Economic co-operation should be the key component in Viet Nam's strategy for its integration into the ASEAN community, an official said at a conference in Ha Noi on December 11.

Big differences between the 10 members of the biggest regional community - including the diversity of government institutions, development levels, languages and religions - at some point may hinder ASEAN nations from reaching a consensus, said Nguyen Son, deputy chief of staff for the Inter-agency Steering Committee for International Integration of the Economy.

The ASEAN Economic Community (AEC), due to be official in three weeks, is the biggest effort of the regional bloc so far, aiming to create a single market with the European Union deemed as a role model.

A footwear producing plant in southern Binh Duong province (Photo: VNA)

More economic opportunities will open to Viet Nam with the establishment of the AEC, said Son, but big challenges remain and require sweeping actions.

Economic integration would bring about development only when Viet Nam is able to raise its competition capability via creating "connectivity", said former Viet Nam Chamber of Commerce and Industry President Pham Chi Lan.

"Viet Nam should also have a plan on international infrastructure connectivity, for example, acting as a gate for maritime transportation to island nations like the Philippines or Indonesia," she added.

“There is not much time for Viet Nam anymore," Lan warned. "If we can't radically change how things function now, in five more years the challenges might outnumber the opportunities.".

(Source: VNA)