Business

Room for Vietnam’s exports to Eurasia remains huge

The Ministry of Industry and Trade’s Department of European – American Markets held a trade cooperation forum with Eurasian partners both online and offline on December 22.
Room for Vietnam’s exports to Eurasia remains huge ảnh 1Illustrative image (Photo: VNA)

Hanoi (VNA) – The Ministry of Industry and Trade’sDepartment of European – American Markets held a trade cooperation forum with Eurasianpartners both online and offline on December 22.

Speaking at the event, Director of the department Ta Hoang Linhdescribed Eurasia as a huge market with 28 countries which are home to apopulation of over 410 million people and a gross domestic product of over 3.3trillion USD.

Despite COVID-19 pandemic, two-way trade between Vietnam andEurasia still hit 12.7 billion USD in 11 months of this year, up 13.1 percentannually. Of the figure, 8.6 billion USD was Vietnam’s export which remainedmodest compared to their import demand of more than 1.34 trillion USD, or only0.66 percent of the market share, showing that room for Vietnam’s exportsremains huge.

As of the late November, 18 out of 28 regional countriesinvested in 319 projects worth nearly 1.78 billion USD in Vietnam, or 0.44percent of the total foreign direct investment in the country.

Meanwhile, Vietnam poured around 2.82 billion USD in 37 projectsin nine regional nations as of the late September. Russia was the biggestrecipient of Vietnamese investment with 15 projects valued at 2.8 billion USD.

Several speakers pointed out the benefit of goods transportationvia Asia-Europe railway route and seaports in Eastern Europe such as Slovenia,Bulgaria and Romania and shared information about e-commerce sites in thesemarkets to help Vietnamese firms seek export opportunities.

Questions regarding foreign countries’ import and investmentattraction policies were answered at the event. Market demands and opportunitiesfrom free trade agreements were also updated.

Linh affirmed that the ministry will continue partnering withbusiness community to boost trade and investment activities between Vietnam andEurope-America and Asia-Europe in particular./.

VNA
#Ministry of Industry and Trade #Vietnamplus #Vietnam News Agency #two-way trade #Department of European – American Markets #e-commerce #Eurasia Vietnam
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