Abstract
After participating in ASEAN, and through various dialogue mechanisms, Vietnam now has become a more important and comprehensive economic member of the ASEAN Economic Community. This study focuses on analyzing the process of participating in the ASEAN Community and the roles and contributions of Vietnam in this organization to affirms Vietnam's position in the process of forming the AEC and demonstrates Vietnam's priorities for the integration process. The paper uses the primary and secondary data by using tools of desk research of different data in relativeness and by the quantitative method by using the Cobb-Doughlas function with a logarithmic form. The paper confirms the integration of Vietnam's economy into the ASEAN Economic Community (AEC) is an inevitable development after the achieved results of ASEAN's cooperation and economic connection. The AEC is an open regional economic integration model. The implementation of the AEC will bring in multi-dimensional impacts on member countries, and the extent of these impacts will depend on the level of regional and international economic integration, competitiveness, and effectiveness of policy reform in each country.
Highlights
Establishing in 2015, the Association of Southeast Asian Nations (ASEAN) Economic Community has been marked as a milestone, promote new and great cooperation, and show the deeper integration of ASEAN countries in the economic discipline
This study focuses on analyzing the process of participating in the ASEAN Community and the roles and contributions of Vietnam in this organization to affirms Vietnam's position in the process of forming the ASEAN Economic Community (AEC) and demonstrates Vietnam's priorities for the integration process
Throughout many ASEAN Submits, ASEAN’s economic position and political voice are seen as a regional organization on the international relationships has been recognized
Summary
Establishing in 2015, the ASEAN Economic Community (hereinafter abbreviated as AEC) has been marked as a milestone, promote new and great cooperation, and show the deeper integration of ASEAN countries in the economic discipline. The AEC creates a unified market and production base which enables ASEAN countries to promote their competitive advantages and efficiently distribute resources in the region (Nguyen et al, 2008). That development results from the linking of economies of each country with the regional and international economies, the elimination of trade barriers, and the promotion of the free movement of goods, services, labor, and capital. Regional economic integration brings the elimination of tariff and non-tariff barriers among members, establish a common foreign trade policy including agreements on trade restrictions with non-member countries, promote the free movement of goods, services as well as crossborder factors of production, unify monetary policy, and establish a common currency, etc. This study focuses on analyzing the process of participating in the ASEAN Community and the roles and contributions of Vietnam in this organization to affirms Vietnam's position in the process of forming the AEC and demonstrates Vietnam's priorities for the integration process
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