Participants at the event stressed Hanoi will face many opportunities and challenges after AEC is formed as it is the political, social, cultural and economic hub of the nation. They heard that institutional reform with a focus on facilitating companies, improving competitiveness and bolstering the quality of human resources are priorities for Hanoi as the establishment of AEC draws near.
"Hanoi must be the spearhead among the 63 provinces and cities in ASEAN integration and help other localities, especially the Red River Delta and northern economic hub", said Nguyen Thanh Cong, Deputy Head of Hanoi Institute for Socio-economic Development Studies.
Hanoi has advantages in manufacturing IT products, textiles and garments and handicrafts. With a population of over 600 million people, ASEAN is a giant market for firms based in Hanoi. However, as AEC is a single market and production base, it poses new challenges in finding outlets, markets as well as increased competitiveness.
Meanwhile, Nguyen Thi Lan Huong, Vice Chairman of Hanoi Young Business Association said: "HR training and research for new products must be promoted. Businesses must recognise their strengths and explore market trends to develop their business strategies".
To actively exploit AEC's potential, people at the conference stressed the importance of institutional reforms, especially policies related to international trade. The establishment of AEC is drawing near. AEC is expected to help Vietnam, while Hanoi will have to promote administrative reform and firms will need to grapple with competitiveness.
