A decree, a statement: Part 1: A draft strategic decree and strategic trust

On the afternoon of April 1, 2025, a short time after his business trip to the United States as the Prime Minister’s Special Envoy, Minister of Industry and Trade Nguyen Hong Dien chaired the first meeting of the drafting committee and editorial team for the draft Decree on Strategic Trade Control. Later that same afternoon, the draft was widely published on the Ministry of Industry and Trade's website and the Government’s e-portal for public and business community feedback.

This move not only demonstrates the swift action of the trade policy enforcement agency but also clearly reflects Vietnam's strategic thinking, proactive spirit, and international responsibility in a world reshaping the global trade order.

Minister of Industry and Trade Nguyen Hong Dien chairs the first meeting of the drafting committee and editorial team for the draft Decree on Strategic Trade Control - Photo: PV

Urgent and necessary

Speaking at the meeting, Minister Nguyen Hong Dien emphasized: “The urgent issuance of this Decree is crucial as Vietnam is building a modern, sustainable economy with high international competitiveness.”

In a context of significant fluctuations in global supply chains, particularly with the rise in high-tech investments in Vietnam - ranging from electronics and computers to semiconductors - the need for a legal framework to control strategic trade has become urgent. This is one of the key prerequisites for major partners like the United States to feel secure in expanding cooperation with Vietnam in technology transfer, large-scale investment, and long-term trade agreements.

The draft Decree is a landmark document aimed at regulating trade activities related to dual-use goods, sensitive technologies, and products affecting national security and defense. It not only protects national interests but also reflects Vietnam’s commitment to localizing the fair and transparent trade rules it has signed in international agreements.

Economists highly appreciate the decree

Dr. Le Quoc Phuong, former Deputy Director of the Industrial and Trade Information Center (under the Ministry of Industry and Trade), commented: “This is a timely, responsible, and practical step by Vietnam in establishing a balanced and sustainable trade order.”

Sharing the same view, Dr. Can Van Luc, a member of the National Financial and Monetary Policy Advisory Council, stated: “Vietnam is taking a suitable and effective approach to balance its trade with major partners, including the United States. This includes strengthening policy dialogue, increasing imports of high-tech products, and rigorously controlling trade fraud and illegal transshipment.”

It is no coincidence that just after the Minister’s trip to Washington in mid-March, where he had direct meetings with the U.S. Trade Representative and other key agencies, this strategic Decree was placed on the fast-track drafting agenda.

Import and export – one of the key pillars of Vietnam's economy - Photo: Quang Vinh

During that meeting, Vietnam proactively proposed mechanisms for bilateral control and cooperation to prevent product origin fraud and ensure strict compliance with World Trade Organization (WTO) rules and new-generation Free Trade Agreements (FTAs).

After returning from Washington, the Minister did not rest. Less than two weeks later, a foundational draft had been created and published. This is not only the speed of action but also a demonstration of the strategic trust that Vietnam is striving to build.

Building trust by institutional frameworks

In international trade, trust is not just built on declarations but on the capability to institutionalize commitments. The public issuance of the draft on official e-portals is an evidence of transparency and commitment to consulting with the community, businesses, and the public.

Notably, Vietnam is one of the few developing countries building a legal framework for strategic trade control at the decree level— comparable to the legal framework of many advanced economies.

Proactively adjusting the institutional framework also sends a message that Vietnam is not succumbing to pressure from any country, but acting in the interest of long-term stability for the global trade ecosystem, with its position as a rising economy within the top 20 largest trade economies in the world.