Saturday, August 19, 2017 - 18:20:58

Trade with Russia, Belarus, Kazakhstan surges in 2012

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Bilateral trade between Vietnam and the Russia-Belarus-Kazakhstan Customs Union surged during the past seven months of this year.

Two-way trade between Vietnam and Russia increased by 34 percent year-on-year to 1.34 billion USD, according to the General Department of Customs.

Of the total, 821 million USD came from Vietnamese exports including garments, computers, electronics, phones and components, seafood and coffee, up 34 percent, and the country’s imports from the market topped 516 million USD, a yearly increase of 39 percent, including iron and steel, diesel, fertiliser and machinery and equipment.

During the period, trade turnover between Vietnam and Kazakhstan also experienced impressive growth of 91.3 percent to rake in 41 million USD. Of the sum, Vietnamese exports, mainly phones and accessories and seafood, contributed 32 million USD, while imports made up 9 million USD.

Meanwhile, bilateral trade with Belarus fetched 100 million USD during the January-July period, with Vietnam registering a trade deficit of 91 million USD.

Vietnam could increase bilateral trade with the Customs Union further, the department noted.

Russia , Belarus and Kazakhstan are negotiating a free trade agreement (FTA) with Vietnam , which is expected to bring economic, trade, service and investment benefits to all parties.

The FTA between Vietnam and the Customs Union will open up prospects for a large free trade area and tighten the traditional and strategic relations between the four countries, said the head of the European Market Department under the Ministry of Industry and Trade, Dang Hoang Hai.

" Russia is interested in an FTA with Vietnam as the Southeast Asian country may develop a strategic position that helps Russia restore its presence in Asia, particularly in Southeast Asia ," Hai said.

The FTA will enable Vietnam to boost its agricultural, seafood and garment exports to Russia , and Russia to export fertiliser, oil and gas, atomic energy, heavy industry and automobiles to Vietnam .

Vietnam 's trade with Russia is expected to reach 5 billion USD in 2015 and 10 billion USD in 2020./.

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