Local firms still unprepared for ASEAN integration: forum
A considerable number of Vietnamese businesses haven’t been ready for economic integration into ASEAN though the ASEAN Economic Community (AEC) is to be formed at the year’s end.
A worker mans a beverage production line at a factory in southern Binh Duong province (Photo: VNA)
Hanoi (VNA)🔯 – A considerable number of Vietnamese businesses haven’t been ready for economic integration into ASEAN, as illustrated through a lack of awareness and thorough preparation, though the ASEAN Economic Community (AEC) is to be formed at the year’s end.
Director of the Central Institute for Economic Management (CIEM) Nguyen Dinh Cung pointed out the fact at a forum held by CIEM and the Graduate School of Public Policy under Japan’s University of Tokyo in Hanoi on November 13.
Sharing the same view, economist Pham Chi Lan said as up to 70 percent of domestic enterprises are small- and medium-sized firms and do not engage in import-export activities, they haven’t felt pressure to integrate.
On the other hand, the existence of an array of business obstacles has also steered those companies’ focus to their short-term survival and away from future competition, she added.
Nguyen Hong Son, Rector of the University of Economics and Businesses under the Hanoi-based Vietnam National University, said although the country has implemented integration-related commitments well, it hasn’t made full use of opportunities. For example, it has utilised only 30 percent of incentives in ASEAN.
Despite recent substantial improvements, the local business environment is still less competitive than that of other ASEAN countries, he noted.
Professor Toshiro Nishizawa from the University of Tokyo said Vietnam holds enormous potential for development and is coming to an important turning point. The AEC could be the main driving force for it to switch to a new growth model.
However, the country is encountering challenges such as difficulties facing small- and medium-sized enterprises, and a limited ability to integrate into financial and labour markets, he stressed, adding that it takes about 10 years or more to address those problems.
Participants at the forum agreed that Vietnam’s integration into ASEAN will create more opportunities for the nation to develop and promote its capacity in all aspects. Therefore, it should play a more active role by bettering the local business climate, competitiveness and scientific-technological levels, utilising the international community’s support, and setting up cooperation and partnerships.-VNA
Local firms’ preparations for the impact of the formation of the ASEAN Economic Community (AEC) by year’s end was the focus of discussions at a conference in Ho Chi Minh City.
Companies in the plastics industry should apply advanced technologies to maintain competitiveness after the ASEAN Economic Community (AEC) takes effect by year-end.
A series of measures was debated at a workshop in Hanoi on September 22 to help the capital make the best of opportunities and take most effective adaptation to challenges.
Vietnamese and Thai enterprises should sincerely cooperate and actively share experiences and resources towards the success of the ASEAN Economic Community (AEC).
Panels put forth measures to increase the engagement of individuals and people’s organisations in building the ASEAN Community during an international workshop in Hanoi on October 19-20.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
A worker mans a beverage production line at a factory in southern Binh Duong province (Photo: VNA)
