Vietnam Government Focuses on Economic Growth and International Cooperation

The Vietnamese government is actively pursuing multifaceted initiatives aimed at stabilizing its domestic economy and strengthening its position within the international community. On July 15, Standing Deputy Prime Minister Pham Gia Tuc presided over a mid-year performance review meeting for the Vietnam Oil and Gas Group (Petrolimex), where he outlined directives for the group's production and business plans for the latter half of the year. Deputy Prime Minister Tuc emphasized the critical need for Petrolimex to ensure the unwavering supply of petroleum products to the economy under all circumstances. He also stressed the importance of closely monitoring market dynamics, proactively developing and updating supply strategies to meet market demands, diversifying supply sources, maintaining adequate inventory levels to guarantee continuous and sufficient supply to the distribution network, and preparing contingency plans for potential energy market volatilities. Furthermore, he urged the effective implementation of E10 biofuel in compliance with regulations, ensuring product quality and operational safety. This directive underscores the government's strong commitment to maintaining stability in the energy sector, which is fundamental to Vietnam's economic operations. In parallel, on the same day, Standing Deputy Prime Minister Pham Gia Tuc held a courtesy meeting with a delegation from the investment fund Blackstone, led by its Asia head, Mr. Amit Dixit. Deputy Prime Minister Tuc articulated Vietnam's keen interest in fostering cooperation with Blackstone across priority sectors, including infrastructure, financial services, healthcare, technology, innovation, advanced industries, manufacturing, logistics, and real estate, alongside other high value-added industries. Vietnam anticipates deeper engagement from Blackstone in the development of its business sector and expresses a desire for the fund to explore collaborations in developing capital markets, establishing international financial centers, introducing modern investment instruments, and creating long-term investment and growth funds, all in accordance with Vietnamese legal frameworks. Mr. Dixit affirmed Blackstone's significant interest in expanding its investments in Vietnam, particularly in high-potential areas such as infrastructure, real estate, and healthcare, as well as other high value-added economic sectors. He conveyed Blackstone's aspiration to partner with Vietnam not only through capital investment but also by contributing its management expertise, enterprise development capabilities, and international expert network. On the afternoon of July 15, at the Ministry of Foreign Affairs headquarters, Politburo member and Minister of Foreign Affairs Le Hoai Trung received the Ambassador of South Korea, Choi Young Sam, for a farewell meeting upon the conclusion of his tenure in Vietnam. Minister Le Hoai Trung presented Ambassador Choi Young Sam with the "For Vietnam Diplomacy" Medal of Merit, acknowledging his significant contributions to the diplomatic relations between Vietnam and South Korea. Minister Trung highly praised the Ambassador's proactive and positive contributions to promoting cooperation between the two nations. He highlighted key achievements during Ambassador Choi's term, including the regular exchange of high-level delegations, South Korea's sustained position as a leading economic partner for Vietnam, the expanding people-to-people exchanges, and enhanced close cooperation and mutual support in regional and international forums, all of which have significantly contributed to maintaining peace, stability, cooperation, and development in the region and globally. Ambassador Choi Young Sam expressed his delight in witnessing and contributing to the advancement of the "Comprehensive Strategic Partnership" between South Korea and Vietnam. Sharing his positive impressions and deep affection for Vietnam and its people, the Ambassador pledged to continue making positive contributions to the development of bilateral relations regardless of his future positions. In the morning of July 15, at the Ministry of Foreign Affairs, Minister Le Hoai Trung also received the Ambassador of India to Vietnam, Mr. Tshering Sherpa. Minister Le Hoai Trung once again conveyed his profound condolences regarding the tourist boat accident that occurred on July 11 in the waters off An Giang province. He extended sincere sympathies to the Government and people of India, and particularly to the families of the victims. The Minister emphasized that Vietnamese leadership is paying close attention to the incident, having sent a message of condolence to Indian leadership and directed relevant agencies to urgently and closely coordinate with Indian counterparts. He assured that all necessary measures are being taken for search and rescue, treatment of the injured, support for relatives, and the repatriation of the victims' remains. Minister Trung underscored that Vietnamese authorities are diligently investigating the cause of the accident, will strictly handle any violations found, and are strengthening safety regulations to prevent similar incidents. Ambassador Tshering Sherpa expressed his sincere gratitude for the timely attention, sympathy, and support from the leadership of the Party, State, Government of Vietnam, the Ministry of Foreign Affairs, the provincial authorities of An Giang, and other relevant Vietnamese agencies since the accident occurred. The Ambassador was deeply touched by the sincere sentiments from the Vietnamese people, affirming that the condolences, encouragement, and shared empathy have provided strength to the Government and people of India, as well as the victims' families, in overcoming this immense loss. These engagements collectively illustrate Vietnam's strategic focus on securing its energy supply, attracting foreign direct investment to fuel economic growth, and deepening diplomatic relationships with key international partners to enhance its global standing.