Provincial People's Committee Le Duc Tien attended the conference at the Quang Tri branch.

Prime Minister Pham Minh Chinh: Economic diplomacy is a new and important driving force for breakthrough growth.

Vice Chairman of the Provincial People's Committee Le Duc Tien attends the conference at the Quang Tri branch - Photo: LA

According to the Ministry of Foreign Affairs' report, in 2024, economic diplomacy was implemented with a decisive and proactive spirit, opening up many new and groundbreaking directions, achieving many important results, and making increasingly substantive and effective contributions to the realization of socio-economic development goals.

In nearly 60 key leadership diplomatic activities in 2024, economic issues became the central focus, yielding concrete and substantive results. Over 170 cooperation agreements were signed during high-level activities. These high-level and other exchanges boosted and renewed traditional growth drivers by strengthening cooperation in trade, investment, tourism, and labor with major markets and key investment partners, especially in Northeast Asia.

Actively promote strong international cooperation in science and technology and innovation, digital economy, and green economy. Promote technology diplomacy and semiconductor diplomacy with key partners and leading technology corporations.

Promote market diversification and partner diversification, continue to effectively exploit traditional markets, and decisively implement breakthroughs in new, potential markets. Actively participate and make substantial contributions to international and regional multilateral forums, contributing to enhancing the country's prestige and position, and attracting resources for development.

Strategic advisory work and policy proposals serving socio-economic management, closely aligned with the country's development requirements, have been carried out promptly. Specifically, approximately 70 reports have been prepared for regular government meetings, specialized reports, and ad hoc reports on emerging issues such as attracting investment in strategic sectors, artificial intelligence (AI), offshore wind power, and sustainable aviation development; as well as reports on the domestic political situation and economic policy adjustments of other countries.

The implementation of the results of high-level visits has been accelerated, effectively contributing to the realization of strategic breakthroughs. At the same time, it has actively supported localities and businesses in expanding international economic relations, with a spirit of putting people, localities, and businesses at the center of service.

Regarding economic diplomacy in 2025, the Ministry of Foreign Affairs will focus on five key areas: Strengthening the economic diplomacy aspect in foreign affairs activities in 2025, especially with key partners and important partners, and expanding relations with potential partners.

Strengthen the development of specific plans and establish mechanisms for exchange with partners on enhancing the implementation of high-level agreements and commitments; promote and create breakthroughs in economic, trade, investment, and labor relations, serving the practical goals of development.

Promoting new growth drivers, with technology diplomacy, semiconductor diplomacy, and digital economy diplomacy as the focus and breakthrough of economic diplomacy in the new era; continuing to prioritize research and advisory work, focusing on adjustments to fiscal and monetary policies, promoting economic growth in major and important economies, the developments of conflicts and their impact on the global economy, and major issues and trends in the world economy.

Concluding the conference, Prime Minister Pham Minh Chinh affirmed that economic diplomacy is identified as a new and important driving force, creating momentum for breakthrough growth. Economic diplomacy has been institutionalized and systematized in a systematic manner, with the consensus and participation of the entire political system, and close coordination of ministries, sectors, and localities. This contributes to making relations between Vietnam and its partners increasingly substantive and in-depth, making a positive contribution to the socio-economic development of the country.

To achieve breakthrough growth targets in 2025, greater efforts are required from ministries, localities, businesses, ambassadors, and heads of representative offices abroad in economic diplomacy; in particular, it is necessary to promote the signing of agreements and focus on removing legal obstacles to facilitate investment and export activities.

Revitalize traditional growth drivers; effectively exploit new growth drivers. Promote international economic integration and linkages; strengthen connections between domestic and foreign businesses. Continue to attract and promote practical and effective investment; diversify markets, products, and supply chains; strengthen brand building; access and exploit new, high-potential markets. Research new, breakthrough solutions in attracting high-tech investment, investment in new sectors, and key strategic projects.

Establish specialized partnership frameworks with partner countries in science and technology, semiconductors, and AI; attract high-tech FDI linked to technology transfer... Specifically, maximize the potential of cooperation frameworks with key partners to create momentum and lead the formation of high-tech supply chains in our country.

Simultaneously, urgently address shortcomings and limitations in research, forecasting, and advisory work. Research diversify visa policies. Develop specific incentive mechanisms to effectively seize and utilize opportunities arising from new global trends and supply chain shifts in key sectors such as the semiconductor industry.

Comment (0)