Vietnam urged to grab opportunities when joining AEC
(VOV) - Vietnam’s membership in the ASEAN Economic Community (AEC) offers new opportunities for businesses to enjoy benefits from trade liberalisation, said Deputy Minister of Industry and Trade Nguyen Cam Tu at a seminar in Danang on August 14.
However, Vietnam will be facing fierce competition from regional rivals in terms of consumer goods, services and investment attraction, while low-cost production will be no longer Vietnam’s competitive advantage, Tu warned.
During the seminar, experts agreed that when the AEC is established in 2015, ASEAN will become a single market without tariffs, non-tariff barriers will be removed gradually, and the community will be more dynamic and competitive.
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Tu said Vietnamese businesses should be able to boost exports in many advantageous areas such as electronics and components, means of transport, equipment and machinery and steel after the AEC is realised.
He added export businesses that have met the market demand will have greater opportunities for stronger growth. In addition, deeper integration in the field of trade, service and investment will open up prospects for economic development.
To fulfil the tasks, there should be active co-ordination between management agencies and businesses, Tu stressed.
Ministry of Industry and Trade leaders also warned Vietnamese businesses need to update information, improve capacity and build new policies to stand firm in a highly competitive environment.