Business

Vietnam-EAEU trade deal pushes exports to Russia

Russia is one of the important export markets of Vietnam, especially after the Vietnam-Eurasian Economic Union (EAEU) Free Trade Agreement took effect on October 5, 2016.
Vietnam-EAEU trade deal pushes exports to Russia ảnh 1Vietnam and Russia target two-way trade value of 10 billion USD by 2020. (Photo: tapchitaichinh.vn)

Hanoi (VNA) – Russia is one of the important export markets ofVietnam, especially after the Vietnam-Eurasian Economic Union (EAEU) Free TradeAgreement took effect on October 5, 2016.

Statistics released by the General Department of Vietnam Customs showed that inthe first two months of 2018, Vietnam-Russia trade reached 657.7 million USD.Russia spent 343.4 million USD purchasing Vietnamese products, including phonesand spare parts, coffee, computers, electronic products, garments and aquaticproducts.

As compared to the same period in 2017, the strongest export growth wasrecorded by ceramic products (119.6 percent), followed by cashew nuts (95.6percent) and steel (82.6 percent).

Meanwhile, Vietnam disbursed 314.2 million USD to import commodities fromRussia, including 73.5 million USD for wheat and 71 million USD for steel.

After the Vietnam-EAEU trade deal came into force, two-way trade betweenVietnam and Russia enjoyed robust growth with a year-on-year increase of 25.4percent to 2.7 billion USD in 2016 and a rise of 30 percent to 3.6 billion USDin 2017. Vietnam saw a trade surplus of 491.7 million USD in 2016, 800 millionUSD in 2017 and nearly 30 million USD in January-February in 2018.

High-quality goods with competitive prices should be developed by Vietnameseexporters if they want to boost shipments to Russia to take advantage of thetrade pact, according to the Vietnam Trade Office in Russia.

The office also advised Vietnameseexporters to seek reliable partners as importers in Russia prefer the form ofdeferred payments.

In the coming time, the office will introduce more potential partners toVietnamese businesses while studying more about commitments in the World TradeOrganisation and other free trade agreements to give prompt forecasts aboutbarriers that can hamper Vietnamese exports.

The moves aim to elevate the bilateral trade value to 10 billion USD by 2020 asset by leaders of the two countries.-VNA 
VNA
#Russia #important export market #Vietnam-Eurasian Economic Union Free Trade Agreement #two-way trade #High-quality goods #competitive prices #reliable partners #Vietnam Trade Office in Russia #Vietnam News Agency #Vietnamplus Russia Vietnam
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