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Official Gazette

Monday, July 22, 2019

Businesses urged to prepare for regional economic community

Updated: 09:48’ - 09/02/2015

Vietnamese firms have been urged to take initiative and prepare for participation in the ASEAN Economic Community (AEC), which is expected to be formed by the year-end.

At a forum on the Government’s e-portal held on January 22 in Hanoi, experts said the AEC would not only offer opportunities but also pose challenges, such as the influx of products and services as well as skilled laborers from neighboring markets.

They warned if Vietnam did not improve its competitiveness, the country might become a consumption market for other countries in the region.

According to Deputy Minister of Industry and Trade Nguyen Cam Tu, the AEC is expected to create a firm basis for Vietnam to integrate more deeply into the global economy.

The integration process has put Vietnamese firms in urgent need for changes to promote advantages, Tu said, proposing the country to follow the roadmap for the formation of the AEC as well as other integration commitments.

Economist Nguyen Hong Son said there was much to be done ahead, including stabilization of the macro economy, improvement of the business climate for enterprises and coordination among the Government, enterprises and associations.

He pointed out that detailed information as well as opportunities and challenges should be provided to businesses for improving their awareness about the AEC, adding that businesses should enhance their management capacity and improve the quality of human resources to meet regional standards.-


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