Vietnam, ASEAN Chart Path to Economic Stability Amid Global Uncertainty

Vietnam's Minister of Industry and Trade Nguyen Hong Dien met with ASEAN Secretary General Kao Kim Hourn on April 22 to discuss economic cooperation and ways to make ASEAN an attractive investment destination.

The discussions come at a time when Vietnam's economic growth remains strong, yet global protectionism creates challenges for the region.

The Secretary-General outlined ASEAN's economic priorities, including trade diversification, investment, tourism, and efforts to improve supply chain resilience.

ASEAN is also focusing on upgrading existing trade agreements and exploring new initiatives around emerging economic models, such as the blue economy, digital economy, circular economy and blue ocean economy.

Vietnam's Growth in a Challenging Landscape

Minister Dien noted that even with complex global headwinds, Vietnam's first-quarter growth reached 5.66%. Total import and export turnover of goods exceeded $178 billion, representing a 15.5% year-on-year increase.

The meeting underscored the importance of ASEAN members working together, with Minister Dien stating that solidarity is essential for the region to face protectionist trends and achieve mutual benefits.

Minister, Secretary General Agree on Cooperation

Both Minister Dien and Secretary General Kao Kim Hourn expressed support for Laos, the current ASEAN Chair. Minister Dien further emphasized Vietnam's commitment to strengthening partnerships, including upgrading existing free trade agreements like the Regional Comprehensive Economic Partnership (RCEP).

The RCEP is a trade agreement between the ten ASEAN member states and their FTA partners, including China, Japan, South Korea, Australia, New Zealand and some other countries. It is the world's largest free trade agreement, encompassing roughly 30% of global GDP and nearly a third of the world's population.

The Secretary General praised Vietnam's active role in ASEAN's economic development, while both leaders agreed to further technical-level coordination to achieve ASEAN Economic Community goals.