Business

Free trade agreement helps boost Vietnam-EAEU trade

Trade between Vietnam and the Eurasian Economic Union (EAEU) hit 1.7 billion USD in the first 6 months of 2017, up 21 percent year-on-year
Free trade agreement helps boost Vietnam-EAEU trade ảnh 1Illustrative photo (Source: VNA)

HCM City (VNA) – Trade between Vietnam and the EurasianEconomic Union (EAEU) hit 1.7 billion USD in the first 6 months of 2017, up 21percent year-on-year, according to statistics of the General Department ofVietnam Customs.

The figure was reported at a seminar on the EAEU market andopportunities to boost export via the Vietnam – EAEU free trade agreement heldby the Ministry of Industry and Trade on August 25.

At the function, Hoang Quoc Vuong, Deputy Minister ofIndustry and Trade said the pact, which took effect in October 2016, hasenabled Vietnam to access a market of 183 million people and nearly 2.2trillion USD in GDP.

Currently, about 900 Vietnamese exporters are active in theEAEU market, with key exports including seafood, coffee, rubber, tea, rice,apparel, woodwork products and confectionary.

Kharinov Vyachslav Nikolaevich, Chief Representative of theRussian Trade Office in Vietnam, said from the beginning of 2017, a strongincrease has been seen in Vietnam’s import of Russian food, coal, steel, paperproducts and chemicals, while healthy growth has been recorded for Vietnameseshipments of mobile phone components, apparel and farm produce to Russia.

However, many were not satisfied with the growth.

Nguyen Ngoc Hoa, Vice Director of the Ho Chi Minh CityDepartment of Industry and Trade, said Vietnam – EAEU trade felt short ofpotentials, staying at just over 3 billion USD on an annual average.

Trade between Vietnam and EAEU members have recorded unequalgrowth, he said, citing as an example that HCM City’s firms have mostly workedwith Russian partners and are yet to tap business potentials with those fromBelarus and Armenia.

In fact, Vietnam – Russia trade makes up 90 percent of totaltrade revenue between the country and the EAEU, while trade between Vietnam andBelarus and Armenia in 2016 even recorded decreases from 2015.

Nguyen Khanh Ngoc, Deputy Head of the Ministry of Industryand Trade’s European Market Department, attributed the issue to long-time tradepartnership between Vietnam and Russia and inadequate understanding ofVietnamese firms about other EAEU markets.

She urged Vietnamese enterprises to study these markets andboost their product quality to maximize trade before the EAEU signs free tradeagreement with more nations.-VNA
VNA
#Vietnam-EAEU trade #Vietnam-EAEU free trade agreement #General Department of Vietnam Customs #Kharinov Vyachslav Nikolaevich #Russian Trade Office in Vietnam #EAEU markets
Follow VietnamPlus

Related News

Seafood exports benefit most from Vietnam-EAEU FTA

Seafood exports benefit most from Vietnam-EAEU FTA

Nearly 90 percent of tariff lines have been cut and reduced, with 59 percent abolished immediately as the Free Trade Agreement (FTA) between Vietnam and the EAEU has taken effect since October 2016.

See more

Officials of the Vietnamese Ministry of Finance and the Japan International Cooperation Agency (JICA) at the meeting in Hanoi (Photo: Ministry of Finance)

Finance Ministry, JICA to hasten major joint projects

JICA President Tanaka Akihiko said he is pleased to return to Vietnam and see landmark projects of bilateral ties now operational and delivering clear benefits to the public, including Nhat Tan Bridge and Ho Chi Minh City’s metro line No. 1.

Customers conduct transactions at an Agribank office in Hung Yen province. (Photo: VNA)

Outstanding green credit reaches 828 trillion VND

To date, loans subject to environmental and social risk assessments have exceeded 5.1 quadrillion VND (some 193.6 billion USD), representing an almost 25-fold increase compared with the end of 2017 and accounting for 27.7% of total outstanding credit in the economy.

Metfone Express's fleet at the launch ceremony. (Photo: VNA)

Vietnamese firm expands into logistics sector in Cambodia

Cambodian Minister of Post and Telecommunications Chea Vandeth praised Metfone’s contributions to socio-economic development, job creation, technology transfer and bilateral connectivity. He described the launch of Metfone Express as evidence of the long-term commitment and innovative spirit of Viettel.

Vietnamese products at the fair (Photo: VNA)

Vietnamese food products gain prominence at RoK's leading food fair

Vietnamese exhibitors are showcasing a wide range of products, including processed foods, tropical fruit products, functional foods, spices and beverages. Major exporters such as Vinamilk, WestFood, TSFood, Nafoods Group, Bich Chi Food and DH Foods are among the participants.

At the Vietnam–Canada Business Forum 2026 (Photo: VNA)

Green transition creates fresh opportunities for Vietnam–Canada partnership

Rahul Malhotra, owner of RM Venturex, said the forum provided businesses with valuable insights into opportunities for deeper Vietnam–Canada cooperation. He noted that support from diplomatic channels and the engagement of both public and private sectors are helping create favourable conditions for stronger economic ties among Canada, Vietnam and ASEAN.

At the working session between Can Tho leaders and representatives of Singaporean businesses. (Photo: VNA)

Can Tho invites Singaporean firms to invest in industry, energy, logistics

Singapore is currently the Mekong Delta city’s largest source of foreign direct investment (FDI), with 12 active projects totalling nearly 320 million USD in registered capital. A flagship project is the Vietnam-Singapore Industrial Park (VSIP) Can Tho, launched in 2022 with an investment of over 3.7 trillion VND (140 million USD) and covering nearly 294 hectares.

Workers process tra fish for exports. (Photo: VNA)

Sustainable transformation needed for Vietnam’s strategic pangasius sector

With continued policy support, technological innovation and close coordination among authorities, businesses and farmers, Vietnam’s pangasius industry is expected to make a strong and sustainable breakthrough during the 2026–2030 period, reinforcing its position as the world’s leading exporter of the fish.

Deputy Prime Minister Nguyen Van Thang speaks at the event. (Photo: baochinhphu.vn)

Deputy PM calls for integrated ASEAN fintech ecosystem

Deputy PM Nguyen Van Thang proposed a shared vision for an ASEAN fintech ecosystem that is open, secure, transparent, inclusive, and sustainable: “Open” to foster connectivity, “Secure” to enable growth, “Transparent” to build trust, “Inclusive” to ensure that no one is left behind, and “Sustainable” to strengthen resilience and support long-term progress.

Vice Chairperson of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) Xian Hui (left) meets with Secretary of Phu Tho provincial Party Commitee Pham Dai Duong on comprehensive cooperation (Photo: VNA)

Phu Tho expands cooperation with Chinese localities

A high-level delegation of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), led by its Vice Chairperson Xian Hui, visited the production facility of BYD Vietnam Co., Ltd. at Phu Ha Industrial Park and held a working session with leaders of Phu Tho province on June 9.

Financial buildings in downtown Ho Chi Minh City along the Saigon River. (Photo: VNA)

Robust dispute resolution framework key to Vietnam’s IFC ambitions

The development strategy for VIFC-HCMC envisions a comprehensive financial ecosystem encompassing green finance, carbon credits, financial technology (fintech), blockchain technology, digital assets, digital banking and other innovative business models. These highly internationalised sectors involve complex cross-border transactions and sophisticated legal structures.

A step in the semiconductor chip manufacturing process. (Photo: VNA)

LG to build first semiconductor substrate plant in Vietnam

LG Innotek, an affiliate of the Republic of Korea's LG Group, has announced a plan to build its first semiconductor substrate plant in Vietnam, marking a significant step in expanding its production capacity and strengthening its semiconductor packaging solutions business.