Business

FTA helps fuel Vietnam-Russia trade growth

Trade between Vietnam and Russia was estimated at 4.57 billion USD in 2018, up 28.6 percent year on year, partly thanks to the enforcement of the free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU).
FTA helps fuel Vietnam-Russia trade growth ảnh 1A worker at a steel factory. Steel and steel products made up 16.6 percent of Vietnam's exports to Russia in 2018 (Photo: VNA)

Hanoi (VNA) – Trade between Vietnam and Russiawas estimated at 4.57 billion USD in 2018, up 28.6 percent year on year, partlythanks to the enforcement of the free trade agreement (FTA) between Vietnam andthe Eurasian Economic Union (EAEU).

Food accounted for 32.4 percent of Vietnam’sshipments to Russia, automobiles and machinery 20.7 percent, and steel andsteel products 16.6 percent, according to the General Department of VietnamCustoms.

Last year, Russia invested in eight new projectsand added capital to one existing project in the Southeast Asian nation. Italso purchased shares of Vietnamese businesses through 40 projects.

It registered a total of 42.63 million USD ofinvestment capital in 2018, ranking 28th among 112 countries and territoriesinvesting in Vietnam for the year.

The FTA between Vietnam and thefive EAEU countries of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan tookeffect on October 5, 2016.-VNA
VNA
#Vietnam-Russia trade #Eurasian Economic Union #EAEU #EAEU-Vietnam free trade agreement #Vietnam's exports to Russia #Russia's investment in Vietnam #updated Vietnam news #Vietnamplus #Vietnam News Agency Russia Vietnam
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