Speaking today at the 22nd National Foreign Affairs Conference in Hanoi, Vietnamese Ambassador to the US Nguyen Quoc Dung stated that Vietnam-US relations are experiencing their strongest development opportunity since the normalization of ties in 1995.

The upgrade of relations to a Comprehensive Strategic Partnership in 9/2023 holds political significance and opens an unprecedented framework for economic, investment, and technological cooperation. "The new context of Vietnam-US relations is creating special opportunities for localities," he said.

While Washington's current trade policy includes adjustments to protect domestic production interests and reduce trade deficits, the US still views Vietnam as an important partner in the Indo-Pacific region.

Ambassador Nguyen Quoc Dung spoke at the 22nd National Foreign Affairs Conference on 2/8. Photo: Giang Huy

For the American business community, Vietnam is no longer merely a destination with competitive costs. A growing number of businesses seek to establish manufacturing facilities, research and development (R&D) centers, design centers, data centers, and high-tech supply chains in Vietnam.

According to Ambassador Nguyen Quoc Dung, Vietnam is entering a phase of robust reform, laying a favorable foundation for attracting a new generation of foreign direct investment (FDI). However, the competition for FDI is increasingly between localities, not just between nations.

"Investors not only choose Vietnam but also choose between Hai Phong, Bac Ninh, Ho Chi Minh City, Da Nang, Quang Ninh, or other new development centers," he noted.

Ambassador Nguyen Quoc Dung acknowledged that significant opportunities come with substantial challenges. He offered several recommendations for localities, suggesting a shift from the mindset of "attracting as much capital as possible" to attracting the right investors, in the right sectors, and within the right ecosystems. In other words, "identifying the precise landing spot for US capital flows".

Each locality needs to build a list of target American corporations and proactively approach them through Vietnam's overseas representative agencies and business associations. Localities must invest more in high-quality human resources, as American businesses consistently consider labor quality a decisive factor when choosing investment locations.

The Ambassador also proposed that localities proactively foster cooperative relationships with US states that possess suitable strengths, emphasizing the importance of treating international standards as a competitive advantage.

Speaking at the conference, Minister of Foreign Affairs Le Hoai Trung affirmed that the 10% growth target for the entire country is a substantive requirement, with local foreign affairs playing a crucial role in realizing this development goal.

Minister of Foreign Affairs Le Hoai Trung spoke at the 22nd National Foreign Affairs Conference on 2/8. Photo: Giang Huy

He stressed that local foreign affairs and international integration must be further promoted, becoming a very important component within the entire political system.

Regarding the assessment of the effectiveness of local foreign affairs, the Minister of Foreign Affairs outlined four criteria: specific outputs, practical value, adherence to deadlines, and public trust.

The Minister proposed four key orientations for local foreign affairs in the coming period. Firstly, localities should innovate their thinking and enhance the quality of local foreign policy strategy formulation, ensuring that foreign affairs become an integral part of their development strategies.

The Minister suggested a strong innovation in diplomacy for development, using the ability to transform foreign relations into resources and tangible results as a measure of effectiveness. There is a need to reform leadership, management, and coordination mechanisms to ensure that local foreign affairs are implemented uniformly, smoothly, and oriented toward substantive results.

He also called for consolidating organizational structures, building a team of foreign affairs officials capable of meeting new requirements, and fundamentally reforming the management methods of foreign affairs.

The 22nd National Foreign Affairs Conference, themed "Elevating local foreign affairs, effectively mobilizing international resources for development," was attended by over 500 delegates.

Ngoc Anh