News
Joining AEC: Vietnam needs to take advantage of sea transport
On December 11, the Ministry of Foreign Affairs organized a workshop on ASEAN Community and Vietnam`s Action program.`
Delegates stressed that he formation of ASEAN Community and participation of the ASEAN Economic Community (AEC) play a special and important role to Vietnam.
Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh said that the establishment of ASEAN Community in 2015 creates a huge impact on our country's process of empowerment in the international arena. "Economically, we have the opportunity to expand the market of goods and services, to attract foreign investment, to accelerate the process of improvement in economic institutions, to locate the country in the optimal position in the chain of manufacturing and distribution in the region and in the world. Moreover, we have the opportunity to implement higher standards of culture and society for the people of Vietnam," said Deputy Prime Minister.
The AEC is another step toward reshaping the nation’s economy by working with domestic and foreign businesses, foreign purchasers, and government leaders to find new trade opportunities and making Vietnam an economic hub for the region. “Growing exports within the AEC provides more revenue and job creation opportunities for the nation’s producers and agribusinesses,” said a representative for the MoIT’s International Cooperation Department.
Department personnel have participated in numerous meetings with regional importers during recent trade missions – particularly as it relates to rice, seafood, aquatic products and vegetables – which historically have accounted for 30% of exports to AEC member nations. “The elimination of import tariffs and removal of barriers to trade brought about by the AEC create some competitive advantages for Vietnamese businesses that hitherto did not exist,” said the representative.
The rep said the AEC presents ample opportunity for success if domestic businesses can retool their technologies with a focus on improving overall quality of their products, efficiencies in the production process and take a more innovative approach to product development.
If the stars line up, for just 2016 alone, economic experts report exports of seafood and aquatic products in the top six markets could potentially expand by 30-35%. For comparison purposes in the last five years the nation’s total exports for these markets expanded 33.6%. So it is conceivable that seafood and aquatic exports in 2016 could equal or exceed the industries growth for the whole of the last five years combined if the nation’s fishermen and aquaculture farmers can grasp the opportunities.
“Growing our international sales is a critical part of the government’s strategy to expand our business and develop the Made-in-Vietnam brand globally,” said the representative and we should all be appreciative of the efforts of the government to develop these new sales channels. According to statistics from the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam and Thailand remain the two leading suppliers of seafood and aquatic products for the global marketplace.
With the AEC formation, VASEP believes the time is ripe for Vietnam to develop a new consortium of Vietnam based fishing and seafood companies that have the forward thinking savvy to not only lead— but revolutionize the industry.
Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh said that the establishment of ASEAN Community in 2015 creates a huge impact on our country's process of empowerment in the international arena. "Economically, we have the opportunity to expand the market of goods and services, to attract foreign investment, to accelerate the process of improvement in economic institutions, to locate the country in the optimal position in the chain of manufacturing and distribution in the region and in the world. Moreover, we have the opportunity to implement higher standards of culture and society for the people of Vietnam," said Deputy Prime Minister.
Overview of the Conference
|
The AEC is another step toward reshaping the nation’s economy by working with domestic and foreign businesses, foreign purchasers, and government leaders to find new trade opportunities and making Vietnam an economic hub for the region. “Growing exports within the AEC provides more revenue and job creation opportunities for the nation’s producers and agribusinesses,” said a representative for the MoIT’s International Cooperation Department.
Department personnel have participated in numerous meetings with regional importers during recent trade missions – particularly as it relates to rice, seafood, aquatic products and vegetables – which historically have accounted for 30% of exports to AEC member nations. “The elimination of import tariffs and removal of barriers to trade brought about by the AEC create some competitive advantages for Vietnamese businesses that hitherto did not exist,” said the representative.
The rep said the AEC presents ample opportunity for success if domestic businesses can retool their technologies with a focus on improving overall quality of their products, efficiencies in the production process and take a more innovative approach to product development.
If the stars line up, for just 2016 alone, economic experts report exports of seafood and aquatic products in the top six markets could potentially expand by 30-35%. For comparison purposes in the last five years the nation’s total exports for these markets expanded 33.6%. So it is conceivable that seafood and aquatic exports in 2016 could equal or exceed the industries growth for the whole of the last five years combined if the nation’s fishermen and aquaculture farmers can grasp the opportunities.
“Growing our international sales is a critical part of the government’s strategy to expand our business and develop the Made-in-Vietnam brand globally,” said the representative and we should all be appreciative of the efforts of the government to develop these new sales channels. According to statistics from the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam and Thailand remain the two leading suppliers of seafood and aquatic products for the global marketplace.
With the AEC formation, VASEP believes the time is ripe for Vietnam to develop a new consortium of Vietnam based fishing and seafood companies that have the forward thinking savvy to not only lead— but revolutionize the industry.
