The Role of Economic Diplomacy on Vietnam’s Economic Development

Abstract

Economic diplomacy plays a critical role in mobilizing external resources, contributing to promoting the industrialization and modernization processes, enhancing the potential, competitiveness, and adaptability of the national economy, and building an independent, self-reliant, proactive, and active Vietnamese economy that integrates comprehensively, deeply, and effectively into the international community. In recent years, Vietnam’s economic diplomacy has performed an excellent job of supporting and assisting ministries, branches, localities, and businesses around the country in carrying out a wide range of foreign economic operations, thereby boosting the process of international economic integration. In light of the numerous obstacles and challenges the global economy faces, economic diplomacy persists in playing a vital role in strengthening Vietnam’s bonds with its allies, fostering deeper bilateral and economic relations in particular and stability and sustainability in general, and serving as a catalyst for the nation’s industrialization and modernization.