Vietnam intensifies economic diplomacy to stimulate growth by 2025
In a recent address, Deputy Minister of Foreign Affairs Nguyen Minh Hung outlined the strategic tasks for Vietnam's economic diplomacy in the second half of 2025. The focus is on promoting economic content in foreign affairs activities, renewing traditional growth drivers, and implementing market and partner diversification policies.
The deputy minister emphasized the importance of maximizing external resources and leveraging strong political relations to boost traditional and new growth drivers for economic growth. This includes actively maintaining and expanding trade and investment cooperation with key partners such as China, Japan, Korea, the United States, the EU, and ASEAN countries. High-level foreign affairs activities with countries like China, Japan, and France are being used to foster market openings.
Vietnam is also looking to diversify its markets, with a focus on new and potential markets including Latin America, the Middle East - Africa, Central Asia, and Central Eastern Europe. This strategy aims to create breakthroughs and expand economic opportunities beyond its traditional partners.
The Ministry of Industry and Trade, in coordination with the Ministry of Foreign Affairs and other ministries, is advancing negotiations on new free trade agreements with significant potential partners, including MERCOSUR, the Gulf Cooperation Council, the Southern African Customs Union, Brazil, Bangladesh, and Egypt.
In addition to these efforts, the Ministry of Foreign Affairs will continue enhancing policy research, monitoring global developments, and providing timely policy recommendations. They will also intensify information sharing with localities and businesses regarding emerging economic trends, governance rules, and international standards.
Vietnam has been actively engaged in multilateral forums, contributing substantive input at key platforms such as the World Economic Forum, the UN Ocean Conference, BRICS, and the Mekong subregional meetings. The country has also seen success in hosting notable events like the ASEAN Future Forum and the P4G Summit, which yielded tangible outcomes in economic cooperation.
The deputy minister acknowledged that Vietnam has not fully capitalized on upgraded diplomatic relationships and favorable political ties to generate breakthroughs. To address this, efforts are being made to accelerate talks and cooperation frameworks with newly upgraded partners and promising regions, including the Middle East, Eastern Europe, Latin America, Central Asia, Pakistan, Egypt, India, and Brazil.
In terms of investment, the country is focused on resolving outstanding issues and attracting strategic projects, with special attention to high-tech sectors. The role of diplomatic task forces will be enhanced to resolve obstacles and address new issues proactively.
Economic diplomacy is being implemented with determination, proactivity, and a results-oriented mindset. Trade efforts aim to build balanced and sustainable relationships with major partners while diversifying markets, products, and supply chains. The strategic tasks for economic diplomacy align with Prime Minister Pham Minh Chinh’s directives, which include closely monitoring global developments, providing strategic advice, maintaining stable and cooperative foreign relations, linking Vietnamese enterprises with international partners, advancing free trade agreements, and engaging overseas Vietnamese experts for national modernization.
The deputy minister emphasized the proactive, specific, and substantive spirit with which these tasks have been undertaken in the first half of 2025, leading to important achievements and new directions. For the second half of the year, economic diplomacy will center on carrying out Resolution 59 on international integration and embedding economic priorities in high-level foreign affairs activities.
- The deputy minister highlighted the need to leverage strong political ties to boost traditional and new growth drivers, such as trade and investment, with key partners like China, Japan, Korea, the United States, the EU, and ASEAN countries.
- In order to create breakthroughs and expand economic opportunities, Vietnam is focusing on diversifying its markets, with a concentration on new and potential ones, including Latin America, the Middle East - Africa, Central Asia, and Central Eastern Europe.
- The Ministry of Industry and Trade, in collaboration with the Ministry of Foreign Affairs and other ministries, is negotiating new free trade agreements with significant partners, such as MERCOSUR, the Gulf Cooperation Council, the Southern African Customs Union, Brazil, Bangladesh, and Egypt.
- To remain informed about global developments and provide timely policy recommendations, the Ministry of Foreign Affairs continues to enhance policy research and information sharing with localities and businesses regarding emerging economic trends, governance rules, and international standards.
- In addition to promoting economic content in foreign affairs activities and market and partner diversification policies, Vietnam's economic diplomacy involves resolving outstanding issues and attracting strategic projects, specifically in high-tech sectors.
- The role of diplomatic task forces will be reinforced to address obstacles and new issues proactively, as Vietnam strives to capitalize on upgraded diplomatic relationships and favorable political ties to generate breakthroughs with newly upgraded partners and promising regions, including the Middle East, Eastern Europe, Latin America, Central Asia, Pakistan, Egypt, India, and Brazil.
