Vietnam Sets Sights on $1 Trillion Trade Milestone as Economic Diplomacy Takes Center Stage

The Vietnamese government has outlined six key priorities to achieve its goal of reaching $1 trillion in trade by the end of 2026, including renewing economic diplomacy and strengthening coordination between foreign affairs, the economy, science and technology, defense, and security.

The country's total import-export turnover reached $659 billion in the first seven months of this year, a 28% increase from the same period last year, according to Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan. Vietnam has concluded and implemented 17 free trade agreements (FTAs) and recently completed negotiations on an agreement with the European Free Trade Association (EFTA).

The government also aims to develop an integrated ecosystem for economic, scientific, and defense diplomacy to attract talent, technology, and strategic investment. Additionally, it will prioritize high-tech projects and technology transfer to help domestic enterprises move up global value chains.