Arab Today, arab today asean economic community to bring opportunities to vietnamese exporters
Last Updated : GMT 04:31:55
Arab Today, arab today
Arab Today, arab today

ASEAN Economic Community to bring opportunities to Vietnamese exporters

Arab Today, arab today

Arab Today, arab today ASEAN Economic Community to bring opportunities to Vietnamese exporters

Ho Chi Minh City - XINHUA

Once formed in 2015, the ASEAN Economic Community (AEC) will bring both opportunities and challenges to Vietnamese exporters, according to experts. The Association of Southeast Asian Nations (ASEAN) consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The AEC marks the commitment of the ASEAN leaders to building and promoting a single market and production base, a highly competitive economic region tempered with equitable development, and a region fully integrated into the global economy. The AEC would create greater opportunities for Vietnam to export goods and services to the ASEAN market, though local enterprises have faced many difficulties in production and business, said Vietnam's Deputy Minister of Industry and Trade Do Thang Hai. According to data from the ministry, trade between Vietnam and other ASEAN member countries has quadrupled over the past decade, climbing to nearly 40 billion U.S. dollars in 2013 from 9 billion U.S. dollars in 2003. In 2013, Vietnam took in 18.47 billion U.S. dollars from its exports to the bloc, the country's third largest importer only after the United States and the EU, which represented a rise of 4. 4 percent from the previous year. In the first quarter of this year, the figure was estimated at 4.7 billion U.S. dollars, a year- on-year increase of 6.4 percent. However, the growth tended to remain steady, or even slowed on occasion, as Vietnamese enterprises have not yet taken full advantage of the close geographical distance and incentives offered by the ASEAN Trade in Goods Agreement (ATIGA). ASEAN member states are among Vietnam's leading trade partners, accounting for 15 percent of the country's total trade. The regional grouping made up 22.4 percent of total foreign direct investment in 2013 with Singapore, Malaysia and Thailand being key investors. The AEC and free trade agreements are expected to further promote Vietnam's exports to other ASEAN markets. The Vietnamese Ministry of Industry and Trade forecast that exports to these markets would continue to grow steadily as more than 99 percent of tax rates of six ASEAN countries, Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand, will be slashed to zero in 2015 under the ATIGA signed in Thailand in 2009. Vietnam would have a significant opportunity for major export products, such as textiles, garments, rice, seafood and electronic components. When the AEC is formed, Vietnam could sell goods to the other ASEAN markets in ways that are similar to selling in home markets, because of simplified trade procedures and new procedures for certifying the origins of products. However, Tran Thanh Hai, deputy head of the ministry's import- export department, expressed great concern of the fact that 80 percent of local enterprises that were surveyed about the AEC have little information about interests and challenges available for them in the ASEAN market. He said the lack of knowledge would be a big challenge for local enterprises when the AEC is formed in 2015. Moreover, Vietnam would compete with other countries in the ASEAN market in exporting raw products because it mainly sells raw products and components, including farming, seafood and mineral products, as well as electric and electronic components, said Pham Thi Hong Thanh, deputy head of the ministry's Asia-Pacific department. She suggested domestic businesses should accelerate exports of key products to ASEAN in the short term, such as mobile phone handsets and components, computers, electronics and components, means of transport, tools, machinery, equipment, and steel and rice. They should also devise long-term business strategies to take full advantage of incentives post-2015. Local firms are advised to boost competitiveness of their export products through quality improvement, especially by following regulations related to originating certification of products, if they want to fully utilize the opportunities the AEC will provide. Besides, they should set up their development strategies to enlarge the production scale to meet bigger orders in the near future. The government would re-adjust policies to meet the needs for integration into the AEC.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today asean economic community to bring opportunities to vietnamese exporters Arab Today, arab today asean economic community to bring opportunities to vietnamese exporters

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today asean economic community to bring opportunities to vietnamese exporters Arab Today, arab today asean economic community to bring opportunities to vietnamese exporters

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Egypt tourism revival steady but slow

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Egypt's Sisi meets Israeli PM at UN

GMT 04:27 2017 Wednesday ,20 September

Egypt's Sisi meets Israeli PM at UN
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 14:33 2017 Monday ,18 September

Cholera Cases Could Hit 850,000

GMT 21:57 2017 Sunday ,17 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday