Vietnam - Growth engine and strategic balance of ASEAN

In an interview with VNA reporters ahead of the 47th ASEAN Summit taking place in late October in Kuala Lumpur, foreign affairs, security and strategy analyst at the University of Malaya (Malaysia), Collins Chong Yew Keat, emphasized that Vietnam is a key member, playing the role of an economic engine, a center of connecting major powers, and an ASEAN member that strongly supports dialogue and diplomacy to resolve conflicts.

Mr. Collins commented that Vietnam has made extremely profound and prominent contributions to ASEAN since joining in the 90s, especially in the fields of economics , trade, investment, and maintaining regional stability.

With its growing role, Vietnam is seen as one of the key factors driving ASEAN's development towards Vision 2045.

According to analyst Collins, Vietnam is emerging as one of the fastest growing regional economies. Specifically, Vietnam is rapidly transitioning to a new economic model, leading in key areas such as energy transition, green economy, digital economy, critical minerals, and is a new powerhouse of foreign direct investment (FDI) and advanced manufacturing.

Vietnam’s development is creating a positive spillover effect for the entire region, as ASEAN as a whole is also trying to move in the same direction. Vietnam is acting as a regional hub to attract capital, resources and technology from outside.

Expert Collins said that Vietnam is also seen as a top choice in the "China+1" strategy.

As businesses look to shift manufacturing operations out of China to seek more competitive locations that deliver long-term positive economic impact, Southeast Asia is the most suitable platform, and Vietnam is one of the leading places to navigate the post-China development phase.

Vietnam's economic and trade stability will expand its influence over the next 10 to 20 years, contributing to the integration of regional economic investment.

In terms of regional security and stability, Vietnam has played a prominent role in pursuing principles similar to ASEAN, such as neutrality, strategic balance and non-alignment with any major power.

Vietnam's bamboo diplomacy and "four no's" policy reinforce ASEAN's common approach of maintaining peace and stability through dialogue, diplomacy and friendly relations, without the need for direct military alliances.

Mr. Collins assessed that Vietnam also plays the role of "great power connector" or "power balancer" between different regions and powers.

Thanks to good relations with most major powers (US, China, Russia, India), Vietnam has an important geographical advantage, helping to strengthen defense and security cooperation without direct military links.

In the context of fierce geopolitical competition, Vietnam’s role in maintaining ASEAN’s principles is becoming increasingly important. Vietnam can greatly assist in the development of any final draft or joint statement of ASEAN, using its unique diplomatic advantages to strengthen multilateral and sub-multilateral approaches.

With current positive indicators, Vietnam is expected to be one of the key, if not the most important, factors driving ASEAN forward in the next 20 years.

The large demographic factor with a high proportion of young population will give Vietnam a positive advantage in economic expansion and enhance economic resilience in the future.

With its economic transformation efforts and investments in high technology (such as artificial intelligence, semiconductors, and critical minerals), Vietnam is leading the race to achieve high-income status.

Vietnam’s expanding role, including its ability to connect key actors such as North Korea, Russia, and the United States, helps ASEAN develop as an expanding regional power. This helps ASEAN assert itself as a “rising power,” attracting attention and respect from major powers, while maintaining its role as a balancer of power and a platform for dialogue./.

(TTXVN/Vietnam+)

Source: https://www.vietnamplus.vn/viet-nam-dong-luc-tang-truong-va-can-bang-chien-luoc-cua-asean-post1072360.vnp