Joint efforts from the Government and private enterprises are required for Vietnam to fully maximise opportunities available and mitigate impending challenges as the ASEAN Economic Community (AEC) officially forms this year, Deputy Minister of Industry and Trade Nguyen Cam Tu told the Vietnam News Agency.
Vietnam must work to reduce the development gap between the ASEAN member states through innovating management styles, improving legal frameworks and investment environment as well as raising the awareness of the AEC among the business community to prepare them for the integration, he said.
Furthermore, he stressed the need for local enterprises to make reforms and enhance their competitiveness to adapt to the new business conditions.
There is a current lack of acknowledgement in the local business community for the AEC and its commitments, especially the expected impacts on the firms themselves.
Therefore, the Ministry of Industry and Trade (MOIT) has been organising a wide range of conferences in line with the release of publications and short films to promote the AEC among the community since 2009.
It is essential for companies to be active in learning and taking advantage of tax incentives under Free Trade Agreements (FTAs) and upgrading their business structure and organisation framework in preparation for the increasing pressure from regional enterprises.
To gain insight into the impacts of the AEC on specific sectors, Tu urged associations of each industry to research and provide relevant governing bodies, like the MOIT, with feedback on enterprises’ obstacles and difficulties, assisting the government to make timely adjustments.
Citing Vietnam’s entry into the World Trade Organisation as a success, he expressed his belief that the establishment of the AEC is a golden opportunity for Vietnam to maintain its relevancy in the region and around the world.
A common ASEAN production space in combination with the integration of the bloc and other key partners, such as Japan, China, the Republic of Korea, Australia, New Zealand and India, will pave the way for Vietnam’s enterprises to take part in larger supply and value chains.-VNA
Vietnam must work to reduce the development gap between the ASEAN member states through innovating management styles, improving legal frameworks and investment environment as well as raising the awareness of the AEC among the business community to prepare them for the integration, he said.
Furthermore, he stressed the need for local enterprises to make reforms and enhance their competitiveness to adapt to the new business conditions.
There is a current lack of acknowledgement in the local business community for the AEC and its commitments, especially the expected impacts on the firms themselves.
Therefore, the Ministry of Industry and Trade (MOIT) has been organising a wide range of conferences in line with the release of publications and short films to promote the AEC among the community since 2009.
It is essential for companies to be active in learning and taking advantage of tax incentives under Free Trade Agreements (FTAs) and upgrading their business structure and organisation framework in preparation for the increasing pressure from regional enterprises.
To gain insight into the impacts of the AEC on specific sectors, Tu urged associations of each industry to research and provide relevant governing bodies, like the MOIT, with feedback on enterprises’ obstacles and difficulties, assisting the government to make timely adjustments.
Citing Vietnam’s entry into the World Trade Organisation as a success, he expressed his belief that the establishment of the AEC is a golden opportunity for Vietnam to maintain its relevancy in the region and around the world.
A common ASEAN production space in combination with the integration of the bloc and other key partners, such as Japan, China, the Republic of Korea, Australia, New Zealand and India, will pave the way for Vietnam’s enterprises to take part in larger supply and value chains.-VNA
