ASEAN must embrace market diversification to overcome challenges: MoIT leader

On the morning of May 25 (local time), the 25th AECC Meeting was held at the Kuala Lumpur Convention Centre, Malaysia. The meeting was chaired by Malaysia’s Minister of Investment, Trade and Industry, and attended by economic ministers from ASEAN member states, Timor-Leste (as an observer), and ASEAN Secretary-General Kao Kim Hourn.

The Vietnamese delegation was led by Minister Nguyen Hong Dien, accompanied by representatives from the Ministry of Foreign Affairs and key departments under the Ministry of Industry and Trade.

The 25th SECC is a ministerial-level meeting in preparation for the 46th ASEAN Summit to be held from May 26 to May 27.

Sustainability, digitalization, and carbon neutrality at the forefront

As a ministerial-level meeting under the ASEAN Economic Community Pillar, the AECC 25 Meeting served as a preparatory session for the 46th ASEAN Summit, scheduled to take place on May 26–27, 2025.

Ministers exchanged views on the global and regional economic landscape, especially the recent unpredictable geopolitical developments. Since the United States announced its reciprocal tariff policy, global trade has entered a new phase of uncertainty.

Accordingly, ASEAN's GDP growth forecast for 2025 has been revised downward from 4.7% to 4.4%, and from 4.7% to 3.8% for 2026. While inflationary pressures are expected to ease, this may signal weakening domestic demand and a more cautious investment environment.

Ministers at the meeting congratulated Laos on the full completion of its economic priority initiatives during its ASEAN Chairmanship in 2024 and received updates on the progress of Malaysia’s economic priorities as the 2025 Chair. The Ministers also discussed final assessment reports on the implementation of the ASEAN Economic Community Blueprint 2025 and acknowledged the completion of the AEC Strategic Plan for 2026–2030, with a long-term vision toward 2045.

Ministers reviewed the implementation of cross-pillar priorities, including ASEAN’s sustainability agenda. Key initiatives under review included the ASEAN Strategy on Carbon Neutrality, the ASEAN Power Grid, the Bandar Seri Begawan Roadmap on ASEAN Digital Transformation, global value chain integration, and the newly endorsed Framework on ASEAN Industrial Projects-Based Initiatives (AIPBI).

The meeting also deliberated on the progress of Timor-Leste’s accession to ASEAN and finalized preparations for the upcoming 46th ASEAN Summit. Several documents under the Economic Pillar were approved for submission to the Summit, including the AECC Council’s report to the ASEAN Summit, economic content for the ASEAN Chair’s Statement, and a Joint Statement on ASEAN-Gulf Cooperation Council (GCC) Economic Cooperation.

Vietnam commits to advancing ASEAN's sustainable growth

Speaking at the meeting, Minister Nguyen Hong Dien commended ASEAN's achievements in implementing the AEC Blueprint 2025, particularly in the areas of trade facilitation, global value chain participation, competition policy development, and consumer protection.

Minister Dien called on member states to stay committed to the bloc’s strategic directions.

He congratulated ASEAN on its initial completion of the AEC Strategic Plan 2026–2030 and emphasized the importance of maintaining momentum in sustainable growth across the region.

To contribute to ASEAN’s long-term development, Minister Dien called on member states to stay committed to the bloc’s strategic directions. These include deepening regional economic integration, upholding commitments under intra-ASEAN agreements, and promoting stronger engagement with external partners—particularly with China and the United States.

He also stressed the need to complete all 18 economic priority initiatives slated for 2025 and continue exploring new opportunities for cooperation with emerging partners such as the GCC. Diversifying markets and trade partners, he said, is essential for ASEAN to navigate current and future challenges.