Enterprises in the southern province of Dong Nai have been advised to innovate manufacturing technology, improve their brand names and boost trade promotion to anticipate opportunities offered by the formation of the ASEAN Economic Community (AEC) by the end of this year.

Talking about the AEC at a workshop in the province on May 14, Director of the provincial Department of Industry and Trade Le Van Danh said that once established, the AEC will help Vietnam expand its market, penetrate ASEAN partners’ markets, and participate in the global value chain.

The establishment will also eliminate most tariff and non-tariff barriers while helping Vietnam speed up reform and improve its economic institutions and international trade policies, and increase national competitiveness.

However, the increased opportunities are coupled with increased competition in product price and quality. The gap in incomes between AEC countries will force Vietnam to manage the free movement of goods, capital and skilled labour within ASEAN.

Twelve types of goods will receive integration priority, including farm produce, aviation, automobiles, electronics, tourism, and garment-textiles.

Dong Nai is home to around 20,000 enterprises. To anticipate opportunities and surmount challenges posed by the integration process, many have actively invested in expanding production scales and applying new technologies in business and production management.-VNA