Vietnam’s contributions to AEC

The meeting will focus on priorities for the ASEAN economic pillar and the implementation of an action plan for the ASEAN Economic Community until 2025.

December 31, 2015 was a historic day in ASEAN’s 48 years of development as it saw the establishment of the ASEAN Economic Community (AEC), envisioned as a stable, prosperous, and highly-competitive community.

Member countries will work to harmonize their economic strategies, consult on macro-economic and financial policies, and improve infrastructure connectivity.

AEC generates momentum for development

AEC is the most important of ASEAN’s 3 pillars. AEC is the premise for the development of the other 2 pillars. 

AEC targets a united market, united production, economic competitiveness, balanced growth, and integration into the global economy. 

Since its establishment 7 months ago, the ASEAN members have concentrated on liberalization of trade, investment, finance, and labor.

Member countries have enhanced tax reduction, customs procedure reform, and other trade facilitation procedures.

In order to build a competitive economic region, AEC has focused on competition policy, consumer protection, intellectual property right protection, and infrastructure development. 

To ensure equal growth, ASEAN has built an SMEs development strategy and a common framework for ASEAN businesspeople and launched the ASEAN Integration Initiative. 

ASEAN has pushed ahead with negotiations for bilateral free trade agreements and a comprehensive economic partnership agreement.

AEC offers Vietnam great opportunities

The establishment of AEC marked a milestone in ASEAN development. AEC has offered Vietnam opportunities to access larger markets inside and outside ASEAN as ASEAN member states have signed free trade agreements with large countries.

Associate Professor, Doctor Trinh Thi Thu Huong, Deputy Head of the International Economic and Commerce faculty of the University of Foreign Trade, says opportunities are available for Vietnamese businesses. 

ASEAN is a market of over 600 million people. It is closer to Vietnam than the EU, the US, and Japan.

Vietnam strives to comprehensively integrate within ASEAN

Vietnam has been fully aware of the AEC’s benefits and has prepared for the integration process. 

Besides helping businesses to improve their knowledge, the Vietnamese government has adopted policies to improve the investment. 

Nguyen Quang Vinh, Director of the Office for Sustainable Business Development of the Vietnam Chamber of Commerce and Industry, said that Vietnam issued resolution 19 on improving its competitiveness and government capability. 

It’s considered a driving force for ministries and sectors to reform administrative procedures and reduce the time required for tax and customs procedures.

Vietnam has brought its economic institutions into line with international practices. 

At the 48th ASEAN Economic Ministers’ Meeting, Vietnam will put forward proposals, together with other ASEAN countries for implementing the ASEAN Economic Community’s Action Plan.