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| Dr. Nguyen Si Dung believes that Vietnam's economic diplomacy has truly gained public attention and recognition. |
Diplomacy has made an important contribution not only to ensuring peace and security for the country, but also to creating favorable conditions for economic development. Economic diplomacy has gained public attention and recognition.
Economic diplomacy is the use of diplomatic tools, means and measures to promote, expand and protect national economic interests. The tools of economic diplomacy are: Strengthening political and economic cooperation with other countries; promoting negotiations and signing of economic, trade and investment agreements and treaties; protecting business interests of enterprises; promoting the image and national brand.
With the above tools, the goal of economic diplomacy is to increase import and export turnover; attract foreign investment; protect the interests of Vietnamese enterprises abroad; strengthen economic cooperation between Vietnam and other countries; and enhance Vietnam's economic position in the international arena.
How have the above goals been achieved in 2023? Here are the specific figures.
Regarding increasing import and export: Vietnam's import and export turnover in 2023 will reach 680.5 billion USD, an increase of 14.1% compared to 2022. Of which, export turnover will reach 345.5 billion USD, an increase of 12.6% and import turnover will reach 335 billion USD, an increase of 15.6%.
Regarding foreign direct investment (FDI): In 2023, FDI capital in Vietnam will reach 36.6 billion USD, an increase of 32.8% compared to 2022. This is the highest increase in the past 10 years.
Regarding the protection of the interests of Vietnamese enterprises abroad, Vietnamese diplomatic agencies have actively supported and protected the interests of Vietnamese enterprises abroad, contributing to creating a favorable environment for business operations.
Regarding strengthening economic cooperation between Vietnam and other countries: Vietnam has expanded economic relations with more than 180 countries and territories around the world. By August 15, 2023, Vietnam had signed 16 Free Trade Agreements (FTAs) at both bilateral and multilateral levels, creating a solid legal basis for economic and trade cooperation between our country and other countries.
Regarding improving Vietnam's economic position in the international arena: Vietnam has been upgraded to the group of upper middle-income countries of the World Bank (WB).
In fact, countries that are highly appreciated for their economic diplomacy are all countries with developed economies, important positions in the international arena, and many achievements in promoting economic, trade, and investment cooperation with other countries.
Some countries are highly regarded for their economic diplomacy, including the United States, which is the world's largest economy and has a profound influence globally. Its economic diplomacy focuses on expanding export markets, attracting foreign investment, and protecting the economic interests of businesses.
China is the world's second largest economy and is growing rapidly. China's economic diplomacy focuses on expanding export markets, attracting foreign investment and economic cooperation with countries in the region.
Japan is the world's third largest economy and has a highly developed industrial base. Japan's economic diplomacy focuses on exporting goods, foreign investment, and economic cooperation with Asian countries.
Germany is the world's fourth largest economy and has a modern industrial base. Germany's economic diplomacy focuses on exporting goods, foreign investment, and economic cooperation with European countries.
South Korea is the world's 10th largest economy and has a developed high-tech industry. South Korea's economic diplomacy focuses on exporting goods, foreign investment, and economic cooperation with Asian countries.
In addition, some other countries are also highly appreciated for economic diplomacy such as Singapore, Switzerland, Netherlands, United Kingdom, France...
Countries with good economic diplomacy often have three characteristics: a team of professional economic diplomats with high qualifications and practical experience, and a clear economic diplomacy strategy that is suitable for the country's socio-economic conditions. In addition, in these countries, there is close coordination between ministries, branches, localities and enterprises in implementing economic diplomacy activities.
From Vietnam's reality and the experience of other countries, to promote and further enhance the effectiveness of economic diplomacy, we need to implement a number of solutions.
First, build and implement an economic diplomacy strategy suitable for the new context. The economic diplomacy strategy needs to focus on specific goals, focuses and solutions, suitable for the context of increasingly deep international integration and increasingly fierce economic competition.
Second , improve the capacity of the economic diplomacy staff. The economic diplomacy staff needs to be trained and fostered to improve their professional qualifications, skills, foreign languages, negotiation skills, trade and business connections.
Third, strengthen coordination between ministries, sectors, localities and enterprises. It is necessary to strengthen coordination between ministries, sectors, localities and enterprises in implementing economic diplomacy activities, in order to create a combined strength, promote economic, trade and investment cooperation between Vietnam and other countries.
In short, economic diplomacy is the activity of promoting, expanding and protecting national economic interests. To promote economic diplomacy, it is necessary to develop and implement appropriate strategies, improve staff capacity, strengthen coordination and support businesses.
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