Vietnamese businesses to face difficulties when joining AEC

Many Vietnamese businesses have not had brand names and strong capital source, and been vague about ASEAN Economic Community (AEC) which will officially be established by the end of this year, said experts at a seminar hosted by the Central Propaganda and Education Department in Ho Chi Minh City on Wednesday.

Only 30 percent of Vietnamese enterprises are fully aware of ASEAN Economic Community (AEC) to work out their business plans, said chairman of Saigon - ASEAN Businessmen Club Nguyen Ngoc Luan. Most Vietnamese businesses are vague about AEC especially those of small and medium enterprises.

The dissemination of related laws is very weak in Vietnam due to lack of fund and consideration from authorized agencies, Luan added.

Deputy Chairman of HCMC Business Association Pham Ngoc Hung emphasized that AEC will bring more difficulties than opportunities for businesses. 

Many Vietnamese businesses have not had brand names and strong capital source to be able to compete with foreign giants when goods will be ermitted to import to the country with zero tariff rate and loose trade barriers, Hung said.

In addition, Thailand's enterprises as one of the regional members are to enjoy preferential interest rates of about 6 percent; Vietnamese small and medium enterprises are getting loans with medium and long term interest rates of up to 12-13 percent per year.

By Nhung Nguyen - Translated by Hai Mien

Other news

Most view

At the forum (Photo: SGGP)

Ben Tre Province facilitates agriculture investors

A forum held in the Mekong Delta province of Ben Tre yesterday had met to promote investment in agriculture with the participation of the provincial Party Secretary Vo Thanh Hao, Chairman of People’s Committee Cao Van Trong and 250 enterprises.


VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


HCMC focuses on safe pig breeding chain

The HCM City department of agriculture & rural development has just held conference about the sustainable pig breeding and safe pork production market in HCMC.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

STK to issue 10.8million shares

The shareholders of Century Synthetic Fiber Corp (code: STK) have approved plan to issue 10.8 million shares.