Economic diplomacy should be bolstered to attract high-quality investment from multinational groups and improve the country’s position in global supply chains, Prime Minister Pham Minh Chinh said while chairing a conference on economic diplomacy on March 9.

The Prime Minister instructed the diplomatic sector to organize diplomatic programs, identify economic affairs as a focus of diplomatic activities, and actively implement cooperative agreements between Vietnam and its partners.

Measures are needed to promote market, product, and supply chain diversification in order to boost exports, expand markets, and bring into full play export potential in the areas of Vietnam’s strengths and world demand, he said.

The Prime Minister also emphasized the need to utilize free trade agreements and consider establishing long-term, stable economic-trade cooperation frameworks with potential partners, stay updated on the market, step up investment promotion, and connect domestic firms with foreign partners.

He noted that it is essential to enhance international cooperation to improve the quality of human resources to create breakthroughs in productivity and efficiency as well as strengthen competitiveness.