Vietnam Unveils Economic Diplomacy Priorities to Reach $1 Trillion Trade Milestone

The Vietnamese government has outlined its priorities for economic diplomacy to achieve its goal of reaching a $1 trillion trade milestone by the end of 2026. Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan reported that Vietnam has concluded 17 free trade agreements (FTAs) and recently completed negotiations with the European Free Trade Association (EFTA). The country's total trade turnover increased from $176 billion to $475 billion between 2016 and 2025, placing Vietnam among the world's top 15 trading economies. In the first seven months of 2026 alone, total import-export turnover reached $659 billion, up 28% year-on-year.

The Ministry of Industry and Trade has identified six key priorities for economic diplomacy: renewing economic diplomacy to improve productivity and technological capability; placing businesses at the centre of development through the Go Global programme; reforming trade promotion activities to deliver more tangible outcomes; developing an integrated ecosystem for economic, scientific, and defence diplomacy; strengthening coordination between foreign affairs, the economy, science and technology, defence and security; and enhancing national risk management capacity in trade, energy, and technology.

Hanoi's external relations have shifted from traditional friendship exchanges to diplomacy serving economic development. The city has attracted $4.3 billion in foreign direct investment (FDI) in 2025, while securing a further $3.5 billion in the first half of 2026. Hanoi welcomed 3.5 million international visitors in the same period, an increase of 36%.