In the final days of the year, the impact of economic diplomacy has become even more evident through cooperation agreements with global tech giants. NVIDIA, a leading company in artificial intelligence (AI), has committed to establishing an AI research and development centre and an AI data centre in Vietnam. Meanwhile, Apple has announced plans to increase investment in its supply chain, adding another crucial piece to solidify Vietnam's position on the global technology manufacturing map. These are vivid demonstrations of Vietnam's "technology diplomacy" approach, opening doors for its economy to enter the era of global innovation.
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Prime Minister Pham Minh Chinh and Jensen Huang, NVIDIA President and CEO enjoy Hanoi street food on December 5, 2024. |
Economic diplomacy in Vietnam is focused not only on maintaining growth momentum but also on renewing drivers of growth, from traditional pillars such as exports and investment to new areas like the digital economy, green economy, and circular economy, as well as breakthrough sectors like high-tech, innovation, semiconductor, hydrogen, AI, and the Halal industry. Through nearly 60 diplomatic activities by the Party and State leaders and over 170 cooperation agreements throughout the year, Vietnam has connected with global partners, particularly unlocking new growth drivers from Latin America to the Middle East, Africa, and members of the Group of Seven (G7).
A key highlight in 2024 was the working visit by To Lam, in his position as Party General Secretary and State President, to the U.S. in September to attend the High-Level Week of the 79th session of the United Nations General Assembly. His meetings with leaders of top global groups such as Apple, Meta, and Google laid a solid foundation for foreign direct investment (FDI) attraction, technology transfer, and the development of innovative sectors such as AI, digital transformation, and the Internet of Things (IoT). These opportunities will promote sustainable growth for Vietnam's economy but also lay the groundwork for the country to enter an era of comprehensive innovation and integration into global supply chains.
The visit by State President Luong Cuong to Chile and Peru in November has helped enhance economic and trade relations, particularly within the framework of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as well as in areas like information technology, digital transformation, and smart city building.
Meanwhile, Prime Minister Pham Minh Chinh's trip to Brazil has contributed to elevating the two countries’ relations to a strategic partnership, opening up broader cooperation opportunities. Brazil will serve as a gateway for Vietnam to access Latin American markets and the Southern Common Market (MERCOSUR), as Vietnam is negotiating a free trade agreement with this bloc.
Vietnam's economic diplomacy has also left a bold mark in the Middle East. The Government leader's visits to the United Arab Emirates (UAE), Qatar, and Saudi Arabia have brought breakthroughs in cooperation on clean energy, green transition, and Halal industry development. The signing of the Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the UAE is seen as a historic milestone, not only paving the way for Vietnam to enter the Middle Eastern and African markets but also serving as a solid stepping stone for bilateral strategic cooperation. According to Vietnam's Ambassador to the UAE Nguyen Thanh Diep, the CEPA will promote the transfer of technical and managerial expertise, support human resources training, and facilitate investment in Halal certification centers in Vietnam. These steps not only contribute to building a domestic Halal ecosystem but also help Vietnam integrate more deeply into global supply chains, affirming its new position on the international trade map.
Regarding the Halal industry, Malaysia has become an ideal strategic partner to support Vietnam in developing this sector, following the official visit to the country by Party General Secretary To Lam on November 21 - 23, during which the two countries upgraded their relations to a comprehensive strategic partnership. Jamilah Haji Hassan, Senior Director of ASEAN Economic Integration at Malaysia’s Ministry of International Trade and Industry, stated that Malaysia is ready to assist Vietnamese businesses in improving production processes and obtaining Halal certificates, helping Vietnam penetrate the Muslim market. On the last days of this year, around 1,000 Vietnamese companies were awarded Halal certificates, with over 3,000 products showcased at the Halal Melaka Festival 2024 in Malaysia, paving the way for connections between Vietnamese businesses and international partners.
The upgrade of ties with Australia, France, and Malaysia to comprehensive strategic partnerships in 2024 has enabled Vietnam to expand cooperation in strategic fields such as renewable energy, innovation, and climate change response. In an interview with the Vietnam News Agency’s correspondent in Sydney, Hal Hill, an emeritus professor at the Crawford School of Public Policy at the Australian National University, emphasized that these partnerships will help Vietnam remain resilient in the face of global fluctuations while effectively implementing its economic diversification strategy. Professor Chu Hoang Long, also from the Australian National University, affirmed that these developments present an opportunity for Vietnam to attract additional key investments in renewable energy, foster innovation, and strengthen its position on the global economic map.
For France, the upgrade of bilateral relations has created momentum to drive cooperation in such areas as nuclear technology, energy transition, urban transportation, and railways. In addition, both sides are also looking to expand collaboration in satellite technology and the digital economy - sectors with significant potential to support Vietnam in modernizing its infrastructure and achieving sustainable development.
With Malaysia, Collins Chong Yew Keat, an expert from the University of Malaya, said that the two countries will further strengthen cooperation in key industries that are crucial to addressing regional and global geopolitical and geoeconomic issues, including semiconductor, green energy, and the digital economy.
Vietnam is also continuing to reinforce and elevate its comprehensive strategic partnerships with key partners such as China, Russia, India, the Republic Korea, the U.S., and Japan, while advancing trade links with the European Union (E.U.). These efforts not only affirm its position on the global stage but also generate significant opportunities to deepen collaboration in various strategic sectors.
The enhanced multilateral economic cooperation is paving the way for Vietnam to firmly establish its position in the global economy. In 2024, the country has made significant strides in deepening its strategic relationships, especially at major multilateral forums such as the U.N., the Asia-Pacific Economic Cooperation (APEC), the Association of Southeast Asian Nations (ASEAN), the G7, and the Group of Twenty (G20). Vietnam's proposals and initiatives on digital transformation, green transition, global governance, and sustainable supply chains have helped shape the regional and global economic orders in a more open and sustainable direction.
Through multilateral activities, Vietnam's image as a dynamic economy, ready to cooperate in and contribute to global issues, has been reinforced. As a result, a "grand path" is opening up for the country to promote "infrastructure diplomacy," particularly in high-speed rail, seaport, and airport projects to attract preferential loans from strategic partners such as Japan, the RoK, and international financial institutions.
Sustainable links in strategic sectors continue to promise prospects for economic diplomacy to make strong breakthroughs in the coming year, particularly in areas such as aerospace, marine space, and emerging sectors like the sharing economy and the night economy. The grand path has been paved for Vietnam to prepare for further strategic advances in the era of the nation’s rise.
Source: VNA