Deputy Prime Minister Vuong Dinh Hue discussed problems facing the ASEAN Economic Community with a delegation from the Economic Research Institute for ASEAN and East Asia (ERIA) during a reception in Hanoi on July 18.

Deputy Prime Minister Vuong Dinh Hue (R) and ERIA President Hidetoshi Nishimura

The Deputy PM thanked ERIA for coordinating with the Vietnamese Foreign Ministry to hold a seminar entitled “50 years of ASEAN: ASEAN Economic Community – opportunities for Vietnamese enterprises” scheduled for July 19. 

He wished that ERIA experts would share research results with the Vietnamese government, especially those regarding the Comprehensive Plan to build ASEAN Economic Community (AEC) 2025. 

Mentioning the future of ASEAN and ASEAN Economic Community (AEC), Hue expressed concern about possible risks and conflict regarding exchange rates as the Community has no common currency and fiscal year. He cited the unstable of some currencies in the community, and urged ERIA to research an appropriate orientation for the AEC in the matter.  

The Deputy PM also discussed the connectivity between ASEAN and the East Asia, the role of Japan and several East Asian countries in connecting Vietnam and East Asia as well as negotiations on the Regional Comprehensive Economic Partnership (RCEP). 

Other issues of Vietnam’s concern included the emerging trend of trade protection, trade facilitation, technical barriers, fraud prevention, among others. 

ERIA President Hidetoshi Nishimura said ERIA will work closely with the Vietnamese government, Foreign Ministry, ministries and agencies concerned to ensure that Vietnam will successfully assume the role of ASEAN Chair by 2020.

The delegation shared research results about ASEAN Economic Community and Vietnam in particular, future orientations and challenges. 

They lauded Vietnam for succeeding in administrative reform and improving private sector’s involvement in policy reform.

VNA