In an interview granted to the Vietnam News Agency, Minister ofIndustry and Trade Vu Huy Hoang highlighted the significance of thetrade pact, the first of its kind struck between the union and anoutside partner, which covers almost all commerce and investment fieldsfrom trade in goods and services, investment services, finance andbanking to science-technology services, e-commerce, intellectualproperty, environmental protection and Government purchase.
The most important result of the deal is the opening of the goodsmarket and investment services, the minister said, adding that theadvantages of each side are supplementary. Vietnam has strength infarm produce, seafood, garment-textiles, footwear and food processing,while the EAEU, particularly Russia , boasts huge potential inmineral resources and mechanical products.
Tradebetween Vietnam and Russia is expected to top 10 billion USD by2020 thanks to the liberalisation of up to 90 percent of the tax lineand 90 percent of the import-export turnover, he said.
However, the minister also pointed out some challenges, such as thestable quality of products, especially Vietnamese farm produce like teaand coffee; the strict requirements of EAEU markets; the geographicaldistance that requires a suitable transportation roadmap and connectionwith other markets; and the complicated payment methods required.
The limited understanding of Vietnamese businesses about the EAEUmarket, especially small-scale economic members like Armenia andKyrgyzstan , is worrisome, he said, adding that local firms shouldstudy the market’s consumer tastes when seeking investment opportunitiesthere.
The Ministry of Industry and Trade willpromote its role in linking domestic firms with international partners,while cooperating with the press – including the Vietnam News Agency,the Voice of Vietnam, the Nhan dan (People) Newspaper, and theDepartment of Popularisation and Education, to disseminate Vietnam’scommitments to international economic integration as well asopportunities and challenges of the Vietnam-EAEU free trade pact.
The ministry is willing to support enterprises with informationrelevant to business contracts with the EAEU. It will also organisetrade and investment promotion events and fact-finding tours to foreigncountries, while working with the State-run agencies and EAEU offices toproperly deal with any disagreements between businesses in the spiritof ensuring the interests of the involved parties, he said.-VNA