Minister of Industry and Trade Nguyen Hong Dien accompanies Prime Minister Pham Minh Chinh at a breakfast meeting with Lao Prime Minister Sonexay Siphandone and Cambodian Prime Minister Hun Manet - photo: Nhat Bac

According to Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son, since 1995, Vietnam has made constant efforts to keep up with the pace and fully participate in all areas of ASEAN cooperation, and more importantly, actively and proactively contribute to the process.

“Efforts made by Vietnam over the past 29 years have brought the country proud achievements, from successfully fulfilling membership responsibilities in the early days to confidently participating in and shaping ASEAN strategies. Today, Vietnam leads and drives many important processes,” Son said. He emphasized that Vietnam’s status and credibility in ASEAN are the result of efforts by the country’s ministries, sectors, localities, businesses, and citizens.

In addition to intra-regional cooperation, Vietnam has worked with ASEAN to strengthen links and partnerships with many important external partners, such as ASEAN+1, ASEAN+3, and ASEAN+6, in various areas like infrastructure, trade in goods, trade in services, Industry 4.0 technologies, value chains, and enhancing comprehensive institutional, infrastructure, and people connectivity.

Notably, alongside fulfilling its commitments under the ASEAN Economic Community and with partners, Vietnam has continuously improved its investment and business environment. The country is focusing on institution improvement, strategic infrastructure development, and human resources, particularly high-quality manpower, development. Vietnam is promoting high-tech industries such as artificial intelligence (AI), information technology, semiconductor production, and comprehensive digital transformation.

The economic, trade relations between ASEAN and Vietnam have been growing remarkably, qualitatively and quantitatively. Vietnam’s annual trade with ASEAN countries has increased from around US$6 billion in 1996 when the country first joined the ASEAN Free Trade Area (AFTA) to some US$60 billion.

Data from the Ministry of Industry and Trade’s Asia-Africa Market Department show that Vietnam reached a foreign trade value of US$54.9 billion and US$61.7 billion in the first eight and nine months of 2024, respectively, up 12.6 and 13.3 percent year-on-year. The US$54.9 billion includes export revenue worth US$24.7 billion, up 12.7 percent year-on-year. Exports to most ASEAN markets saw significant growth, such as Brunei (up 568 percent), Singapore (33.5 percent), Indonesia (23.7 percent), Laos (20.7 percent), and Thailand (7.3 percent).

Vietnam imported goods worth US$30.2 billion from ASEAN countries in the first eight months of 2024, up 12.5 percent year-on-year. Imports from all ASEAN markets increased, particularly those from Brunei, Laos, Cambodia and Malaysia grew by 252, 25.7, 28.5 and 22.2 percent, respectively.

At the 44th and 45th ASEAN Summits and related meetings held in Vientiane, Laos from October 8-11, 2024, Vietnam’s Prime Minister Pham Minh Chinh said ASEAN should base its strength on resilience to elevate itself, focus on connectivity to make breakthroughs, and use innovation as the driving force to lead.

The Prime Minister affirmed that Vietnam would create the most favorable conditions for businesses and investors to maximize their potential and creativity in order to foster cooperation between Vietnam and ASEAN, as well as between Vietnam, ASEAN, and other partners. At the same time, the country will leverage its distinctive strengths, outstanding opportunities, and competitive advantages, he said.

The Prime Minister stressed that the Vietnamese Government will continue to promote its role with the motto “Clear policies, seamless infrastructure, and smart governance,” and reduce compliance and logistics costs for citizens and businesses.

He also called on foreign enterprises and entrepreneurs to continue investing in and collaborating with Vietnam under the spirit of listening and understanding; sharing vision and action; working, winning, enjoying, and developing together; and sharing joy, happiness, and pride together./.