Chi tiết tin - Sở Ngoại vụ

Economic diplomacy - An Important Driver of Local Development

The economic diplomacy refers to the overall economic relations between a country or a locality and the outside world, including international trade, attraction of foreign investment, science and technology cooperation, international tourism, and other foreign currency earning service activities. At the local level, the economic diplomacy plays a particularly important role in expanding markets, attracting external resources, and enhancing the competitiveness of the economy.

In practice, promoting external economic activities enables localities to access capital, technology, management experience, and international markets. This, in turn, facilitates economic restructuring, creates employment opportunities, and improves people’s incomes. At the same time, the economic diplomacy contributes to strengthening international cooperation and enhancing the image and standing of localities in the process of global integration.

Over the past years, Quang Tri Province has proactively promoted external economic activities through investment promotion, expansion of international cooperation, development of cross-border trade, and attraction of foreign investment. The initial results achieved indicate that the economic diplomacy is gradually becoming one of the important drivers of the province’s socio-economic development.

Quang Tri’s Strategic Advantages on the East-West Economic Corridor

Quang Tri holds a particularly important geographical position in the North Central region of Vietnam as it lies along the EWEC, one of the key international trade routes of the Greater Mekong Subregion. This corridor connects major economic centers in the region such as Mawlamyine (Myanmar), Bangkok (Thailand), and Savannakhet (Laos), and extends to the seaports of central Vietnam.

With international border gates such as Lao Bao and La Lay, together with a transportation network that conveniently links with provinces in Laos and Thailand, Quang Tri is considered a “gateway to the sea” for the central provinces of Laos and northeastern Thailand. This creates favorable conditions for the development of cross-border trade, logistics, international transport, and supporting trade services.

In addition, the province possesses seaport infrastructure such as Hon La and My Thuy, along with economic zones and industrial parks that are being developed and expanded. These factors provide an important foundation for Quang Tri to become a regional hub for cargo transit and logistics along the EWEC.

In recent years, the province has actively invested in upgrading transportation infrastructure, particularly road networks connecting border gates and seaports, thereby facilitating international trade and investment activities. The development of border-gate economic zones and coastal economic zones is also opening up new opportunities for attracting investment and promoting the growth of industries and services associated with international trade.

Experiences in Developing the Economic diplomacy from Other Localities

Practical development experiences from many localities across the country show that effectively leveraging geographical advantages and connectivity infrastructure plays a crucial role in promoting the economic diplomacy.

Nghe An Province has effectively utilized its geographical location and transport connections with Laos to promote exports and attract foreign investment. The province’s industrial parks and economic zones have been developed in a coordinated manner, enhancing its capacity to attract foreign direct investment (FDI) projects, particularly in the industrial and high-tech sectors.

Da Nang represents a typical example of developing the economic diplomacy in association with modern logistics infrastructure. The city has developed an integrated system of seaports, an international airport, and high-tech parks, enabling it to become a major commercial, service, and logistics hub in central Vietnam.

Meanwhile, Lao Cai Province has strongly promoted its border-gate economy through synchronized investment in logistics infrastructure, the development of border-gate economic zones, and close cooperation with localities across the border. As a result, the province has become one of the largest centers of cross-border trade in the country.

These experiences indicate that, in order to effectively develop the economic diplomacy, localities need to adopt a coordinated approach that combines infrastructure development, improvements in the investment environment, strengthened trade promotion, and expanded international cooperation.

Orientation for the Development of Quang Tri’s Economic diplomacy

In the coming period, in order to effectively leverage the advantages of the EWEC, Quang Tri should focus on several key strategic orientations.

First, the province should continue investing in the development of logistics infrastructure and transportation connectivity, particularly road networks linking border gates with seaports. The establishment of logistics centers, inland container depots (dry ports), and modern warehousing systems will help enhance the province’s cargo transit capacity along the EWEC.

Second, it is necessary to further promote the development of the border-gate economy in association with cross-border trade and logistics services. Establishing modern border-gate economic zones, implementing more efficient customs clearance mechanisms, and accelerating the digitalization of customs procedures will create more favorable conditions for import-export activities.

Third, the province should strengthen efforts to attract foreign investment into sectors where it has comparative advantages, such as renewable energy, processing industries, logistics, tourism, and commercial services. Selecting strategic investors and building a transparent and favorable investment environment will help improve the quality of foreign direct investment (FDI) inflows into the locality.

In addition, greater emphasis should be placed on promoting international cooperation with localities along the EWEC, such as Savannakhet Province (Laos) and Mukdahan Province (Thailand). Trade promotion activities, international trade fairs, and cross-border logistics cooperation will contribute to strengthening economic connectivity within the region.

Economic diplomacy - A New Driver for Sustainable Development

With its strategic location along the EWEC, together with a system of international border gates and seaports that are being further developed, Quang Tri possesses significant potential to become an important regional hub for trade and logistics.

The development of the economic diplomacy not only helps expand the province’s development space but also enhances the competitiveness of the local economy, promoting economic restructuring toward a more modern and sustainable direction.

In the context of increasingly deep international integration, effectively leveraging the advantages of the East–West Economic Corridor will be a key factor enabling Quang Tri to emerge as an attractive destination for investors and a dynamic trade hub in the region.

Tran Ngoc Lan
Director, Department of Foreign Affairs

View the Vietnamese version at https://sngv.quangtri.gov.vn/chi-tiet-tin/-/view-article/1/442011382601115302/1773391510674