Vietnam economy with opportunities and challenges in 2015

2015 is considered to be an important year of the further and greater international integration of Vietnam economy. This is a not only the golden time of FTA between Vietnam and other countries but also an important milestone of establishing AEC.

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Witnessing the signing of free trade agreements between Vietnam and other countries and organizations and the establishment of ASEAN Economic Community (AEC), 2015 will bring Vietnam not only considerable opportunities but also big challenges. Many experts claimed that Vietnam did elaborate preparation for the process of joining AEC, however, the country should continue taking other measurements in order to achieve the successful integration.

2015 - Year of considerable opportunities

The establishment of AEC will mix the economy of 10 ASEAN members to create the regional economic market with the population of 600 million and the total national income (GDP) up to 3,000 billion USD. This process of integration will bring Vietnam opportunities to fully exploit comparative advantages and use available resources more efficiently. The common market created by AEC will not only be confined in the region but also expanded to six counterparts of ASEAN members including China, Japan, Korea, Australia, New Zealand, and India. This creates big opportunities for developing the production and attracting more foreign investors.

The establishment of AEC will create favorable conditions to attract high-quality labors from other countries. On the contrary, Vietnam labor will have more chances to find jobs. Rector of University of Economic and Business (Hanoi National University), Mr. Nguyen Hong Son said that joining AEC was an important factor to promote the country's reform, especially in terms the improvement of economic institutions and international trade policies to improve Vietnam business environment.  This is also a great occasion for Vietnam enterprises under the pressure of the international competition to make the technological innovation, enhance management skills of human resource's quality, make the adjustment for business strategies... and simultaneously open up opportunities to participate in regional and global value chains.

2015 - Year of real and great challenges

Besides golden opportunities, AEC will create many big challenges, in which, the biggest challenge comes from the comprehensive competitiveness in both domestic and international markets. Vietnam enterprises have to compete with other enterprises not only from ASEAN regions but also from other countries in the world such as Korea, Japan, and China... The competition is also not only confined in commodities but also in other aspects like services, investments or the movement of labors in the region.

Chairman of Hanoi Young Business Association said that although the Government made careful preparations for the integration process, nonetheless, many Vietnam enterprises were not yet carefully invested, provided knowledge, and prepared themselves for the new challenges. A great number of enterprises are indifferent, not interested, or have not yet recognized the importance of the integration. Small and medium enterprises will be most affected when they are not capable of reaching out internationally. Not only that, these enterprises can meet difficulties in the domestic market when big international enterprises entering the market.   "We cannot be subjective, on the other hand, we need to clearly identify the challenges to take suitable measurements", Deputy Minister Nguyen Cam Tu shared.