ASEAN Digital Economy Framework Agreement Expected to Be Signed During 49th Summit
The ASEAN Digital Economy Framework Agreement is expected to be signed during the 49th ASEAN Summit in the Philippines. Tôn Thị Ngọc Hương, head of Vietnam’s Permanent Mission to ASEAN, said aligning rules on e-commerce, cross-border data flows and other areas could help regional businesses expand, though the benefits will depend on implementation.
The ASEAN Digital Economy Framework Agreement is expected to be signed during the 49th ASEAN Summit in the Philippines. The agreement aims to establish common principles and standards for e-commerce, electronic payments, electronic transactions, cross-border data flows and online consumer protection, providing a framework for digital economic cooperation among member states.
Ahead of the summit, Tôn Thị Ngọc Hương, head of Vietnam’s Permanent Mission to ASEAN, said the agreement would help ASEAN move beyond economic integration centered on flows of goods, services and investment toward deeper cooperation in the digital sphere. Greater compatibility among countries’ digital systems could reduce administrative procedures and transaction costs for cross-border business.
Tôn Thị Ngọc Hương, head of Vietnam’s Permanent Mission to ASEAN.（VietVance）
She said aligning rules and standards would help small and medium-sized enterprises enter other ASEAN markets, expand their customer bases through digital platforms and participate in regional digital value chains. The use of technologies such as artificial intelligence, cloud computing, big data and financial technology could also help businesses improve production, management and services.
For Vietnam, the agreement could create opportunities for businesses in software, information technology services, e-commerce, digital logistics and financial technology to expand into ASEAN markets. Tôn Thị Ngọc Hương also said Vietnam still needs to improve its digital economy regulations and infrastructure, strengthen cybersecurity and data security, and develop digital talent and businesses’ technological capabilities.
Discussing the outlook, she said ASEAN’s digital economy could reach approximately US$2 trillion by 2030 if the agreement is implemented fully and effectively. Without a strong boost from the framework, it is projected to reach about US$1 trillion. The estimate depends on how the agreement is implemented.
Source: VietVance
