According to the article, Vietnamrolled out its agenda of ground-breaking economic reforms 35 years ago at the 6th National Party Congress. These reforms, known asDoi Moi, were designed to lift the country out of poverty and end its economicisolation. They have placed Vietnam on a path of high-speed growth thathas continued even in the midst of the COVID-19 pandemic and is on track to be one of the top growing economies in Asia.
Over the past decade Vietnam has taken on an increasingly activerole in international affairs. It has used its participation in multilateraltrade agreements as an external lever for internal economic reform whileboosting its status as a regional leader. Its participation in completing theCPTPP after the US departure from the agreement is perhaps the clearest example of this.
Perhaps Vietnam’s crowning achievement is the completion of the15-member Regional Comprehensive Economic Partnership (RCEP) while serving asASEAN Chair in 2020.
Vietnam has also consistently shown an instinct for constructivediplomatic entrepreneurship in other areas of international affairs. It hostedthe DPRK-USA Summit in Hanoi in 2019 and facilitated the US and Russia joining the East Asia Summitin 2011.
With Vietnam’s diplomacy reaching new achievements and with manyof the current leaders in place, Vietnam is expected torise to meet regional challenges over the next five years.
The author noted that Australia and Vietnam are now together in three majortrade agreements: the ASEAN-Australia-New Zealand Free Trade Agreement(AANZFTA), CPTPP, and RCEP. This shared architecture serves as a strong base for both countries to pursue deeper economicties.
The outcomes of the 13th National PartyCongress are of consequence to Australian policymakers and business asthey embark on their early efforts to strengthen economic ties with Vietnam - a strategic partner of Australia since 2018, according to the article./.
VNA