Working as a coordinator for economic cooperation between the Association of Southeast Asian Nations (ASEAN) and the European Union (EU), Vietnam always supports the promotion of trade and investment cooperation between the two blocs, said Vietnamese Prime Minister Nguyen Tan Dung here on Saturday.

Dung made the statement when he addressed the opening ceremony of the Third ASEAN-EU Business Summit held in the framework of the 19th ASEAN Economic Ministers (AEM) Retreat and the 12th AEM-EU Trade Commission Consultations.

The Summit attracted participation of the EU Trade Commissioner Karel de Gucht, ASEAN General Secretary Le Luong Minh, ASEAN members' ambassadors in Vietnam, and more than 700 representatives of ASEAN and EU businesses.

The event is seen as an opportunity for businesses from the two blocs to expand cooperation and linkages, exchange viewpoints and recommend initiatives to relevant ASEAN and EU economic management agencies.

It is of more significance in the context that ASEAN is approaching its goal of building an ASEAN Community by 2015, and amid strong economic development of ASEAN and EU.

Building an ASEAN Community, of which the ASEAN Economic Community (AEC) as the central pillar, is ASEAN's foremost objective at present, stressed the Vietnamese prime minister, adding that this is also the area where notable achievements have been recorded and highly applauded by the business community.

AEC will create favorable conditions for the running of the investment capital and trade exchange, and for businesses to expand their business with more effective results, which will benefit over 600 million people in the ASEAN, said Dung.

EU Trade Commissioner Karel de Gucht said that ASEAN is one of EU's largest trade partners, and vice versa.

The two sides should further boost trade and investment, close coordination, and support to businesses to produce more value, higher growth, and more jobs, to reach the objectives set by both sides, said the EU trade commissioner.

Meanwhile, ASEAN General Secretary Le Luong Minh stressed that the global economy is developing, but with risks, to both the EU and ASEAN, which make the macro economy more complicated. However, both sides still enjoy good conditions for economic development, hence they should closely coordinate in actions against the current global economic fluctuations.