Vietnam’s Development Journey and Growing Partnership with Qatar: A Comprehensive Overview

English , International - بین الاقوامی , Snippets , / Friday, October 25th, 2024

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Vietnam has made significant progress in its development over the past 40 years, transforming from a predominantly agricultural economy to one with modern socio-economic infrastructure. Under the Communist Party’s leadership, Vietnam has successfully implemented a socialist-oriented market economy, with its legal framework institutionalized. The IMF projects Vietnam’s economy to grow by approximately 6% in 2024, up from 5% in 2023, driven by export recovery, foreign direct investment, and supportive policies.

Vietnam’s international presence has expanded considerably, maintaining diplomatic relations with 193 countries, including strategic and comprehensive partnerships with 30 nations. The country has established economic relations with over 230 countries and territories and has signed 16 Free Trade Agreements.

The article particularly highlights the growing Vietnam-Qatar relationship. Both countries are emerging as significant regional players and share common goals of promoting global peace, stability, and prosperity. Their bilateral trade reached US$740 million in 2023, with US$562 million recorded in the first eight months of the year, making Qatar one of Vietnam’s key Middle Eastern trade partners.

Vietnamese Prime Minister Pham Minh Chinh’s upcoming official visit to Qatar (October 30 – November 1) marks a significant milestone, being the first prime ministerial visit in 15 years. The visit aims to strengthen comprehensive cooperation between the two nations across various sectors, including politics, economics, trade, investment, energy, labor, aviation, agriculture, industry, culture, tourism, and sports.

The relationship offers strategic benefits for both nations: Vietnam can use Qatar as a gateway to the Gulf region, while Qatar can leverage Vietnam’s position to access ASEAN markets. This mutual cooperation is expected to create new opportunities and enhance political trust between the two countries, potentially opening a new phase in their bilateral relations.

Ambassador H.E Nguyen Huy Hiep