Vietnamese businesses’ regional economic integration discussed hinh anh 1Domestic businesses should renovate their products and develop supporting industries (Photo:VNA)
Opportunities and challenges for Vietnamese businesses during their East Asian economic integration process were discussed at a workshop in Hanoi on August 22.

The event, jointly organised by the University of Economics, under the Vietnam National University-Hanoi and the Intersectorial Steering Committee for International Economic Integration, was a forum for domestic and foreign scholars and experts to discuss the regional integration as well as opportunities and challenges from the process for Vietnamese businesses, thus proposing policies for the effective integration.

According to experts, the East Asian economic integration is a multilateral cooperation mechanism between ASEAN and three northeast Asian countries, namely China, Japan and the Republic of Korea (RoK) with a view to boosting trade and investment relations between the two sides.

In addition to investment and cooperation, participants pointed out challenges for Vietnamese firms such as fierce competition on commodities in the region and high technical barriers from Japan and the RoK. 

They suggested domestic businesses renovate their products and develop supporting industries.-VNA