Australian expert expects Vietnam to rise to meet regional challenges

According to the article, Vietnam rolled out its agenda of ground-breaking economic reforms 35 years ago at the 6th National Party Congress. These reforms, known as Doi Moi, were designed to lift the country out of poverty and end its economic isolation. They have placed Vietnam on a path of high-speed growth that has 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 active role in international affairs. It has used its participation in multilateral trade agreements as an external lever for internal economic reform while boosting its status as a regional leader. Its participation in completing the CPTPP after the US departure from the agreement is perhaps the clearest example of this.

Perhaps Vietnam’s crowning achievement is the completion of the 15-member Regional Comprehensive Economic Partnership (RCEP) while serving as ASEAN Chair in 2020. 

Vietnam has also consistently shown an instinct for constructive diplomatic entrepreneurship in other areas of international affairs. It hosted the DPRK-USA Summit in Hanoi in 2019 and facilitated the US and Russia joining the East Asia Summit in 2011.

With Vietnam’s diplomacy reaching new achievements and with many of the current leaders in place, Vietnam is expected to rise to meet regional challenges over the next five years.

The author noted that Australia and Vietnam are now together in three major trade 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 economic ties.

The outcomes of the 13th National Party Congress are of consequence to Australian policymakers and business as they embark on their early efforts to strengthen economic ties with Vietnam - a strategic partner of Australia since 2018, according to the article./.