The FTA between Vietnam and the Eurasian Economic Union (EAEU) was inked in May 2015. (Photo: VNA)
Moscow (VNA) – The Russian 𒈔Council of the Federation on April 27 ratified the free trade agreeme💧nt (FTA) between Vietnam and the Eurasian Economic Union (EAEU).
The State Duma of Russia had earlier ratified the FTA, the first of the union which comprises Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.
It now only requires the signature of Russian President Vladimir Putin to officially take effect.
According to the agreement inked in May last year, Vietnam and the EAEU shall reduce and/or eliminate customs duties on goods originating in the other party, Chairman of the Federation Council Committee on International Affairs Konstantin Kosachev said before the council.
It will pave the way for the EAEU to connect with the Pacific Asia region, he added.
Viktor Khristenko, Chairman of the board of the Eurasian Economic Commission, said tariffs will be abolished on about 88 percent of goods traded between Vietnam and the union’s members.
Vietnam-EAEU trade is estimated at around 4 billion USD, with the agreement hoped to boost this to 10 billion USD by 2020.
Vietnam has committed to cut customs duties on dairy products from the EAEU from current rate of 20 percent.
The country will eliminate tariffs on the partner’s poultry meats, alcohol and automobiles in the next five years. The same favour will be also applied to the EAEU exports of coaches after 10 years and petroleum after 15 years, compared to the current levels of 40 percent and 19 percent, respectively.
Exports of wheat, meats and dairy products from the EAEU to Vietnam are forecast to double while made-in-Vietnam rice, fruits, vegetables, cashew, fish and home appliances will get better access to the partner’s markets.-VNA
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A conference was held in Hanoi on March 16 to review Vietnam’s legal framework against the commitments of the EU – Vietnam Free Trade Agreement (EVFTA) on investment.
National Assembly (NA) Vice Chairman Uong Chu Luu has proposed numerous measures to effectively foster the cooperation between Asia and Europe at the 9th Asia-Europe Parliamentary Partnership Meeting.
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A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
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Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
The FTA between Vietnam and the Eurasian Economic Union (EAEU) was inked in May 2015. (Photo: VNA)
