Important prerequisites for development of Vietnam - US economic diplomacy

Vietnamese Ambassador to the US Nguyen Quoc Dung made the statement during a recent media interview held to discuss the outcomes of conference on the implementation of the Government’s action programme materializing a directive by the Party Central Committee's Secretariat on economic diplomacy, which took place in Hanoi last month.

This represents the biggest-ever conference on economic diplomacy, he said, adding that it will help to raise the confidence of Vietnamese representative offices abroad in terms of economic diplomacy, which has received strong support from the Government, ministries, and agencies at home.

Noting challenges faced by the global economy, Ambassador Dung also pointed to favourable conditions for the country to tap into the US market. He took the example of the US’s diverse demand for goods, as well as the Vietnamese side’s attractiveness in terms of geographical location, policies adopted by the Government, and capacity of localities and businesses.

The nation is currently working on the Indo-Pacific Economic Framework for Prosperity, while the US plays host to the Asia-Pacific Economic Cooperation (APEC) this year, which would facilitate economic links between the two countries, the Ambassador added.  

Ambassador Dung suggested that the country maintain the market to increase its exports to the US, work to protect the legitimate rights of businesses in the face of anti-dumping and trade fraud investigations on Vietnamese goods, and step up trade promotion in areas where Vietnam has demand and the US has strengths such as renewable energy, the semiconductor industry, and high-tech agriculture.

The diplomat emphasized that US investors have expanded their operations in the Vietnamese, whilst many others have shown their interest in the Southeast Asian market.

Most notably, more Vietnamese firms have invested in the US and they have received plenty of appreciation from the host country.

These are favourable conditions for Vietnamese economic diplomacy in the US, the Ambassador went on to say.
To improve economy diplomacy, Ambassador Dung stressed the need to raise public awareness of the work, tighten co-ordination between ministries and agencies, and increase resources, both in terms of workforce and finance, for both units at home and representative offices abroad.