RoK hails AEC as turning point in regional economic integration
Korean Minister of Trade, Industry and Energy Joo Hyung-hwan has hailed the establishment of the ASEAN Economic Community in 2015 as a great turning point in regional economic integration.
Vientiane (VNA) – Minister of Trade, Industry and Energy of the Republic of Korea (RoK) Joo Hyung-hwan has hail⭕ed the establishment of the ASEAN Economic Community (AEC) in 2015 as a great turning point in regional economic integ♚ration.
He made the praise during the 13th consultation meeting between ASEAN economic ministers and Minister for Trade of the Republic of Korea (RoK) in Vientiane, Laos on August 4, which was within the framework of the 48 th ASEAN Economic Ministers’ Meeting and related meetings.
The RoK minister also lauded the AEC’s New Roadmap 2015, saying that it will develop AEC into a competitive, connected, creative and innovative bloc through increased connectivity and cooperation.
Two-way trade between the RoK and ASEAN soared to 122.9 billion USD in 2015, or 5.4 percent of ASEAN’s total trade, making the RoK the fifth largest partner of ASEAN.
The same year, the RoK’s direct investment in ASEAN hit 5.7 billion USD, becoming the fifth largest source of foreign direct investment in the region.
Ministers praised the third protocol amending the ASEAN-Korea Trade in Goods Agreement, which took force on January 1 in Thailand and the RoK, February 11 in Myanmar, April 6 in Singapore, June 10 in Laos, July 14 in the Philippines and July 26 in Malaysia.
They expressed hope that the protocol will facilitate ASEAN-RoK trade which is expected to rise to 200 billion USD by 2020, and reiterated their leaders’ vision that the ASEAN-RoK Business Council should enhance collaboration in micro, small and medium-sized enterprises, possibly in the fields of human resources development and value chain.
Participants expressed their pleasure with the progress of bilateral economic cooperation, including projects within the ASEAN-Korea Economic Cooperation Fund (AKEC) framework.
Following the 12th consultation meeting in August 2015, eight projects within the AKEC framework were adopted by ASEAN and the RoK to facilitate the implementation of the ASEAN-RoK Free Trade Agreement and improve ASEAN member states’ capacity for trade facilitation, manpower and sustainable development.-VNA
The second meeting of the ASEAN-Republic of Korea (RoK) Joint Cooperation Committee (JCC) was held in Jakarta on March 24, according to the ASEAN Secretariat.
The Association of Southeast Asian Nations (ASEAN) and the Republic of Korea agreed on the need for both sides to re-double efforts to implement the remaining measures of their Plan of Action (POA) at the Second Meeting of the ASEAN-ROK Joint Cooperation Committee (JCC) at the ASEAN Secretariat in Jakarta on March 24.
Representatives from the Association of Southeast Asian Nations (ASEAN) and the Republic of Korea (RoK) have reaffirmed the importance of ASEAN-ROK Strategic Partnership and agreed to enhance cooperation and further strengthen the relationship.
An insignia of the Vietnamese Ministry of Industry and Trade has been presented to former Secretary-General of the ASEAN – Korea Centre, Chung Hae-moon.
Ambassador Nguyen Hoanh Nam, head of the Vietnam delegation to ASEAN, attended the third meeting of the ASEAN-Republic of Korea (RoK) Joint Cooperation Committee in Jakarta, Indonesia on March 13.
ASEAN foreign ministers had separate meetings with the bloc's partners on July 25 as part of the 49th ASEAN Foreign Ministers’ Meeting (AMM 49) in Vientiane, Laos.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
At the meeting (Source: VNA)
