Seminar talks economic diplomacy’s contributions to national development

Monday, 2020-12-07 17:52:02
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Foreign Deputy Minister Bui Thanh Son speaking at the event (Photo:
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NDO – The Ministry of Foreign Affairs (MOFA) hosted a seminar in Hanoi on December 7 under the theme ‘Economic diplomacy’s positive contributions to national development.’

In his opening speech, MOFA Deputy Minister Bui Thanh Son stressed that economic diplomacy has made a practical and effective contribution to promoting the country’s socio-economic development and international integration.

He said that the diplomacy sector in general has helped Vietnam establish trade relations with more than 224 countries and territories worldwide, facilitating Vietnam’s access to potential export markets, thus contributing to the increase of the country’s foreign trade turnover to over US$500 billion in 2019 from only US$2.9 billion in 1986.

The foreign ministry has played an active role in mobilising and attracting foreign direct investment from global partners. As a result, FDI pledged to Vietnam surpassed US$38 billion in 2019 from US$1.6 million in 1986.

The ministry has also actively engaged in the negotiations and signing of free trade agreements between Vietnam and its key economic partners, which have generated huge trade and investment opportunities for the country ,thereby building up a strong position for Vietnam in regional and global economic linkages.

According to the diplomat, various promotional activities have been held at home and abroad to advertise Vietnam as a dynamic country in the eyes of international friends, helping open up opportunities for economic cooperation between Vietnam and its foreign partners.

Participants at the event focused their discussion on the achievements of economic diplomacy since the Doi Moi (Renewal) process and suggested solutions to fostering economic diplomacy in the current situation, particularly amid the rapid, complicated and unpredictable developments of COVID-19 pandemic.