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Vietnam-EAEU FTA to motivate bilateral economic development

Nhan Dan Online, Viet Nam

Vietnam-EAEU FTA to motivate bilateral economic development

20 October 2018

NDO – The economic and trade cooperation between Vietnam and the EAEU has achieved important results after two years since the signing of the Free Trade Agreement between Vietnam and the Eurasian Economic Union (Vietnam-EAEU FTA), contributing to creating a motivation for the economic development of each country and expanding cooperation in the region.

The remarks were made at a seminar on the two-year results and prospects of the Vietnam-EAEU FTA, which was held by the Vietnamese Embassy in Russia and the Russian Academy of Science on October 19.

Delegates focused their discussions on the prospects and role of the FTA in trade and investment cooperation between Vietnam and the EAEU, including the Russian Federation, the Republic of Belarus, the Republic of Kazakhstan, the Republic of Armenia, and the Kyrgyz Republic.

Vietnamese Ambassador to Russia, Ngo DucManh, noted that the agreement marked a milestone in Vietnam’s international integration, while emphasising that the agreement will help to fuel the economy of each nation and cooperation between the two sides.

According Vietnam Customs, the two-way trade revenue between Vietnam and EAEU reached US$3.04 billion in 2016, up 23% compared to 2015 and US$3.9 billion in 2017, up 28.3% compared to 2016. Of which, Russia accounts for over 90% of the two-way trade volume between Vietnam and the EAEU.

Assoc. Prof. A.Pylin, from the Russian Academy of Science, said that “the implementation of the FTA between the EAEU and Vietnam has brought about positive results and created changes in the trade balance between the FTA members, including the economic bilateral relations between Vietnam and Kazakhstan, Russia and Belarus.

The delegates also pointed out a number of difficulties in the bilateral trade cooperation including the currency of payment, high transport costs and the lack of preferential policies for small and medium-sized enterprises, among others.

 Fuente: Nhan Dan Online