Vietnam fully prepared for AEC
(VOV) - Vietnam is fully prepared for joining the ASEAN Economic Community (AEC) in 2015, particularly in institutional and administration reforms in line with international rules and commitments.
The statement was made by Nguyen Anh Duong, Deputy Head of the Macro-Economic Policy Department under the Central Institute for Economic Management (CIEM).
He said AEC will be a dynamic economic region with a growing competitive edge and will successfully integrate into the world economy. As an important partner of powerful economies like the US, China, the EU and Japan, it will also help promote global economic growth.
AEC is considered a potential market with more than 500 million consumers and the world’s highest economic growth rate.
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Meanwhile, CIEM Deputy Director Vo Tri Thanh said Vietnam still faces a number of difficulties such as poor human resources and infrastructure while making efforts to avoid the middle-income trap. So, the country should take proper measures to promote potential and internal strength, and develop effective and safe macro policies to accelerate the integration process.
Particularly, the Government should improve the business and investment environment, complete the legal framework and help businesses renew technology and find markets.
Experts said AEC will offer Vietnam with more chance to expand market with lower input costs and more investment opportunities. However, the country will have to fiercely compete with rivals on home turf, particularly in industrial and agricultural production.