50th ASEAN Economic Ministers Meeting opens in Singapore

The 50th ASEAN Economic Ministers (AEM 50) Meeting and Related Meetings kicked off in Singapore on August 29 with the participation of economic leaders from 10 ASEAN member states and partner countries.

The Vietnamese delegation, led by Deputy Minister of Industry and Trade Tran Quoc Khanh, participated in the meetings.

In his speech at the opening ceremony, Singaporean Prime Minister Lee Hsien Loong highlighted the establishment and development of the Association of Southeast Asian Nations (ASEAN).

He said the bloc has tremendous economic potential with a strong market of over 630 million people. 

The grouping’s GDP growth has averaged 5.4 percent in recent years, well above the global average, and is projected to expand around this rate over the next five years, he noted.

ASEAN is forecast to become the fourth-largest economy in the world by 2030, just behind the US, China and the European Union (EU), he said.

Lee added that strengthening regional economic cooperation and integration is the key for ASEAN to fully tap its potential, including pressing on with the implementation of the ASEAN Economic Community (AEC) Blueprint 2025, as well as supporting an open and inclusive multilateral system amid growing trade tensions.

Escalating trade tensions between the US and its key trading partners have put pressure on the rules-based multilateral trading system, which has underpinned ASEAN’s growth and prosperity, he said, adding that each ASEAN member state is also subject to different pulls and pressure from bigger powers. 

In these circumstances, all the bloc’s members must stay united and strive to maintain cohesion and exert significant efforts to reach the signing of the Regional Comprehensive Economic Partnership (RCEP) at the end of this year to strengthen economic linkages and enhance trade and investment flows, Lee stressed. 

Singaporean Minister for Trade and Industry Chan Chun Sing, who is the AEM chairperson, said ASEAN leaders are pushing ahead with some initiatives to further enhance regional cooperation, specifically in the fields of digital connectivity, customs clearance and tourism.

He added that the establishment of the AEC in 2015 brought benefits to businesses and customers in the region. Most of non-tariff barriers have been diminished with less stringent and more transparent service regulations. The implementation of business investment rules has helped promote intra-bloc trade.

AEM 50 will run until September 1 with a series of related meetings such as the 32nd ASEAN Free Trade Area (AFTA) Council Meeting and the 21st ASEAN Investment Area (AIA) Council Meeting. 

ASEAN economic ministers are due to meet with their counterparts from dialogue partner countries namely Australia, Canada, China, India, Japan, the Republic of Korea, New Zealand, Russia and the US.

The sixth Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting, the 11th Mekong-Japan Ministerial Meeting, and the 10th Cambodia, Laos, Myanmar and Vietnam (CLMV) Economic Ministers’ Meeting will be held as part of AEM 50.

Founded in 1967, the ASEAN now groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

VNA

Other News

First working day of Party Central Committee's fourth plenum

First working day of Party Central Committee's fourth plenum

Delegates held group discussions on the CPV Central Committee resolution calling for stronger building and rectification towards a clean, strong and comprehensive Party and political system able to meet the country's development needs in the new era.

Key Party leader hosts Hungarian Workers' Party chief

Key Party leader hosts Hungarian Workers' Party chief

The Communist Party of Vietnam always values its solidarity and friendship with the Hungarian Workers' Party and communist and workers' parties worldwide, which helps build political trust and supports Vietnam's relations with other countries, said key Party leader Tran Cam Tu.

14th Party Central Committee convenes fourth plenum

14th Party Central Committee convenes fourth plenum

In his opening remarks, General Secretary and President To Lam said that the 14th National Party Congress set out major orientations and strategic goals, while the second and third plenums adopted important policies on Party building, personnel, development and national defence. The fourth plenum must focus on creating conditions for effective implementation while preparing the theoretical, organisational and human resources foundations for the country’s long-term development.

Panamanian President's Vietnam visit offers new opportunity to deepen bilateral ties

Panamanian President's Vietnam visit offers new opportunity to deepen bilateral ties

Vietnamese Ambassador to Mexico and Panama Nguyen Van Hai noted that the visit is particularly significant as the first high-level exchange between the two countries in nearly 15 years, following then-President Ricardo Martinelli’s visit to Vietnam in 2012, and came shortly after the 50th anniversary of diplomatic relations in 2025.

Vietnam and Panama can become gateways linking two regions

Vietnam and Panama can become gateways linking two regions

"Panama can serve as a strategic platform for Vietnamese companies seeking greater access to Latin America and the Caribbean, while Vietnam represents an important gateway for strengthening Panama’s engagement with Southeast Asia", Ambassador Nubiela Ayala Modes confirmed.

Localities committed to achieving 2026 growth targets

Localities committed to achieving 2026 growth targets

Localities nationwide hailed effective and flexible directions delivered by the Government so far this year, resulting in positive nine-month socio-economic growth, and reaffirmed their commitment to achieving targets set for the whole 2026 at an online Government-locality conference on October 3.

Creating new drivers for Vietnam-Canada cooperation

Creating new drivers for Vietnam-Canada cooperation

The elevation of bilateral ties to a Strategic Partnership shows that Vietnam and Canada increasingly view each other not simply as trading partners, but as long-term partners in addressing economic, technological and regional challenges.

Top leader asks for sports development to build national strength

Top leader asks for sports development to build national strength

The top leader applauded the efforts of ministries, sectors, localities, social organisations, coaches, athletes, experts in developing physical education and sports in recent times, stressing that Resolution No. 08 has provided an important political foundation for sports development over the past 15 years, while Conclusion No. 70 set important orientations for the new period.

Vietnam mobilises resources to affirm its leadership role in APEC 2027

Vietnam mobilises resources to affirm its leadership role in APEC 2027

PSNews - Vietnam is recognised by its partners as an influential member of the Asia-Pacific Economic Cooperation (APEC) forum, with expectations that it will continue to demonstrate leadership when it hosts APEC for the third time in 2027, according to Standing Deputy Minister of Foreign Affairs Nguyen Minh Vu.

Top Vietnamese leader receives Chairman of Japan Bank for International Cooperation

Top Vietnamese leader receives Chairman of Japan Bank for International Cooperation

General Secretary and President Lam urged JBIC to continue promoting the substantive implementation of projects under the Asia Zero Emission Community (AZEC), and step up discussions on potential cooperation within the framework of the POWERR Asia (Partnership on Wide Energy and Resources Resilience Asia) initiative, including the development of strategic energy reserves.

NA, Government's Party committees meet on legislature's second session agenda

NA, Government's Party committees meet on legislature's second session agenda

National Assembly President Tran Thanh Man coordination must go beyond finishing the agenda to improve the quality of NA decisions and Government enforcement; deal with policies rather than just paperwork, especially in the fight against corruption and other negative phenomena; and pin down final responsibility for each product, not just progress.

Prime Minister receives Cambodian Minister of Inspection

Prime Minister receives Cambodian Minister of Inspection

Prime Minister Le Minh Hung asked the two countries' inspection agencies to build on their achievements by regularly exchanging information and experience, maintaining delegation exchanges, and coordinating inspections in areas related to bilateral economic, trade and investment cooperation.