On 19 September 2024, the 56th ASEAN Economic Ministers Meeting (AEM 56) and Related Meetings were opened in Vientiane, Laos, chaired by Lao Minister of Industry and Trade Mr. Malaithong Kommasith with the participation of the Economic Ministers of ASEAN member countries and ASEAN Secretary-General Kao Kim Hourn. The Vietnamese delegation attending the Conference was led by the Ministry of Industry and Trade and included representatives of the Ministry of Industry and Trade and the Ministry of Foreign Affairs.

At the Conference, in their opening remarks, the Ministers expressed their sympathy and sharing with Vietnam, Laos, Thailand, the Philippines, and Myanmar for the severe impacts and great losses of people and property caused by Typhoon Yagi. The Ministers expressed their solidarity, together overcoming the difficult period and hoped that in the coming time, the countries will overcome the consequences of the storm, soon bringing people's lives back to normal.

On September 16-17, 2024, the Economic Ministers of ASEAN member countries updated the implementation of Laos' priority economic cooperation initiatives during its ASEAN Chairmanship year 2024, noting that 6 out of 14 priority economic cooperation initiatives of Laos have been completed, notably the basic completion of negotiations to upgrade the ASEAN-China Free Trade Agreement (ACFTA 3.0) as well as the successful development of policies to address the financial gap between Micro, Small and Medium Enterprises (MSMEs), the implementation of important tasks of the ASEAN Economic Community such as: Implementation and negotiation of upgrading the ASEAN Trade in Goods Agreement (ATIGA); Negotiation of the ASEAN Framework Agreement on the Digital Economy; Implementation of sustainability initiatives in the ASEAN Economic Community; Progress in implementing the ASEAN Economic Community Blueprint 2025 and developing the ASEAN Community Vision 2045 and strategic plans, and preparations for consultations between ASEAN Economic Ministers and partner countries.

The Ministers noted that the ASEAN regional economy grew by 4.1% in 2023 and is expected to grow by 4.6% and 4.7% in 2024 and 2025, respectively. Investment in ASEAN increased by 0.3%, from USD 229 billion in 2022 to USD 230 billion in 2023. The value of ASEAN trade in goods decreased by 1.2%, from USD 3.85 trillion in 2022 to USD 3.53 trillion in 2023 and is expected to increase to USD 3.62 trillion in 2024.

Also at the Conference, the Ministers spent time discussing the upgrading of the ATIGA Agreement, handling long-standing issues in the implementation of this Agreement; recommendations of the High-Level Task Force on ASEAN Economic Integration related to the final review of the ASEAN Economic Community Blueprint 2025, the development of the ASEAN Economic Community Strategic Plan 2026-2030, the realization of the ASEAN Vision 2045, and the assessment of emerging issues in the FTAs that ASEAN has signed with partner countries (ASEAN+ FTAs); Timor Leste's accession to ASEAN... and the review of preparations for the ASEAN Summit and related conferences scheduled to take place in early October.

In addition, the Ministers also discussed internally on economic cooperation activities between ASEAN and dialogue partners such as the United States, China, the European Union, Japan, Korea, Australia, New Zealand, India, Russia, Canada, the United Kingdom...; implementation of free trade agreements between ASEAN and partner countries, including the review and upgrading of the ASEAN-India Trade in Goods Agreement (AITIGA), negotiations on an FTA between ASEAN and Canada, the implementation of the Regional Comprehensive Economic Partnership (RCEP) and the possibility of negotiating a free trade agreement between ASEAN and the Gulf Cooperation Council (GCC).

On the sidelines of the Conference, the Ministers also met and discussed with the ASEAN Business Advisory Council (ABAC), approving the recommendations of the ASEAN Secretariat on strengthening the Public-Private Partnership Mechanism between ASEAN and ABAC, and taking note of ABAC's recommendations and priorities in the coming time to enhance regional trade and investment integration, facilitating cooperation activities on sustainable development.

Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan led the Vietnamese delegation to attend the 56th AEM Conference. At this Conference, Vietnam affirmed ASEAN's central role in economic and trade cooperation not only in the region but also in the global supply chain. Vietnam contributed positive opinions on issues in intra-ASEAN economic cooperation such as: Promoting priority economic cooperation initiatives proposed by the host country Laos; Preparations for the signing of the Protocol amending the ACFTA 3.0 Agreement; Negotiating to upgrade the ATIGA Agreement and the possibility of negotiating an FTA between ASEAN and the GCC Council. Vietnam's contributions demonstrate Vietnam's strong commitment to regional economic integration, maintaining an active role in activities that create momentum for regional and global economic growth as well as strengthening regional supply chains. Vietnam has also taken note of the comments from ASEAN countries to improve policies in the direction of further promoting trade and investment among countries in the region.

The 56th AEM Conference ended on the afternoon of September 17, 2024. This Conference will be followed by a series of Economic Ministerial Consultations between ASEAN and its dialogue partners scheduled to take place from September 19 to 22, 2024./