A forum giving an overview of the ASEAN Economic Community and relevant agreements was held in the central city of Da Nang on November 11.

Hosted by the Ministry of Planning and Investment's Foreign Investment Agency (FIA), the event attracted representatives of the Departments of Planning and Investment and enterprises from 13 provinces and cities in the Central and Central Highlands regions.

Speaking at the event, FIA Deputy Director Dang Xuan Quang stressed the formation of the AEC in late 2015 and signed relevant agreements have brought both opportunities and challenges to Vietnamese enterprises.

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The forum helped raise public awareness and provided basic information of the AEC, the ASEAN Comprehensive Investment Agreement (ACIA) and other agreements, he said.

Participants were introduced to the AEC, opportunities and challenges for Vietnam when joining the community and new-generation free trade agreements (FTAs), the ACIA, as well as the country’s commitment to opening the door for goods from other ASEAN member states.

Nguyen Nguyen Dung, also from the FIA, noted that the ACIA aims to promote investment liberalisation within ASEAN and foster the intra-bloc investment.

It will also boost foreign direct investment (FDI) in ASEAN and protect foreign investors operating in ASEAN member nations, he added.

According to Hoang Thi Dieu Linh from the International Cooperation Department under the Ministry of Finance, Vietnam’s participation in the AEC and new trade agreements would open up great opportunities for the country to boost exports, and Vietnamese firm to expand their markets and attract foreign investment.

Participants stressed the need for Vietnamese enterprises, especially small-and medium sized ones, to improve their competitiveness in the context of the new global business environment.

Source: VNA