The establishment of a free trade zone between Vietnam and the Eurasian Economic Union (EAEU) will increase the two sides’ two-way trade from 4 billion USD at present to 8-10 billion USD.
A car manufacturing plant (Illustrative image. Source: VNA)
HCM City (VNA) – The establishment of a free trade zone between Vietnam and the Eurasian Economic Union (EAEU) will increase 𝓰the two sides’ two-way trade from 4 billion USD at present to 8-10 billion USD in the yea🐬rs to come, an official has commented.
Russian Consul General in Ho Chi Minh City Alexey Popov said the Vietnam-EAEU free trade agreement (FTA) will make it easier for Eurasian businesses to export goods to Vietnam with higher competitiveness.
He noted that once the FTA comes into force on October 5, 2016, the average level of duties on EAEU goods will drop from 10 percent to 1 percent.
Vice versa, Vietnamese businesses will receive preferential treatment from the EAEU market, improve their competitive edge, and enjoy an average import tariff to be reduced to 2 percent from 9 percent, he said, noting that similar goods from other countries are not subjected to such incentives.
He revealed that Russia will reform its customs clearance procedures to enable Vietnamese staples such as seafood and garment-textile to enter the market.
Commenting on the development prospect of the automobile industry in Vietnam, the official said it is a competitive market and Russia will export cars to Vietnam under quota with 25-35 percent localization ratio by 2020.
According to Ivan Gumnikov, big Russian companies such as Kamaz, Gaz and UAZ are actively promoting trade with Vietnamese partners to establish some joint ventures in auto assembling and manufacturing.
The Vietnamese and Russian governments are striving to obtain 10 billion USD in two-way trade by 2020.
The EAEU groups Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.-VNA
Economic experts have suggested Vietnam thoroughly assess the impacts that the Vietnam-Eurasian Economic Union (EAEU) free trade agreement (FTA) may exert on specific sectors and markets.
Trade revenues between Vietnam and the Eurasian Economic Union (EAEU) are expected to increase to 10-12 billion USD by 2020, after a free trade agreement between the two sides takes effect in 2016.
A Russian expert on Asia-Pacific and the ASEAN from the Russian Institute for Strategic Studies has hailed Vietnam as an attractive market for investors and a highly competitive economy.
The free trade agreement between the Eurasian Economic Union (EAEU) and Vietnam will take effect on October 5, Minister for Trade at the Eurasian Economic Commission Board Veronika Nikishina said.
A business forum was held in Moscow on September 18 to promote cooperation between Vietnam and Russia when the Vietnam – Eurasian Economic Union free trade agreement comes into effect on October.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
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Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
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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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The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
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.
A car manufacturing plant (Illustrative image. Source: VNA)
