Government acts to promote economic diplomacy for national development

The Government has recently issued a resolution approving an action program on accelerating economic diplomacy for national development for the period from 2022 to 2026.
Illustrative photo. (Photo: VNA)

Illustrative photo. (Photo: VNA)

The action plan is aimed at implementing the Party Central Committee Secretariat’s Directive No.15-CT/TW dated August 10, 2022, on economic diplomacy for the country’s development to 2030.

The Government defines economic diplomacy as a central task of the diplomatic sector, an important driving force for national development, and a pioneer in mobilizing external resources, thus contributing to the cause of industrialization and modernization, and strengthening the capacity, competitiveness, and resilience of the economy.

The action plan underlines the importance of continuing to expand and deepen relations with bilateral and multilateral forums, to make the most of political relations to promote economic cooperation and linkages to serve development.

It also stresses the need to closely monitor the impact of strategic competition among major powers, as well as strategic adjustments, policies, and economic initiatives of big countries towards the region in order to take advantage of opportunities and minimize potential threats.

The Government targets to increase the quality of international economic integration, and effectively implement international commitments, including "new-generation" free trade agreements (FTAs), and bilateral and multilateral agreements in the fields of finance, customs, social insurance, and labor. It also aims to improve the awareness and enforcement capacity of FTA commitments.

The Government also aims for a higher position of the economy in the global value and production chain, establishing a stable and reliable network of partners for important industries and fields in service of green transformation, sustainable development, digital transformation, technology transfer, and modern technology application.

It will actively perfect the defense system to protect the domestic economy, enterprises, and market in line with international commitments.

The Government also looks to strengthen the early warning capacity of trade remedy cases, as well as the capacity to handle international trade and investment disputes.

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