The 24th ASEAN Economic Community Council (AECC 24) Meeting in preparation for the 44th and 45th ASEAN Summits and related summits was held on 7 October 2024 in Vientiane, Laos. The meeting was chaired by Lao Minister of Industry and Trade, Mr. Malaithong Kommasith, with the participation of ASEAN Economic Community Council Ministers of ASEAN Member States and Secretary-General Kao Kim Hourn.

At the Conference, the Ministers of the ASEAN Economic Community Council noted that, despite the global economic situation facing many uncertainties such as geopolitical tensions, supply chain disruptions, high transportation costs, inflationary pressures, and climate change, the ASEAN economy has shown many positive signs in recent times, specifically, the region's GDP increased by 4.1% in 2023 and is expected to increase by 4.6% and 4.7% in 2024 and 2025, respectively. Total intra-bloc trade turnover in 2023 reached 3.5 trillion USD and total foreign direct investment inflows into ASEAN reached 229 billion USD in 2023.

In addition, at the conference, the Ministers discussed and evaluated the important tasks of the economic pillars implemented in 2024 and proposed solutions to promote the ASEAN economic community to continue to develop as planned. out, specifically as follows:

First, welcome the full and basic completion of most of the 14 priority economic initiatives (PEDs) proposed by Laos - the ASEAN Chair 2024 with the theme "Enhancing connectivity and self-reliance", focusing on 03 orientations including: (i) Recovery and connection of economies, (ii) Building an inclusive and sustainable future, (iii) Transformation towards a digital future; the remaining initiatives are continuing to be implemented and strive to complete by the end of 2024. Among the completed PEDs, it is noteworthy to adopt the ASEAN document on enhancing supply chain connectivity to submit to the ASEAN Summit to declare and announce the basic conclusion of negotiations to upgrade the ASEAN - China FTA version 3.0, as well as towards bringing the Second Protocol amending the ASEAN - Australia, New Zealand Free Trade Agreement (AANZFTA) into effect this year. These results show that ASEAN member countries have made continuous efforts and continued commitments to deepen economic integration and further cooperation in intra-bloc trade as well as connectivity between ASEAN and external partners, in order to address and respond to challenges and enhance regional supply chain connectivity.

Second, positive results were recorded with 93% of the total activities implemented in the ASEAN Economic Community Blueprint 2025, which includes 5 goals: (i) transforming ASEAN into a highly integrated and cohesive economy; (ii) a competitive, innovative and dynamic ASEAN; (iii) enhancing connectivity and sectoral cooperation; (iv) a resilient, comprehensively developed, people-oriented and people-centered ASEAN; (v) a global ASEAN. In the context of 2025 approaching, the Ministers agreed to focus on implementing the “Final Review Report on the Implementation of the ASEAN Economic Community Blueprint 2025” with the goal of completing this report in the first quarter of 2025, as a basis for developing the ASEAN Economic Community Strategic Plan for the period 2026-2030, vision 2045, which sets out strategic goals and tasks for key economic cooperation areas to concretize the ASEAN Community Vision 2045.

Thirdly, discuss the implementation of sustainability agendas and the Digital Transformation Roadmap in the ASEAN Economic Community, considering this as the main growth driver of the community in the coming period, focusing on implementing initiatives such as the ASEAN Circular Economy Framework, ASEAN Strategy on Carbon Neutrality, ASEAN Blue Economy Framework and promoting negotiations on the Framework Agreement on the Digital Economy ASEAN (DEFA) to be completed by 2025 as set out.

By participating in this Conference, Vietnam has actively contributed to the discussion of ASEAN economic cooperation contents as well as issues related to Vietnam in implementing commitments on economic integration in the region. In addition, Vietnam also pledged to continue to closely coordinate with Laos - the 2024 ASEAN Chair and ASEAN countries to complete the remaining priority economic initiatives within the set deadline.

Finally, the conference adopted a number of important reports and outcome documents of the 24th AECC Conference to be submitted to ASEAN Leaders at the 44th and 45th ASEAN Summits scheduled to be held from October 8 to 11, 2024 in Vientiane, Laos.