Hanoi (VNA) – “ASEAN at 50: ASEANEconomic Community and the Opportunities for Vietnamese Businesses” is thetheme of a conference held by the Foreign Ministry in Hanoi on July 19 to markthe 50th founding anniversary of the ten-member group (August 8). 

In his opening remarks, Assistant to the ForeignMinister Vu Quang Minh said the formation of the ASEAN Economic Community (AEC)marked a new step of integration of ASEAN economies, aiming to build an ASEANeconomic space of connectivity, competitiveness, dynamism and innovation withpeople as the centre. 

He underlined the need for businesses tounderstand opportunities and challenges following the birth of the AEC. 

However, Minh said, only 16 percent ofVietnamese enterprises have knowledge about the community, adding that theconference will offer an opportunity for leaders, researchers and firms to seekways to help the business circle bring into full play the opportunities andcope with the challenges. 

Prof. Hidetoshi Nishimura, President of theEconomic Research Institute for ASEAN and East Asia (ERIA), said ASEAN hasrecorded great achievements over the past half a century, ensuring regionalpeace and stability. 

ASEAN is working hard to implement a singlemarket and a production base, hence bringing opportunities to all of its membercountries and residents, he said. 

Deputy Foreign Minister Nguyen Quoc Dung saidASEAN has become Vietnam’s second trade partner with an average growth rate of14.5 percent over the past decade. 

Trade between Vietnam and ASEAN increased fromabout 19 billion USD in 2006 to 41.36 billion USD in 2016, he said, adding thatASEAN is Vietnam’s third largest market and third largest supplier of goods. 

ASEAN is also Vietnam’s important foreign directinvestment provider with total registered capital of 64 billion USD and abridge for multi-national companies based in ASEAN to invest in the country,the official said. 

ASEAN-invested projects in Vietnam mainly focuson production, processing and manufacturing, Dung said, stressing that ASEANhas become one of the impulses helping Vietnam maintain its sustainableeconomic growth rate. 

ASEAN Secretary General Le Luong Minh describedASEAN as an attractive destination for foreign investors and the world’s sixlargest economy with a population of 640 million.

He, however, pointed out an array ofdifficulties facing the group such as development gap between member countriesand differences in development goals, laws, institutions and awareness ofpeople and the business circle. 

Besides, the nations also face other problemslike aging population, middle-income trap, inequality and non-traditionalthreats, Minh noted. 

He said since joining the group, Vietnam hasstepped up cooperation with other member countries and participated more deeplyin the global value chain, as reflected through its engagement in theTrans-Pacific Partnership (TPP) agreement, negotiations of the Regional ComprehensiveEconomic Partnership (RECP) agreement and signing of free trade agreements withthe EU and the Eurasian Economic Union. 

Deputy Foreign Minister Dung said realising the AECat a new development level is the task of Governments of ASEAN member countriesas well as the business circle. 

Besides, it is necessary for the Governments tomake all-out efforts to narrow development gaps within ASEAN as well as betweenASEAN and other regions, promote economic integration to improve the group’scompetitiveness and enhance infrastructure connectivity, he said. 

Dung emphasised the Vietnamese Government’scommitment to further renovating and reforming the economy, which, he said, hasbeen demonstrated through its efforts to build a transparent and facilitating Government.–VNA