Vietnam has been making significant strides on the global stage, especially as it positions itself as a burgeoning hub for economic growth and international partnerships. Recent developments highlight Vietnam's vibrant relationship with countries across the globe, showcasing its potential as both a manufacturing powerhouse and a destination for foreign investment.
During an official visit to Qatar, Vietnamese Prime Minister Pham Minh Chinh met with Hassan bin Abdulla Al-Ghanim, Speaker of the Shura Council, on October 31, 2024. Their discussions emphasized the strengthening of diplomatic ties and cooperation between Vietnam and Qatar, particularly focusing on economic, trade, investment, and energy sectors. Chinh expressed gratitude for Qatar’s support over the years and highlighted the opportunity for the two nations to work more closely, especially as both countries have experienced significant economic growth.
"Our collective ambition is to deepen our relationship, ensuring mutual benefits for our people," Chinh articulated, laying the groundwork for future collaborations. The discussions were not just about political alignments but also encompassed pivotal economic dialogues, where both leaders acknowledged the existing potential yet agreed on the need for enhanced collaboration to fully leverage each other’s capabilities.
Qatar, with its established economic structure and ambitious National Vision 2030, was seen as a potential partner from whom Vietnam could draw valuable lessons. The exchange of ideas on economic growth strategies reflects Vietnam's proactive approach to building its international presence.
Such diplomatic initiatives are gaining pace as Vietnam also looks to strengthen partnerships within the aviation sector. Recently, Etihad Airways and Vietnam Airlines solidified their existing interline agreement, allowing for more seamless travel options between the two nations. This was framed within their newly signed memorandum of understand (MoU) which includes plans for joint loyalty programs, cargo transport, and maintenance collaboration. Jurriaan Stelder, Vice-President of Etihad, remarked on the importance of this agreement, noting it as a milestone aimed at enhancing customer experience and connectivity.
“Through comprehensive collaboration, we believe we will deliver exceptional benefits to the customers of both airlines,” added Nguyen Chien Thang, Executive Vice President of Vietnam Airlines. This marks another step toward improving Vietnam’s international transport links, which is integral for tourism and trade.
Expanding on the aviation discussions, Vietnamese attendees at the Vietnam-UAE Business Forum underscored the importance of tourism as a key driver of economic growth. The forums not only stress connectivity through air travel but also discuss next-level strategies to attract more tourists and formalize economic partnerships.
A significant call for investment came during Prime Minister Chinh’s discussions with global investors. He emphasized the need for Qatar's $475 billion sovereign wealth fund to look toward Vietnam for potential investment opportunities. By promoting Vietnam as a viable destination, Chinh aims to attract capital inflow which could spur local industries and boost economic growth.
Meanwhile, the tech sector is witnessing notable momentum as big names like Apple, Meta, and Google express interest in establishing operations within Vietnam. Touchstone Partners' Bobby Liu highlighted this trend, stating, “The recent interest by Big Tech to establish presence in Vietnam augurs well for the technology sector.” With the approval of new data centers and expanded manufacturing initiatives, Vietnam is compelled to strengthen its local talent and technological advancements.
Vietnam’s burgeoning unicorn companies are drawing attention, with tech investments surging to $529 million within 2023 alone. Companies like VNG and MoMo are not just thriving but are also setting the pace for innovation and competition across Southeast Asia.
Yap Kwong Weng, CEO of Vietnam SuperPort, emphasized Vietnam's role as a regional manufacturing center during a recent logistics conference. He spoke on how Vietnam's exports gained momentum, noting they have become integral to Southeast Asia's supply chains. "Vietnam's logistics market is projected to grow significantly due to the nation's dynamic trade agreements and strategic location on international trade routes,” Weng said.
Delving deep, Weng pointed out the challenges, particularly disruptions caused by geopolitical factors and supply chain vulnerabilities. Nonetheless, he was optimistic about the growth forecast, stating the logistics sector alone could balloon to $40 billion by 2025, supported by government investments and infrastructure enhancement initiatives.
This resilience reflects Vietnam's economic framework which is actively fostering innovation and collaboration through free trade agreements with various nations, increasing its attractiveness as an investment destination. The commitment to develop logistics and transportation infrastructure not only supports domestic growth but also enhances Vietnam's role as a significant logistics hub.
The fusion of these diplomatic, technological, and logistical strategies signals Vietnam's intent to establish itself firmly on the world stage. With strategic alliances and international partnerships, the future seems promising for this Southeast Asian nation, as it continues to cultivate its growing reputation as a significant player economically and politically.
While gathering momentum, Vietnam must remain vigilant. The priority is to address domestic challenges like infrastructure limitations and legal inefficiencies to fully realize its potential. Upgrading supplementary sectors and promoting regional collaborative opportunities will be pivotal for Vietnam to become the strategic hub it envisions.
Going forward, the key lies within effectively consoliduting the political relationships formed, translating them to tangible benefits for the economy and citizens alike. With the current momentum, Vietnam stands on the brink of not only participating but also leading within the Asian and global economic framework, potentially becoming one of the leading economies by enhancing international presence and fostering innovation.
