We review the recent development of ASEAN Economic Community and try to evaluate it. At first, we check the historical background of ASEAN economic community and later examine what ASEAN did to build its economic community for the past decade. For this purpose, we investigate score card of ASEAN integration and several economic indicators including intra-trade volumes. In addition, we reviews the several survey result done by various economic agents across the country. From this comprehensive analysis, we support the view that the building procedure of ASEAN economic community by 2015 is behind the schedule and that this view is also quite widely acknowledged by many economic agents. To find the reasons for this problem, we investigate the detailed integration process of several sectors. We think that it may be caused by fundamental problems of ASEAN member countries such as wide disparity of economic size or personal income of each member country. At the same time, idealistic and unrealistic and less concrete plan also can be another reason for it. Despite all these problems, we cannot deny that ASEAN builds a very remarkable achievement for advancing its economic integration and cooperation for the past decade and that it should be evaluated very positively.