Through IPEF and other economic frameworks, Vietnam hopes to build a prosperous, sustainable economy that brings wealth and well-being for people in the region and beyond.
Vietnam’s early engagement in the Indo-Pacific Economic Framework for Prosperity highlights its proactive stance as one of the first countries to join the discussions initiated by the US in May 2022, according to insiders.
The IPEF is designed to set rules and norms with high standards to guide trade practices and foster economic cooperation in the Indo-Pacific region.
The framework focuses on four key pillars: trade, supply chain, clean economy, and fair economy.
Marc Knapper - US Ambassador to Vietnam (Photo: VNA)
The idea of the IPEF is to address the challenges we face in the 21st century. These challenges, such as climate change, supply chain resilience, and the transition to clean energy, often fall outside the scope of traditional or existing trade agreements. The goal of the Biden-Harris administration in launching the IPEF was to find a way to work with partners to tackle these 21st-century problems using innovative solutions.
For Vietnam, the discussion of the IPEF should aim at a framework that brings practical benefits to the people, as well as promote peace, stability, cooperation, development and prosperity in the region and the world.
First, we were extremely pleased that Vietnam chose to join the United States and other countries to kick off the IPEF in May 2022. We feel valued very much Vietnam’s constructive role in the IPEF discussions. Vietnam has been a very good partner, as we’ve moved from the initial stages until today, in which we’ve been substantially wrapped up three of the four pillars that make up IPEF, and will continue working on the first pillar, which focuses on trade. We are confident that we can successfully accomplish this goal, especially given the substantial progress we made during the APEC meeting in San Francisco last November.
Marc Knapper - US Ambassador to Vietnam
Experts said Vietnam’s active engagement in IPEF demonstrates the country’s consistent policy of building an independent and self-reliant economy, along with proactive international integration, to ensure the nation’s best interests.
Carl Thayer - Emeritus Professor at University of New South Wales, Canberra (Photo: VNA)
Vietnam's proactive engagement in multilateral trade frameworks, including IPEF, has helped to strengthen its autonomy and independence. It also demonstrates Vietnam's constructive role and prestige within the region's economic landscape.
Stephen Nagy – Professor at International Christian University, Tokyo (Photo courtesy of Stephen Nagy)
Vietnam continues to be pragmatic when it comes to trade agreements. Joining the Indo-Pacific Economic Framework, Vietnam is looking at all economic opportunities within the region. The concept of “bamboo diplomacy” has been applied in trade relations as well, which means the country is flexible to manage challenges that it faces and remains steadfast in grasping every opportunity within the region."
Tran Thi Thuy Linh – IPEF researcher, lecturer at Diplomatic Academy of Vietnam (Photo: VNA)
Since the beginning of the renewal period from 1986, Vietnam has actively engaged in the global integration process and cooperated with the world. As Vietnam depends more and more on international trade, an open and inclusive IPEF could provide the country with opportunities to diversify economic partnerships, especially wih the US, and strengthen its role in the global economy.
As one of the top 20 fastest-growing economies globally, Vietnam holds a significant position as a major actor in international trade. Its active participation in the discussions of IPEF contributes to shaping the economic landscape and reinforces its role as a key player in the global arena.
Through IPEF and other economic frameworks, Vietnam hopes to build a prosperous, sustainable economy that brings wealth and well-being for people in the region and beyond./.
