FILE PHOTO: Employees of Hana Micron Vina, a Vietnam unit of Hana Micron Inc., leave work in Van Trung Industrial Park, Bac Giang Province, Vietnam, on Thursday, Oct. 12, 2023. Vietnam and the EU pledged to work together on supply chain security, critical minerals, semiconductors and artificial intelligence. - Bloomberg
HANOI: Vietnam and the European Union pledged to deepen economic and security cooperation on Thursday (Jan 29), upgrading their diplomatic relationship to hedge against an increasingly unpredictable United States.
Vietnam and the EU must "stand side by side as reliable and predictable partners" at a moment when the "international rules-based order is under threat", European Council President Antonio Costa said during a visit to the Vietnamese capital Hanoi.
President Luong Cuong, speaking at a joint press briefing, called the upgrade to Vietnam's highest-level partnership a "new landmark" reflecting "sincere and mutual trust".
The announcement of the comprehensive strategic partnership comes less than a week after Vietnam's Communist Party reaffirmed General Secretary To Lam as the country's top leader, backing his vision for sweeping growth-oriented change.
Vietnam and the EU signed a free-trade deal in 2019, with bilateral exchange growing by around 40 per cent since then.
But Hanoi's ballooning surplus with the bloc has rankled European leaders who have called for the removal of non-tariff barriers on EU products such as automobiles.
The two sides agreed on Thursday to deepen cooperation on trade, technology, energy and security, according to a joint statement.
They also pledged to work together on supply chain security, critical minerals, semiconductors and artificial intelligence.
"Science, technology and innovation" should become the "pillars of bilateral ties", Cuong said, adding that Vietnam also sought cooperation on security and defence, especially at sea and in the cyber domain.
Beyond the US and China
Vietnam has emerged as a regional economic bright spot, clocking eight per cent growth last year despite new 20 per cent tariffs from its largest export market, the United States.
Faced with deepening trade uncertainty, Vietnam is on the hunt for new markets beyond top trading partners, the United States and China.
At its twice-a-decade leadership conclave last week, the party elevated foreign affairs to a "core" national function, alongside national defence and internal security.
Upgrading ties with the EU is part of Hanoi's effort "to diversify its export market beyond the US", said Khang Vu, a Vietnam expert and visiting scholar at Boston College.
"Vietnam wants to maintain an open international environment for trade, and the EU can help," he added.
Hanoi also has comprehensive strategic partnerships with China, Russia and the United States.
It has agreed similar partnerships with nearly a dozen countries since 2022, seeking to tap their markets, knowledge and technology as it pursues a bigger international role.
Vietnam has long practiced what its leaders term "bamboo diplomacy", looking to stay on good terms with the world's major powers. - AFP
