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

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