Vietnam, ASEAN + 3 seek to promote economic development cooperation

The content was emphasized by delegates during a meeting with Ambassadors of ASEAN + 3 countries organized by the Vietnam - ASEAN Economic Cooperation Development Association (VASEAN) on January 17 in Hanoi.

This message was emphasized by delegates during a meeting on January 17 in Hanoi held among Ambassadors of ASEAN +3 countries organised by the Vietnam - ASEAN Economic Cooperation Development Association (VASEAN).

Bui Tuong Lan, vice chairman of the VASEAN, highlighted the efforts made by VASEAN member enterprises in stabilizing production and business activities, despite the challenges caused by the COVID-19 pandemic.

The association has co-ordinated with embassies and businesses of ASEAN +3 countries to organise online seminars, trade connections, and exhibitions featuring numerous prestigious and quality brands in order to create momentum for development in the year ahead.

In particular, VASEAN has proposed promoting further trade, investment, and co-operation in cultural communication to unite with the embassies of ASEAN +3 countries in organising a range of programmes to step up communication. This includes a focus regarding culture and practices of other countries in order to create a healthy and effective playground for enterprises.

“In the coming time, VASEAN will work with each embassy to jointly organize exchange and cooperation programs aimed at boosting economic development in ASEAN and ASEAN +3 regions and deepening mutual understanding among nations for a region of stability, peace and development,” Lan said.

Upon addressing the event, Deputy Minister of Planning and Investment Tran Quoc Phuong hailed the nation’s active participation in ASEAN economic integration over the past three decades. The Deputy Minister added that the nation has worked together with ASEAN member states to build an important foundation for the ASEAN Economic Community (AEC) to be officially established in 2015.

At present, ASEAN has become one of the country’s leading trade and investment partners, an important driving force for the nation in maintaining its economic growth over the course of several years.

AEC creates a chain link between ASEAN businesses, thereby contributing to the growth and common prosperity of the region.

Furthermore, the partnership between Vietnam and Japan, the Republic of Korea, and India has also reaped various important achievements. The three countries have effectively supported and co-operated with the nation across a variety of fields, duly contributing to promoting the Vietnamese economy's rapid and sustainable development.

Appreciating the efforts of VASEAN in bolstering economic co-operation between Vietnam and ASEAN member states, along with the ASEAN +3, embassies of ASEAN +3 countries said they will continue to accompany the Association to support businesses. They will aim to strengthen co-operation and economic development of countries moving forward, especially in the context of the complicated development of the COVID-19 pandemic.

Delegates said that the COVID-19 pandemic has caused plenty of difficulties to economic and business activities of countries globally. However, economic co-operation between the nation and the bloc is still growing and is seen as a bright spot in the country’s overall economic picture, as well as of the region in general. ASEAN has always been an important trading partner for the nation, they said, adding that trade relations between the country and the ASEAN market area have continuously developed over the years and recorded remarkable achievements.

Most notably, in 2020, due to the negative effects of the COVID-19 pandemic, Vietnamese imports and exports with ASEAN reached US$53.6 billion, a drop of 6.8% compared to 2019.

However, 2021 saw trade recover and regain momentum, with two-way trade turnover between the nation and ASEAN over the final 10 months of 2021 hitting US$56.6 billion, representing an increase of 30% over the same period from the previous year, higher than the country’s average import-export growth rate with the world at 22.6%.

Besides trade, according to the Ministry of Planning and Investment, 2021 saw the ASEAN +3 region remain as the leading investors in terms of total FDI into the nation, with the involvement of the Republic of Korea, Japan, and Singapore.

Boasting a dynamic business environment, the country is still regarded as a good destination for foreign investment from ASEAN and other locations both this year and moving ahead to subsequent years.