Economic diplomacy: Charting the path for growth

The world is entering a phase of profound transformation, marked by rapid and unpredictable shifts. Strategic competition among major powers, economic fragmentation, trade protectionism, and supply chain restructuring are all accelerating. Concurrently, the green transition, digital transformation, artificial intelligence, and emerging technologies are reshaping global production methodologies, business practices, and economic structures.

These dynamics impose fresh demands on foreign affairs in general and economic diplomacy in particular. While political diplomacy helps maintain peace, stability, and mutual trust between nations, economic diplomacy is tasked with converting those diplomatic gains into tangible engines of development. In this evolving landscape, economic diplomacy extends far beyond boosting exports, attracting investment, or organizing trade promotions. It is about forging a connected ecosystem that links international resources—from markets, capital, technology, and expertise to high-calibre talent, innovation, and global production networks.

As the national organization representing Vietnam’s business community, the Vietnam Chamber of Commerce and Industry (VCCI) consistently treats foreign affairs as a core strategic priority. This focus underpins its mandate to represent, support, and empower domestic enterprises as they integrate into global markets.

Through nearly 500 business forums, trade and investment promotion initiatives, and international trade missions each year, VCCI helps Vietnamese firms reinforce their foothold in traditional markets while establishing a presence in promising new destinations. Consequently, businesses are gradually diversifying their footprint, mitigating exposure to market volatility, and strengthening their resilience against global economic shocks.

Leveraging a network of over 100 international partners—spanning chambers of commerce, industry associations, and trade promotion agencies worldwide—VCCI guides Vietnamese enterprises toward strategic partners, capital, technology, modern management practices, and innovative business models. As the green transition, digital transformation, and responsible business practices become non-negotiable prerequisites for moving up global value chains, these international cooperation programmes also provide firms with the expertise, standards, and global best practices required to enhance their adaptability and competitive edge.

Another key dimension of economic diplomacy is amplifying the profile and voice of Vietnamese enterprises as regional and global economic rules are written. Through active engagement in forums such as ABAC, ASEAN-BAC, and the Greater Mekong Subregion (GMS), VCCI not only drives deeper global integration for Vietnamese firms but also brings their perspectives, interests, and policy recommendations to international discussions on trade, investment, and sustainable development.

This pragmatic, agile approach allows Vietnamese businesses to engage early in shaping new initiatives, policies, and regulatory frameworks—safeguarding their legitimate interests in an increasingly competitive global market. The philosophy "Diplomacy paves the way, business drives progress, economy takes off" reflects not just a commitment to action, but a symbiotic partnership between State diplomacy and the business community in converting international goodwill into national growth.

A shared journey: Synergising for business growth

From operational experience, VCCI consistently values the close collaboration and unwavering support of the Ministry of Foreign Affairs, its functional units, and Vietnamese embassies and diplomatic missions abroad. This partnership spans multiple fronts: providing localized intelligence on markets, policy, and legal frameworks; co-organising high-level business forums and trade promotion events; and connecting Vietnamese companies directly with host-country regulators, trade chambers, and business associations.

Crucially, during high-level overseas visits by Party and State leaders, the alignment between diplomatic agencies and the business community effectively bridges political and economic diplomacy. By tying State-level diplomatic relations to concrete commercial projects, these visits demonstrate how diplomatic triumphs can be converted into tangible business opportunities and shared economic growth.

Put simply: economic diplomacy blazes the trail; VCCI and business associations build the bridge; and enterprises serve as the primary engine turning opportunities into outcomes. When these three pillars operate in seamless alignment, diplomatic efforts generate far greater momentum, driving national growth and elevating competitive capability.

In recent years, coordination between the Ministry of Foreign Affairs, Vietnam’s overseas representative bodies, and VCCI has become increasingly proactive and results-orientated. Diplomatic missions serve as vital outposts, helping Vietnamese businesses navigate foreign markets and access global resources. Conversely, VCCI and the business community work to convert these diplomatic openings into concrete commercial ventures, investment deals, and long-term trade partnerships.

Entering this new developmental stage, this coordination must be elevated—becoming more forward-leaning, timely, deep-seated, and practical. Diplomatic missions abroad must act as the "advance guard" of economic diplomacy: moving beyond passive information delivery to proactively analyzing trends, forecasting market shifts, identifying emerging opportunities, flagging risks, and connecting key commercial stakeholders.

On the business side, VCCI and business associations must take a more proactive stance in communicating industry needs regarding market access, technology, capital, and strategic partnerships. This ensures that diplomatic support is targeted, timely, and aligned with commercial realities. The ultimate goal is an end-to-end support framework—from opportunity identification and partner matching to implementation support, progress tracking, and long-term corporate mentorship.

Ultimately, a business forum is only as successful as the real-world deals it spawns, the partnerships it forms, and the commercial connections it sustains. Likewise, an overseas diplomatic mission achieves its full potential only when initial leads are nurtured into lasting commercial relationships. That is the core philosophy behind "Diplomacy paves the way, business drives progress, economy takes off."

Modernising economic diplomacy into a true vanguard force

To maximize the impact of economic diplomacy in this new era, several strategic priorities must be addressed, grounded in the real-world experience of the business community.

First, a fundamental mindset shift is required—moving away from basic trade promotion toward building integrated growth ecosystems. Each market requires a tailored strategy, each partner demands clear priority sectors, and every diplomatic engagement must aim for concrete, measurable outcomes.

Second, a regular coordination framework must be established between the Ministry of Foreign Affairs, diplomatic missions abroad, VCCI, and business associations. Consideration should be given to launching an ongoing intelligence-sharing network covering market opportunities, investment projects, tech transfer needs, trade barriers, and regulatory shifts that directly impact businesses.

In today's landscape, early-warning capabilities are paramount. Vietnamese enterprises face an expanding array of global compliance demands—ranging from green standards and carbon footprints to supply chain traceability, data protection, tech governance, and ESG compliance. Timely intelligence on changing regulatory landscapes will enable businesses to adapt proactively, mitigate risks, and capture emerging opportunities.

Furthermore, administrative procedures must be streamlined and authority further decentralized, particularly for routine, specialized foreign affairs activities already included in approved work plans. In fast-moving global markets, commercial windows of opportunity open and close rapidly. An effective economic diplomacy apparatus must therefore be backed by agile, responsive, and pragmatic administrative processes.

Another imperative is helping Vietnamese companies integrate deeper into global value chains and innovation ecosystems. Diplomatic missions abroad can collaborate closely with VCCI to connect Vietnamese enterprises with multinational corporations, venture funds, innovation hubs, universities, and research institutions—focusing on strategic sectors such as artificial intelligence, semiconductors, digital technologies, clean energy, the green economy, and high-value-added manufacturing.

Simultaneously, the vast potential of the Vietnamese business leaders, experts, and intellectuals overseas must be leveraged more effectively. Representing a vital reservoir of capital, technical expertise, and international networks, the diaspora can act as a powerful bridge connecting domestic enterprises with host markets.

For its part, VCCI remains fully committed to working alongside the Ministry of Foreign Affairs, relevant ministries, local authorities, and overseas diplomatic missions. It will proactively amplify the voice of Vietnamese business at international forums while channelling global resources, capital, and expertise back home to support national development.

VCCI will also continue to uphold its role representing the business community across regional and international platforms, actively contributing to preparations for Vietnam’s host year of APEC 2027, while strengthening business matching, trade, investment, innovation, and sustainable development.

Through the synchronized efforts of Party, State, and people-to-people diplomacy—with economic diplomacy serving as a vital pillar—Vietnam will mobilize its collective strength, broaden its development horizons, enhance national competitiveness, and build a resilient, globally integrated business community with a rising profile on the world stage.

This is the most effective way to uphold the vanguard role of Vietnamese foreign affairs: translating diplomatic achievements into economic momentum to build a dynamic, sustainable, self-reliant, and prosperous Vietnam in the new era.