Priorities for ASEAN economic pillar unveiled

This year ASEAN countries will devise a mid-term Master Plan for building the ASEAN Community until 2025; develop an ASEAN Master Strategy for the 4th Industrial Revolution; introduce baseline research on legal document management; and promote Vietnam-initiated priorities for the ASEAN economic pillar.

ASEAN has praised the economic pillar as a foundation for comprehensive economic cooperation.

Economic cooperation - foundation of ASEAN

Vietnam’s initiatives and priorities for the ASEAN economic pillar in 2020 reflect its active role in ASEAN and consistent policy of boosting international integration.

Since Vietnam joined the ASEAN Free Trade Area (AFTA) in 1996, its trade with other ASEAN countries has increased from 6 billion USD to 60 billion USD. ASEAN plays an important role in Vietnam’s international economic integration, according to Minister of Industry and Trade Tran Tuan Anh.

Mr. Anh said "Vietnam always prioritizes cooperation with other ASEAN countries. Through ASEAN, Vietnam has a great potential for cooperation with other economies. Thanks to multifaceted cooperation with ASEAN, our global political, diplomatic, and economic status has increased."

ASEAN’s economic integration creates opportunities for greater global trade and enhances Vietnam’s economic reform, growth model reform, and building a law-governed state based on a socialist-oriented market economy.

Specific priorities

Vietnam has worked out specific priorities to reflect the 2020 ASEAN theme “Cohesive and Responsive”. The rapid changes of the 4th Industrial Revolution, trade protectionism, and trade unilateralism pose major challenges to rule-based multilateral trade including AFTA. Increasing ASEAN’s resilience, strengthening cooperation in startup and e-commerce, and eliminating barriers are the priorities of ASEAN Year 2020.

Minister Anh said "Current challenges require us as ASEAN Chair to increase connectivity between ASEAN members. We need to strengthen ASEAN’s adaptability and resilience to emerging complications in order to create new vitality for ASEAN and enhance cooperative mechanisms within ASEAN and between ASEAN and its partners."

As ASEAN Chair for 2020, Vietnam has introduced 17 initiatives concerning the economy, trade, investment, and technology to boost ASEAN economic growth. The current FTAs between ASEAN and other countries and the Regional Comprehensive Economic Partnership expected to be signed this year will further bolster ASEAN’s economic cooperation.