VietNamNet Bridge – Vietnam will host the 19th ASEAN Economic Ministers (AEM) Retreat and related meetings from March 6-9 in Hanoi.

This was announced at the Ministry of Industry and Trade (MoIT)’s press briefing in Hanoi on February 27.

The event will be attended by the ten ASEAN Economic Ministers, the ASEAN Secretary General and the EU Trade Commissioner, along with researchers, representatives from the business community, and ASEAN and EU media agencies.

The Retreat is one of many contributions from Vietnam to the establishment of an ASEAN Economic Community (AEC) by 2015.

Economic integration is the spearhead of ASEAN cooperation and also the area in which ASEAN has achieved great success.

The 19th ASEAN Economic Ministers’ Retreat is an important annual event of ASEAN economic cooperation which gives participants the chance to discuss essential initiatives to boost regional economic cooperation and set incremental goals towards the establishment of the ASEAN Economic Community (AEC) by 2015.

As the 2015 deadline approaches, greater effort is required by members to turn ASEAN nations into a single market and production base, a highly competitive economic region and a region of equitable economic development with full integration into the global economy.

Within the framework of the 19th AEM Retreat, the 12th Consultative Meeting between ASEAN Economic Ministers and the EU Trade Commissioners will be held on March 9. The participants will discuss the programs and initiatives to promote economic cooperation and trade and investment relations between the two regions. Vietnam is well placed to contribute to the dialogue as it is currently the coordinating country for ASEAN-EU economic cooperation.

The 3rd ASEAN-EU Business Summit will also be held on March 9, offering an opportunity for regional policy makers and the business community to compare notes on inter-sectoral issues and share business experience to tap the full potential of trade and investment between the two regions.

ASEAN and the EU are Vietnam’s most important trading and investment partners, with ASEAN currently standing as Vietnam’s third largest export market after the US and EU. Conversely, ASEAN is the second largest supplier of goods to Vietnam, behind China.

Vietnam’s trade turnover to ASEAN member countries reached more than US$38 billion in 2012. Meanwhile, the EU is the second largest export market and is a major investor in Vietnam.

As the coordinating country for ASEAN-EU economic cooperation and the host of the 19th AEM Retreat and Related Meetings, Vietnam expects to make constructive contributions to the ASEAN economic integration process, as well as to the strengthening of ASEAN-EU trade and investment.

Source: VOV