Many initiatives will be offered to foster cooperation among regional businesses towards further promoting trade and investment exchange after Vietnam takes over the chairmanship of the EABC in 2020.

EABC 2020 to promote development of MSMEs - Illustrative image
(Source: VNA)

According to Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc, priority will be given to promoting development of micro, small and medium sized enterprises (MSMEs).

Attention will also be paid  to enhancing business-related economic and trade policies to ensure regional integration, and sustainable growth for East Asian countries  through realising the ASEAN Economic Community (AEC) and the Regional Comprehensive Economic Partnership (RCEP).

MSMEs and businesses owned by women in East Asia countries will be provided with facilitation to access capital and international markets in order to successfully participate in the global value chain.

EABC will also optimise the potential of human resources, promote startups and innovation on the basis of digitalisation for an inclusive digital future for the East Asian region.

This is consistent with policies of the Vietnamese Party and State and is an opportunity for Vietnam's economy and business community to connect with East Asian economies and the world, Loc stressed.

In 2020, Vietnam will also assume the chairmanship of ASEAN and the ASEAN Business Advisory Council (ASEAN BAC), he added.

Accordingly, many policies and priority actions will be rolled out to boost cooperation among regional enterprises and international economic integration as well.

ASEAN BAC 2020 will focus on expanding digitalisation for sustainable and inclusive socio-economic development in the region.

MSMEs - key economic drivers of ASEAN countries - will be supported to fully tap opportunities and respond to challenges from the digital age, thus growing more strongly and sustainably, Loc said.

According to the VCCI, the 19th ASEAN Business and Investment Summit (ABIS 2020) will be held in November this year along with the 37th ASEAN Summit in Hanoi.