International economic integration was a bright spot in Vietnam’s external affairs activities in 2020, Deputy Minister of Foreign Affairs Bui Thanh Son has said.

The signing ceremony of the Regional Comprehensive Economic Partnership

Son told the media that the global economy and international economic links are developing in a complex fashion and are accompanied by multiple risks.

The COVID-19 pandemic has posed a range of new challenges, he added, but also deepened the trend towards establishing links and sped up other new trends, leading to changes in economic and commercial management globally and spurring rapid digitalisation.

Vietnam’s activeness in international economic links has made it easier for the country to diversify its markets and partners, attract resources for development, and complete the target of rapid, sustainable recovery from the pandemic.

Notably, the Chairmanship of ASEAN and the ASEAN Inter-Parliamentary Assembly in 2020 as well as a non-permanent member of the UN Security Council during the 2020-2021 period have helped Vietnam raise its voice within multilateral frameworks.

However, unexpected changes to the global and regional economy have dampened efforts in realising the dual goals of fighting COVID-19 and promoting socio-economic development, international economic integration and economic ties between Vietnam and a number of partners, Son pointed out.

Vietnam overcame various challenges and difficulties to post significant achievements in development and foreign affairs during 2020.

International economic integration has made marked strides forward and become a bright spot in the country’s external affairs, with Vietnam becoming one of the countries taking the lead regionally in promoting and joining international economic links and bringing into full play external resources to serve national development.

As ASEAN Chair in 2020, it closely and effectively coordinated with other ASEAN members and partners to sign the Regional Comprehensive Economic Partnership (RCEP) at the 37th ASEAN Summit in Hanoi.

With this success, ASEAN’s centrality and Vietnam’s ASEAN Chairmanship in particular were both bolstered, he emphasised.

Vietnam has worked to promote major initiatives on COVID-19 response within the ten-member bloc, which has been acknowledged by the international community, Son went on.

It has set up a network of 17 free trade agreements (FTAs) and frameworks for economic and commercial cooperation with the world’s leading economic centres.

This has created momentum for Vietnam to reach its growth targets and conduct further comprehensive reform, thus moving ahead even further.

With its significant achievements and enhanced position and prestige in the international arena, Vietnam will join international economic links with a new profile, Son noted.

According to the Deputy Minister, Vietnam will give top priority to the implementation of commitments in FTAs and other economic cooperation mechanisms to which it is a signatory.

It will continue to perfect and expand its network of economic links and integration, both bilaterally and multilaterally, becoming a centre of economic integration at the global level, he stressed.  

This is in line with the country’s foreign policy of independence, self-reliance, peace, friendship, cooperation, and development, and the diversification and multilateralisation of Party and State relations.

In the new strategic period, under the leadership of the Party and the State, the diplomatic sector will continue its pioneering role in creating a peaceful and optimal environment, helping to elevate the country’s profile.

Economic diplomacy will remain a crucial task for the country, he affirmed, adding that the foreign ministry and Vietnamese representative offices abroad will optimise resources as well as the country’s role and position to contribute to completing the development policies, guidelines, and targets from now to 2045 to be put forth by the upcoming 13th National Party Congress, he said.