(VOVworld) - The Ministry of Industry and Trade in cooperation with the ASEAN and East Asian Economic Research Institute have explored Vietnam’s opportunities when joining the ASEAN Economic Community next year.

During a workshop in Hanoi on Tuesday, participants had high hopes for Vietnam’s economic growth thanks to export and investment boost within the grouping. Deputy Director of the Central Institute of Economic Research and Management, Dr. Vo Tri Thanh, said Vietnamese businesses should prepare to fully grasp the opportunity: “ASEAN members want to promote trade transactions at lower costs, more transparency, and favorable goods movement. Vietnam needs to improve its capacity and infrastructure, promote institutional reform and ensure transparent, open business climate with fewer administrative procedures at lower costs.”

Experts said this year will be pivotal for member countries to complete their preparations so that the ASEAN Economic Community will be up and running next year.