(VOVworld) – Minister of Industry and Trade Vu Huy Hoang has revealed Vietnam’s preparations for the establishment of the ASEAN Economic Community in an interview with the Vietnam News Agency at the conclusion of the 21^st ASEAN Economic Ministers’ Retreat (AEM-Retreat 21) in Malaysia.

Minister of Industry and Trade Vu Huy Hoang in an interview with the Vietnam News Agency (Photo: VNA)

Hoang said the ASEAN economic ministers reviewed the implementation of commitments on the ASEAN Economic Community formation and discussed measures to boost non-tariff trade and business operations. The Ministers also showed their commitments to concluding negotiations on the Regional Comprehensive Economic Partnership agreement in late 2015, which will promote economic, trade, and investment co-operation between ASEAN and Japan, the Republic of Korea, China, New Zealand, Australia, and India.
Hoang said Vietnam is one of the leading countries in implementing its commitments, having completed 90 per cent if all commitments on the community establishment, and zeroed out nearly 90 per cent of its tariffs, and will strive to end another 7 per cent of the tariffs by 2018. Minister Hoang said the establishment of the ASEAN Economic Community provides both opportunities and challenges for Vietnam, especially its business community, in economics, trade, and investment. He pledged that Vietnam will make full use of opportunities once the Regional Comprehensive Economic Partnership takes effect.