Vietnamese Trade Counsellor in Russia Duong Hoang Minh highlighted positive outcomes in the one-year implementation of the free trade agreement between Vietnam and the EAEU.
Moscow (VNA) – Vietnamese Trade Counsellorin Russia Duong Hoang Minh highlighted positive outcomes in the one-yearimplementation of the free trade agreement between Vietnamand the Eurasian Economic Union (EAEU) in a recent interview granted to VietnamNews Agency in Moscow.
Two-way trade reached2.79 billion USD in the first eight months of 2017, a year-on-year rise of 23.5percent. Vietnamexported goods to the union worth 1.97 billion USD, up 29.5 percent, while the EAEU exports to the Southeast Asian nation were 825 millionUSD, up 11.3 percent, according to the EAEU statistics.
Figures from theVietnam Customs showed that trade between Vietnamand Russiahit 2.3 billion USD in January-August, up 29 percent against the same periodlast year, in which Vietnam's exports were valued at 1.43 billion USD, up 36.8 percent, and Russia's shipment was 859 million USD, up18 percent.
Vietnam’s main export products include seafood,vegetable and fruits, garment-textile, footwear, electronics and spare parts,Minh said, adding that the optimistic outcomes were attributed to theenforcement of the EVFTA, which reduces and removes up to 90 percent of taxlines.
Over the past year,Vietnamese and Russian businesses have increased trade promotion activities andactively worked to seek partners in the respective countries, he said.
However, Vietnam’sexports to Russia still meet some difficulties such as insufficient added valueproducts, payment, and geographical distance, which reduces thecompetitiveness of made-in-Vietnam goods compared to other countries likeIndia, China and Thailand, Minh said.
He suggested promotingcommunications about the Russian and EAEU markets among Vietnamese businessesto create their trust and encourage them to actively seek partners.
Vietnamese firmsshould pay attention to human resources speaking Russian, building strongbrands, and creating high added value products to increase the export turnoverand opportunities to dominate the market, he recommended.-VNA
Vietnam always welcomes and wishes to receive investments from Russia, especially in the fields of energy, oil and gas exploitation and refinery, industrial equipment and auto manufacturing, President Tran Dai Quang has said.
Vietnam and Russia have agreed to effectively implement the Vietnam-Eurasian Economic Union (EAEU) Free Trade Agreement (FTA) in order to create breakthroughs in economic, trade and investment ties between the two countries, gearing towards bilateral trade of 10 billion USD in 2020.
The Vietnam-Eurasian Economic Union Free Trade Agreement (VN-EAEU FTA) has created a strong momentum for economic and trade ties among the signatories, said EAEU diplomats.
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During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
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The Vietnam-EAEU free trade agreement reaps positive outcomes (Illustrative image. Source: VNA)
