The importance of OECD in Vietnam's economic development strategy 2021-2025
- QTH-3Q19 Nguyen Thi Nhung
- Feb 20, 2022
- 2 min read
Updated: Mar 28, 2022
The Organization for Economic Cooperation and Development (OECD) is an intergovernmental organization founded on a treaty signed in Paris on December 14, 1960, to promote economic and social development in member states and around the world, as well as to boost international trade. The OECD's goals are to help members develop strong economies, promote and strengthen market economies, extend free trade, and contribute to the economic development of industrialized countries. Furthermore, OECD is a forum for dialogue on socioeconomic issues among member countries, international organizations, and researchers; it conducts research, forecasts, makes recommendations, and advises member countries on how to plan and coordinate socio economic development policies.
Vietnam was admitted to the OECD Development Center in March 2008, and it is also a member of the Aid Effectiveness Working Group. Since 2012, Vietnam has worked with the OECD to draft bilateral cooperation plans for the years 2012-2015 and 2016-2020. The two sides officially signed a Memorandum of Understanding on boosting collaboration between Vietnam and the OECD in the 2021-2025 period in November 2021, during Prime Minister Pham Minh Chinh's delegation's visit to France.
OECD Secretary General Mathias Cormann spoke at the meeting about his impressions of Vietnam's disease control successes, as well as the country's ongoing financial stability and solid economic growth momentum. Furthermore, the OECD Secretary-General stated that Vietnam is an important OECD partner in Southeast Asia, and that the OECD looks forward to working with Vietnam and other Southeast Asian countries in the future. The Secretary-General stated that the Vietnam-OECD Memorandum of Understanding (MOU) for the period 2022-2026 is extremely important, as it establishes a framework for the two sides to cooperate in the areas of digital transformation, green growth, climate change response, perfecting institutions, and improving human resource quality.
On the Vietnamese side, the Prime Minister thanked the OECD for its strong cooperation with Vietnam, particularly in terms of counseling, policy recommendations, and economic assessments to help with development planning. In addition, the Prime Minister expressed his hope that the OECD would continue to support the mobilization of resources, particularly capital, technology, and effective governance experience, to assist Vietnam in restructuring, transforming its growth model, and implementing its recent COP26 emission reduction commitments.
2022 will be significant in the relationship between Vietnam and the OECD. This is Vietnam's first year as Co-Chair of the SEARP Program, as well as the first year that the two sides implement the Vietnam-OECD Memorandum of Understanding (MOU) for the period 2022-2026 and jointly prepare the Report. This is the first time that Vietnam has assumed the chair of a high-standard mechanism of a non-member Vietnamese organization, demonstrating the OECD's and the region's confidence in Vietnam's ability to effectively link the OECD and the area to successfully assume this position.
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