Vietnam, a model and example of successful supply chain diversification

At the invitation of Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Antonio Tajani, Minister of Industry and Trade Nguyen Hong Dien led a Vietnamese delegation on a working visit to Italy to attend the Expanded G7 Trade Ministers' Meeting on July 16 and 17, 2024. The meeting was chaired by Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Antonio Tajani. The G7 group comprises Italy, Canada, France, Germany, Japan, the UK, and the US. The main objective of the Expanded G7 Trade Ministers' Meeting is to address tensions and conflicts threatening global trade and promote sustainable and comprehensive growth. In addition to the Ministers from G7 member countries, the Expanded G7 Trade Ministers' Meeting also saw participation of Trade Ministers and government officials from India, New Zealand, Argentina, Brazil, the Republic of Korea, and Vietnam, as well as representatives from the World Trade Organization (WTO) and the Organization for Economic Cooperation and Development (OECD). This marks the first time the G7 Trade Ministers' Meeting has invited Vietnam's Minister of Industry and Trade to participate. This isn't merely a diplomatic gesture, it underscores Italy and the G7 countries' genuine recognition of Vietnam's role in advancing global trade development. Deputy Prime Minister and Minister Antonio Tajani, host of this year's meeting, also emphasized Vietnam as a shining example and a successful model of economic growth through international economic integration achievements, which have helped Vietnam boost trade, attract investment, and successfully engage in the globalisation process as well as reshaping regional and international supply chains. In his opening speech at the Expanded G7 Trade Ministers' Meeting, when introducing the invited countries, Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Antonio Tajani highlighted Vietnam as a successful model of economic growth. He emphasized that Vietnam has valuable experiences in developing the economy through diversifying supply chains. At the meeting, the Director-General of the WTO also emphasized that Vietnam, along with several other developing countries, exemplifies the success of international integration and serves as a prominent example of effectively implementing supply chain diversification. The Japanese Minister of Economy, Trade and Industry also mentioned bilateral and multilateral cooperation frameworks with Vietnam as well as with other G7 members. Japan is committed to providing support for some developing countries and is also assisting Vietnam in activities related to carbon emission reduction. At the meeting, Vietnamese Minister of Industry and Trade Nguyen Hong Dien delivered a speech lasting about 10 minutes, focusing on cooperation priorities with the expanded G7 member countries in various aspects, such as diversifying supply chains, technological innovation, and digital transformation of supply chains. Alongside the G7 Trade Ministers' Meeting, Minister Nguyen Hong Dien and the members of the Vietnamese delegation held bilateral meetings with partner entities to promote economic and trade cooperation with countries in the European region. These included meetings with Brazilian Deputy Minister of Development, Industry, Trade, and Services Márcio Elias Rosa; Canadian Minister of Economic Development, International Trade, and Export Promotion, Mary Ng, and New Zealand's Minister of Trade Todd McClay.