Vietnam is now ready for the ASEAN Economic Community (AEC), due to be formed at the end of 2015, experts said at a seminar held by the Central Institute of Economics Management (CIEM) on December 12 in Hanoi.
Vietnam is now ready for theASEAN Economic Community (AEC), due to be formed at the end of 2015,experts said at a seminar held by the Central Institute of EconomicsManagement (CIEM) on December 12 in Hanoi.
Nguyen Anh Duong,deputy head of the CIEM’s macro-economic section, said the country hasmade essential preparations in terms of governance and institutional andadministrative procedure reforms.
Participants said the AEC willbring opportunities to Vietnam to expand markets and at the same timefiercer competition on its own ground, particularly in industrial andagricultural sectors.
CIEM Deputy Director Vo Tri Thanh notedthat however, Vietnam still faces problems in human resource quality andpoor infrastructure. He suggested that the country develop effectivemacro-economic policies to boost the integration process throughattracting investment while preventing negative impacts.
Inparticular, the Government should continue improving its investment andbusiness climate, completing legal framework and assisting enterprisesin updating technologies and expanding markets.
Vietnam hasbrought the tariff rates to zero percent for 80 percent of tax lines andremove tariff for another 13-15 percent by Jan 1, 2015. The rest willbe removed until 2018.
The AEC aims toestablish a single common market and production base for the ASEANmember countries that that enables the free movement of goods, services,capital and skilled labour within ASEAN.
TheAEC was one of the three pillars of the ASEAN Community, together withthe ASEAN Political Security Community (APSC) and the ASEANSocio-Cultural Community (ASCC).
ASEAN comprisesten member states, including Indonesia, Malaysi𒁃a, the Philippines,Singapore, Thailand, Brunei, Cambodia, Laos, Myanmar and Vietnam.-VNA
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