Vietnam, EEU target further trade ties hinh anh 1The business forum takes place in Hanoi on November 25 (Photo: VNA)

Hanoi (VNA) – A Vietnam-Eurasian Economic Union business forum was held in Hanoi on November 25 to help the two sides’ enterprises study the markets and seek investment opportunities.

The Eurasian Economic Union (EEU) comprises Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan which are Vietnam’s traditional trading partners.

Trade between Vietnam and the EEU posted an annual growth rate of about 5-6 percent, reaching 4.2 billion USD in 2014. However, the figure remains modest as compared to their great potential and demands for further trade ties.

Speaking at the event, hosted by the Vietnam Chamber of Commerce and Industry (VCCI), Duong Hoang Minh, deputy head of the European Market Department under the Ministry of Industry and Trade, said businesses from the EEU, especially those from Russia, have strength in manufacturing and export of machinery, industrial equipment and chemicals, energy facility construction and mining.

Meanwhile, the Southeast Asian nation boats huge potential in farm produce, garments-textiles and household electronics.

As such, Vietnam and the EEU can support and supplement each other in goods imports and exports, he noted.

Economists said the signing of a free trade agreement (FTA) by the two sides has created favourable conditions for their businesses to increaseimport-export and investment activities in the coming time.

Through Vietnam, Russian firms can integrate into the ASEAN market more easily, they said, suggesting both sides’ businesses study regulations set in the FTA as well as consumption demands of each particular market.

Stressing the great potential for cooperation between Vietnam and Russia, a representative from Russia’s Ministry of Economic Cooperation, said thecollaboration is bound to advance in the near future thanks to their Governments’ incentives.-VNA