Illustrative image (Source: VNA)VicePresident of the Vietnam Chamber of Commerce and Industry (VCCI) Hoang Quang Phong said despite limitedoutcomes in exports, retail and logistics services, tourism, education andhealthcare, it is undeniable that the birth of AEC and free trade agreements(FTA) between Vietnam and foreign countries and international organisationshave pressed the Southeast Asian nation to reform its legal institution,improve the business-investment environment, and increase competitiveness ofthe economy and the business community as a whole.
Director ofthe World Trade Organisation and Integration Centre under the VCCI Nguyen ThiThu Trang said the removal of tariff in nine markets in the Association of SoutheastAsian Nations (ASEAN) has opened up huge export opportunities for Vietnamesebusinesses.
Theprocedures of goods movement have become more favourable thanks to the ASEANSingle Window, ASEAN Customs Transit System, and ASEANHarmonized Tariff Nomenclature.
The openingof a large common and busy market in ASEAN benefits Vietnam and other memberstates as providing better policies on competition and investment, transportinfrastructure, energy, information technology, administration and consumption,she noted.
However, thebinding technical standards could pose difficulties for domestic companies, shewarned.
According toTrang, 46.79 percent of businesses proactively studied information on AEC.
However, amongnearly 94 percent of businesses knowing the AEC, only 16.4 percent have fullyunderstood about the community, she said, adding that this is due to the lackof effective information channels that help firms to learn about the market,partners, rivals and commodities in the area.
Vo TriThanh, a senior expert on ASEAN integration under the Central Institute forEconomic Management, agreed that poor public awareness of AEC makes itimpossible for domestic businesses to take full advantages of relevantcooperation agreements.
Businessesshould look at opportunities stemming from the AEC beyond export turnover andtrade to consumption production, services, investment, tourism and education,he suggested.
Mostimportantly, enterprises should know that the AEC is bringing brilliant chancesfor connectivity to look towards a green economy, he added./.
VNA
