Information on Vietnam's eligibility to join IPEF

DNHN - The involvement of each nation, including Vietnam, in the IPEF, would be determined by the conclusion of the discussions between the parties, according to a representative for the Ministry of Foreign Affairs.

On the afternoon of May 23, Prime Minister Pham Minh Chinh attended the Indo-Pacific Economic Framework for Prosperity launch event (IPEF).

At the Ministry of Foreign Affairs' regular news conference on May 26, the spokesperson highlighted that this is only the beginning of the IPEF debate process and that participation in the framework is contingent on the conclusion of the process. procedure for deliberation

During the discussion, Vietnam will collaborate with ASEAN countries and related partners to clarify the IPEF's contents, focusing on four pillars: trade, supply chain, clean energy, non-FREE carbonization and infrastructure, and taxation and anti-corruption, to deliver a positive, efficient, and workable economic agenda for the region and each country, toward a collaborative framework that delivers essential benefits. for the people, for peace, stability, and cooperation. 

Vietnam thinks that the IPEF should be founded on open, inclusive, and transparent principles consistent with international law, ASEAN's major role, and existing economic ties.

Ms Le Thi Thu Hang stated "With the policy of building an independent and self-sufficient economy, actively integrating into the world, deeply and effectively. Vietnam has participated in several initiatives on international economic linkage, thereby promoting maximize domestic and foreign resources to serve the country's construction and development."

Concerning the potential of joining IPEF, the Ministry of Foreign Affairs Spokesperson reiterated that this is only the beginning of the conversion process and that participation by each nation, including Vietnam, is contingent on the conclusion of the debate procedure for deliberation

The IPEF program was initiated around seven months after Mr Biden announced it during the East Asia Summit (EAS) in October 2021. This is regarded as one of the foundations of the Biden administration's Indo-Pacific policy.

IPEF members, unlike traditional trade blocs, are not required to negotiate tariffs or enhance market access. Instead, the project intends to include trading partners into agreed-upon norms in four important areas: the digital economy, supply chains, renewable energy infrastructure, and countermeasures. 

Nghi Lam