The ASEAN Economic Community (AEC) portal was launched at a workshop in Hanoi on December 28, serving as an essential tool for businesses to improve their knowledge about the AEC and optimise its opportunities.

According to Director of the World Trade Organisation and Integration Centre under the Vietnam Chamber of Commerce and Industry Nguyen Thi Thu Trang, 46.79 percent of businesses proactively studied information on the AEC. 

Among nearly 94 percent of businesses knowing the AEC, only 16.4 percent of them fully understand about the community, she said, attributing the lack of effective access channels that help firms to grasp information on the market, partners and commodities to the situation.

The launch of the portal is expected to bring an insight about the AEC for businesses so that they can make good use of opportunities from the common market.

First Secretary and Head of Political and Economic Section at the British Embassy in Vietnam Andrew Holt affirmed that the AEC offers a valuable opportunity for Vietnam to promote exports and lure foreign investment.

Head of the ASEAN Division of the Ministry of Industry and Trade’s Multilateral Trade Policy Department Hoang Van Phuong called for prompt and efficient measures to boost exports to ASEAN.

Vice Chairman of the Vietnam Chamber of Commerce and Industry Hoang Quang Phong said in 2016, the Vietnamese Government has pushed ahead with comprehensive reform and has been ready for new integration commitments.

To implement four key pillars in the AEC, Vietnam has revised and promulgated new policies to realise commitments in specific sectors such as distribution services, banking, insurance, stock exchange, and telecommunication.

2016 is also a special year for the Vietnamese business community when the revised Law on Investment and Law on Enterprises came into effect. 

Additionally, the early adoption of the Law on supporting small-and medium-sized enterprises is expected to support the legal framework to improve business environment.

VNA