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Vietnam Today

Vietnam among leaders in implementing AEC commitments

Released at: 16:42, 03/03/2018

Vietnam among leaders in implementing AEC commitments

Photo: VNA

Deputy Minister makes claim on sidelines of ASEAN Economic Ministers' Retreat in Singapore.

by Long Van

Deputy Minister of Industry and Trade Tran Quoc Khanh was quoted by the Vietnam News Agency as saying on the sidelines of the 24th ASEAN Economic Ministers’ Retreat (AEM Retreat 24), which took place in Singapore on March 1 and 2, that Vietnam is among the leading countries in implementing commitments for the establishment of the ASEAN Economic Community (AEC).

Vietnam, he said, has actively cooperated with other ASEAN countries in developing the Trade Facilitation Index (TFI) to measure the level in each member state. Based on this, ASEAN will make recommendations to each country on measures to improve to reach the goal of cutting trade costs by 10 per cent by 2020 and doubling intra-bloc trade value by 2025.

The country has also proactively implemented the ASEAN Wide Self-Certification (AWSC) initiative, which aims to replace two other pilot mechanisms on self-certification.

The AWSC will help Vietnamese entrepreneurs self-certify their products to ship to the nine other ASEAN countries, which will help save time, cost, and resources.

During the two-day retreat, ASEAN economic ministers reached agreements on priorities designed by the host to promote e-commerce, trade facilitation, services, and integration, thus creating a favorable business climate via realizing the targets of the AEC Blueprint 2025.

According to Singapore’s Minister for Trade and Industry Lim Hng Kiang, the priorities Singapore plans to pursue in 2018 will bring visible benefits to ASEAN businesses and residents alike thanks to lower costs, more abundant materials, and more favorable conditions for trade and investment.

ASEAN has achieved initial successes with the launch of the ASEAN Single Window (ASW) and the ratification of the ASEAN Declaration on Cruise Tourism to develop sea tourism in the region, he said.

The ten members of ASEAN are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

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