Hanoi (VNA) – Acting Minister of Industry and Trade Le Manh Hung has called on Russia and the Eurasian Economic Union (EAEU) to further open their markets for Vietnamese aquatic products.
Hung made the call while working with visiting Chairman of the Board of the Eurasian Economic Commission (EEC) Bakytzhan Sagintayev in Hanoi on March 2.
He affirmed that the EAEU remains a traditional, reliable and important trading partner of Vietnam, and was the first economic bloc in Europe to sign a free trade agreement (FTA) with the country.
After a decade of implementation, the agreement has delivered significant positive outcomes. Approximately 60% of tariff lines were reduced to zero immediately upon its entry into force in 2016, while the remainders have followed a 10-year roadmap, largely completed by 2025. Bilateral trade turnover increased from 3.04 billion USD in 2016 to 5.94 billion USD in 2025.
The trade structure between the two sides is complementary, enabling businesses to take advantage of preferential tariffs and enhance competitiveness. Several of Vietnam’s key exports to the EAEU market have recorded strong growth thanks to preferences under the FTA, including aquatic products, coffee, pepper, cashew nuts and garments-textiles.
However, the acting minister also noted a number of outstanding issues requiring resolution. Vietnam has urged the EAEU to refrain from continuing the application of the “trigger safeguard” mechanism on Vietnamese garments-textiles, arguing that the measure is no longer consistent with market realities or international practice.
He further proposed Russia and the bloc expand access for Vietnamese aquatic products, consider lifting suspensions and approve additional enterprises eligible for export. Vietnam also requested the EAEU to share data on preferential imports to support the evaluation of the FTA implementation.
For his part, Sagintayev stated that the agreement has made a positive contribution to trade growth between the sides. He welcomed the steady increase in bilateral trade and expressed his confidence that cooperation would continue to expand in the years to come.
Both host and guest agreed to facilitate market access, promptly remove trade barriers and address difficulties in order to meet cooperation needs and fully tap the economic potential of the EAEU and Vietnam. They also reaffirmed their commitments to diversifying supply sources and expanding markets, with a view to strengthening competitiveness and minimising geopolitical risks that could disrupt supply chains./.
VNA
