28/04/2015 10:06 GMT+7 Email Print Like 0

Vietnam's Efforts to Implement Commitments to Build AEC

The ASEAN Economic Community (AEC) will officially become operational within the next nine months, therefore, the ASEAN member countries are making great efforts to implement the commitments of the AEC formation. Vietnam ranks second in terms of fulfillment as 90% of its commitments have been implemented.

Minister of Industry and Trade Vu Huy Hoang grants an interview to VNA’s reporter. Photo: VNA

ASEAN economics ministers at the 21st ASEAN Economic Ministers’ Retreat (AEM Retreat 21) in Malaysia.
Photo: Kim Dung/VNA

At the 21st  ASEAN Economic Ministers’ Retreat (AEM Retreat 21) held in Malaysia last March, ASEAN economic ministers revaluated the results of implementing the commitments of the AEC formation and continued discussing measures on non-tariff trade facilitation  and creating favourable conditions for enterprises’ operation. They were also determined to complete negotiations on the Regional Comprehensive Economic Partnership (RCEP) by the end of 2015, thereby promoting cooperation on economics, trade and investment between ASEAN and its partners - Japan, RoK, China, New Zealand, Australia and India.

The ministers came to an overwhelming consensus on the AEC contents and affirmed their determination to put  it into operation before December 31, 2015.

During an interview on issues related to AEM Retreat 21, Minister of Industry and Trade Vu Huy Hoang, who participated in the retreat said that the meeting had two new topics of much concern, namely promoting enterprises’ operation within the bloc more strongly, proactively and actively and further increasing the pubic awareness about opportunities and challenges when the AEC is formed by the end of this year.

ASEAN economic ministers discussed these ideas, however, they did not come to a conclusion. At this meeting, they agreed and believed that the set targets would not be fulfilled effectively if they do not reach a common agreement. 
The Minister of Industry and Trade also said that the new contents are the same as the Vietnamese Government’s guidelines, programmes and strategies to implement the commitments of the AEC formation in 2015, such as facilitating administrative formalities for businesses and raising public awareness about the opportunities and challenges of joining the community.

The ASEAN Women Entrepreneurs Forum 2015 in Hanoi. Photo: Tuan Anh/VNA

Deputy Prime Minister Nguyen Xuan Phuc attends the
Outstanding ASEAN Women Entrepreneur Honouring Ceremony held in Hanoi. Photo: Tuan Anh – VNA 


The workshop on “Entrepreneurs and journalists look towards ASEAN Economic Community”
held in Ho Chi Minh City. Photo: Hoang Hai – VNA 

Delegates in discussion at the 3rd symposium on “ASEAN Integration Through Law” in Hanoi. Photo: Doan Tan/VNA
He cited that 10 members of the bloc have made great efforts to reach a high rate of fulfillment and according to the latest statistics, on average ASEAN members completed over 82% of the commitments of the AEC formation.  Vietnam is one of the leading members of the community, with over 90 percent of its commitments to the AEC’s establishment having been implemented, second only to Singapore.

Vietnam has also taken the lead in eliminating tariffs. Statistically, the country has already eliminated nearly 90 percent of its tax rates and will strive to negate another 7 percent between now and 2018.

That shows the fact that despite difficulties and a large gap between Vietnam and six former members of ASEAN, with great effort and determination of deep integration into the region and the world economics, Vietnam can overcome difficulties and manage to reach a high rate of fulfillment which is highly appreciated by other ASEAN countries.

Vietnam’s footwear industry is actively preparing for AEC integration. Photo: Quach Lam/VNA

Joining AEC will bring numerous benefits to Vietnam’s agricultural production. Photo: Tran Viet/VNA

Many Vietnamese enterprises, especially those in wood industry,
are facing huge challenges when joining AEC. Photo: Quach Lam – VNA 

The establishment of the AEC provides both opportunities and challenges for Vietnam, especially its business community. Vietnam will have a strong opportunity to learn from the experience of others in state management and business administration. On the other hand, the country will also face many difficulties. For instance, in the commercial field, when many ASEAN countries have the same type of goods, Vietnam will face growing competition, even domestically.

He added that opportunities accompany challenges but if Vietnam has adequate measures and prepares carefully for the establishment of the AEC, it will take full advantage of opportunities and will minimise negative impacts, even turning challenges into new chances.