Vietnam to benefit from ASEAN economic integration

(VOVworld) – Standard Chartered Bank held a media briefing in Hanoi on Thursday to highlight Vietnam’s economy and the importance of trade cooperation between Vietnam and other ASEAN members.

Vietnam to benefit from ASEAN economic integration  - ảnh 1

It’s part of activities on the sideline of the ongoing ASEAN Economic Ministers’ Retreat and related meetings. Neeraj Swaroop, Standard Chartered Bank’s Regional Chief Executive Officer, South East Asia, said ‘Vietnam and its enterprises have great opportunities to integrate better with international business because Vietnam has become more both visible and more important from its shift of manufacturing happening from other centers which become less competitive. So if the exported infrastructure in Vietnam is to improve further, the manufacturing driven export units shifting to Vietnam from other places in the world.

Louis Taylor, CEO of Standard Chartered Bank in Vietnam, Laos and Cambodia, said Vietnam’s economic reforms, ASEAN economic integration, and free trade agreements which are being negotiated will help Vietnam improve trade with other countries in the region.

Vietnam’s trade with other ASEAN members has grown over the past three years. Last year, Vietnam’s total export revenues increased 20%, beating the rest of Southeast Asia. ASEAN is Vietnam’s third-largest export market. In 2011, Vietnam earned 13.6 million USD from selling products to other ASEAN countries, and imports from the bloc reached 20.7 billion USD.