The ASEAN-6 including Singapore, Malaysia, Thailand, Philippines, Indonesia and Brunei are eagerly awaiting the opportunities when ASEAN Economic Community be established in 2015. They have nearly completed the process of tariff reductions and non-tariff barriers, since they can expand markets by using labor as well as resources at lower prices in the left four countries (Cambodia, Laos, Myanmar, and Viet Nam)
However, It is estimated that there are 73% of Vietnamese enterprises still do not know about AEC and not prepared yet although they have been repeatedly received the warning for both of the challenges and opportunities. Vietnamese enterprises will encounter goods with high competitiveness and high quality at cheaper price flows in the AEC market.
The advantage of AEC is that, the market for Vietnamese enterprises will expand dramatically up to 600 million people, offering larger export markets for agricultural products both inside and outside ASEAN, especially products with low production costs. Under the AEC, input costs for production will be much lower for local enterprises.