VIETNAM: AEC 2015 & BEYOND iadvisory Seminar Series: Doing Business in Vietnam October 14, 2014

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1 VIETNAM: AEC 015 & BEYOND iadvisory Seminar Series: Doing Business in Vietnam October 1, 01 Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the Mayer Brown Practices ). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe-Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 059); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated legal practices in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. Mayer Brown Consulting (Singapore) Pte. Ltd and its subsidiary, which are affiliated with Mayer Brown, provide customs and trade advisory and consultancy services, not legal services. Mayer Brown and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions. presented by: WONG CHIAN VOEN Mayer Brown Consulting

2 Agenda ASEAN Economic Community Beyond AEC

3 ASEAN Roadmap ASEAN Community 015 Bali Concord III (RCEP/EED) 011 Cha-am Hua Hin Declaration on the Roadmap for the ASEAN Community ( ) ASEAN Economic Community Blueprint ( ) Entry into Force of ASEAN Charter 1998 Bali Concord II 00 Vientiane Action Program ASEAN Vision ASEAN Investment Agreement (AIA); Hanoi Plan of Action (HPA) 199 ASEAN Framework Agreement on Services (AFAS) 1977 ASEAN Free Trade Area (AFTA) 1967 ASEAN Preferential Trading Arrangement Birth of ASEAN

4 ASEAN Community ASEAN Community (015) ASEAN Political & Security Community ASEAN Economic Community ASEAN Socio- Cultural Community APSC Blueprint AEC Blueprint ASCC Blueprint ASEAN Charter

5 ASEAN Community = Customs Union? Common Market? Brunei Vietnam Cambodia Thailand Singapore Indonesia Lao PDR? Philippines Malaysia Myanmar Establish AEC by 015 No Customs Union, No Single Currency! 5

6 Single market and production base Competitive economic region Equitable Economic Integration into the global economy AEC Pillars The AEC will establish ASEAN as a single market and production base making ASEAN more dynamic and competitive with new mechanisms and measures to strengthen the implementation of its existing economic initiatives; accelerating regional integration in the priority sectors; facilitating movement of business persons, skilled labor and talents; and strengthening the institutional mechanisms of ASEAN. Source: ASEAN Economic Community Blueprint Free flow of goods Competition Policy Free flow of services Free flow of investment Freer flow of capital Free flow of skilled labor Food, Agriculture & Forestry Consumer Protection Intellectual Property Rights Infrastructure Taxation e-commerce SME Initiative for ASEAN Integration (IAI) Coherent Approach towards External Economic Relations Enhanced participation in global supply networks 6

7 Free Flow of Goods 1 Single Market & Production Base Free Flow of Goods Free Flow of Services Free Flow of Skilled Labor Free Flow of Investment Freer Flow of Capital Food, Agriculture & Forestry Target All aspects of trade in goods to realize free flow of goods within AEC ASEAN Single Window Progress ASEAN 6 (99.65% tariff lines) CLMV (98.86% tariff lines) Competitive Economic Region Equitable Economic Integration into the Global Economy Average CEPT Tariff Rates on Imports from ASEAN Source: ASEAN Economic Community Chartbook 01 7

8 Free Flow of Goods Tariffs 1 Single Market & Production Base Free Flow of Goods Free Flow of Services Free Flow of Skilled Labor Free Flow of Investment 0% SL (0-5%) HSL GEL Brunei 8, Cambodia 10, Goods must be scheduled in the Inclusion List (IL) Originating goods enjoy AFTA preferential tariffs Freer Flow of Capital Indonesia 8, General Food, Agriculture & Forestry Lao PDR 10, Malaysia 1, Regional Value Content = 0% (FOB) Myanmar 8, CTH Competitive Economic Region Philippines 8, Thailand 8,87 1 Product specific rules No common external tariffs Equitable Economic Vietnam 10, Integration into the Global Economy 8

9 Free Flow of Goods NTBs 1 Single Market & Production Base Free Flow of Goods Free Flow of Services Free Flow of Skilled Labor Free Flow of Investment Freer Flow of Capital Food, Agriculture & Forestry Non-tariff measures Disciplines Elimination of NTBs Standards, Technical Regulations and Conformity Assessment Procedures (STRACAP) and Sanitary; and Phytosanitary (SPS) Standards, technical regulations and conformity assessment procedures to be harmonized Agro-based products Automotive Electrical and electronic equipment Competitive Economic Region Equitable Economic Integration into the Global Economy Healthcare Rubber-based products Trade facilitation Customs procedures Self certification ASEAN Single Window 9

10 Free Flow of Services 1 Single Market & Production Base Free Flow of Goods Free Flow of Services Free Flow of Skilled Labor Free Flow of Investment Freer Flow of Capital Food, Agriculture & Forestry Competitive Economic Region Equitable Economic Integration into the Global Economy Target Progress Eliminate restrictions to trade in services in ASEAN 8 th package of commitments completed 70% foreign equity for priority sectors 51% for all other sectors MRAs on 7 professional services concluded Agreement on the Movement of Natural Persons ( MNP ) concluded 10

11 Free Flow of Skilled Labor 1 Single Market & Production Base Free Flow of Goods Free Flow of Services Free Flow of Skilled Labor Free Flow of Investment Freer Flow of Capital Food, Agriculture & Forestry Target Facilitate the ease of movement of ASEAN persons within ASEAN Progress Developing core competencies and qualifications Priority sectors: by 009 Other sectors: Enhancing and strengthening of ASEAN competencies and capabilities Competitive Economic Region Equitable Economic Integration into the Global Economy 11

12 Free Flow of Skilled Labor 1 Single Market & Production Base Free Flow of Goods Free Flow of Services Free Flow of Skilled Labor Free Flow of Investment Freer Flow of Capital Food, Agriculture & Forestry Visas and employment passes Mutual Recognition Arrangements (MRAs) for key professions Recognition given in accordance with the laws and regulations in each country Competitive Economic Region Facilitate issuance Jointly recognize qualification requirements for profession licensure A qualified professional in one ASEAN country can register for a licence in other ASEAN countries, according to the specified laws and regulations in those countries Equitable Economic Integration into the Global Economy Engineers Medical practitioners Nursing Surveying Accountants Dentists Architectural services Tourism Professional 1

13 Free Flow of Investment 1 Single Market & Production Base Free Flow of Goods Free Flow of Services Free Flow of Skilled Labor Free Flow of Investment Freer Flow of Capital Food, Agriculture & Forestry Target Progress To enhance ASEAN s competitiveness through achieving a free and open investment regime by 015 Integrated investment region & reducing investment restrictions ASEAN Comprehensive Investment Agreement ( ACIA ) Adoption of international best practices in investment Competitive Economic Region Equitable Economic Integration into the Global Economy ASEAN Investment Guarantee Agreement (IGA) 1987 ASEAN Investment Area (AIA) 1998 ASEAN Comprehensive Investment Agreement (ACIA) 009 Liberalization, Protection, Facilitation and Promotion 5 sectors and services incidental to 5 sectors Liberalization commitments with a single reservation list 1

14 Free Flow of Investment Elements 1 Single Market & Production Base Free Flow of Goods Free Flow of Services Liberalization National treatment Most-favored nation treatment Reduce/eliminate restrictive measures and performance requirements Free Flow of Skilled Labor Free Flow of Investment Freer Flow of Capital Food, Agriculture & Forestry Investment Protection Investor-state dispute settlement mechanism Free transfer and repatriation of capital, profits, dividends, etc. Compensation for losses resulting from strife or expropriation Full protection and security Competitive Economic Region Promotion & Awareness Promote intra-asean investments Promote the growth and development of SMEs Promote regional clusters and production networks Extend the benefits of ASEAN industrial cooperation initiatives Equitable Economic Integration into the Global Economy Facilitation & Cooperation Harmonize investment policies Streamline and simplify procedures for investment applications Promote dissemination of investment information Strengthen coordination among ministries and agencies concerned 1

15 Free Flow of Investment Shareholding 1 Single Market & Production Base Free Flow of Goods Free Flow of Services Liberalizing shareholding limits for ASEAN national investors Free Flow of Skilled Labor Free Flow of Investment Freer Flow of Capital 01 Food, Agriculture & Forestry Priority Integration Sectors 9% 51% 70% 015 ICT / Healthcare / Tourism / Aviation Competitive Economic Region Equitable Economic Logistics 9% 51% 70% Integration into the Global Economy Others 0% 9% 51% 70% 15

16 ASEAN Economic Community Beyond AEC 16

17 Beyond AEC Vietnam On-going FTA Negotiations EU Trans-Pacific Partnership (TPP) Regional Comprehensive Economic Partnership (RCEP) China S. Korea Japan Trans-Pacific Economic Partnership (TPP) ASEAN FTAs India Effective Since AFTA 199 ASEAN-China 1 Jul 005 AEC Australia Brunei Malaysia Singapore Vietnam New Zealand Australia New Zealand Japan Canada Mexico United States Chile Peru ASEAN-Korea 1 Jun 007 ASEAN-Japan 1 Dec 008 ASEAN-Australia- New Zealand 1 Jan 010 ASEAN-India 1 Jan

18 Thank You Mayer Brown Consulting (Singapore) Pte Ltd Wong Chian Voen 18

19 Bangkok Beijing Brussels Charlotte Chicago Düsseldorf Frankfurt Guangzhou Hanoi Ho Chi Minh City Hong Kong Houston London Los Angeles New York Palo Alto Paris Shanghai Singapore Washington DC Mayer Brown is a global legal services organization advising many of the world s largest companies, including a significant portion of the Fortune 100, FTSE 100, DAX and Hang Seng Index companies and more than half of the world s largest banks. Our legal services include banking and finance; corporate and securities; litigation and dispute resolution; antitrust and competition; US Supreme Court and appellate matters; employment and benefits; environmental; financial services regulatory and enforcement; government and global trade; intellectual property; real estate; tax; restructuring, bankruptcy and insolvency; and wealth management. Please visit for comprehensive contact information for all Mayer Brown offices. Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the Mayer Brown Practices ). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe-Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 059); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated legal practices in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. Mayer Brown Consulting (Singapore) Pte. Ltd and its subsidiary, which are affiliated with Mayer Brown, provide customs and trade advisory and consultancy services, not legal services. Mayer Brown and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions. This publication provides information and comments on legal issues and developments of interest to our clients and friends. The foregoing is intended to provide a general guide to the subject matter and is not intended to provide legal advice or be a substitute for specific advice concerning individual situations. Readers should seek legal advice before taking any action with respect to the matters discussed herein. 01 The Mayer Brown Practices. All rights reserved.

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