Vietnamese firms face big changes following Eurasia Economic Union trade deal

The recent conclusion of the free trade agreement (FTA) between Vietnam and the Eurasia Economic Union (EAEU), comprising of Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan, is expected to offer both opportunities and challenges to Vietnamese business players.

In an interview granted to the Vietnam News Agency, Minister of Industry and Trade Vu Huy Hoang highlighted the significance of the trade pact, the first of its kind struck between the union and an outside partner, which covers almost all commerce and investment fields from trade in goods and services, investment services, finance and banking to science-technology services, e-commerce, intellectual property, environmental protection and Government purchase.
The recent conclusion of the free trade agreement (FTA) betweenVietnam and the Eurasia Economic Union (EAEU), comprising of Russia,Belarus, Kazakhstan, Armenia, and Kyrgyzstan, is expected to offer bothopportunities and challenges to Vietnamese business players.

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

See more

Ministries, sectors, and localities are urged to speed up the allocation and disbursement of the public investment in 2025. (Photo: chinhphu.vn)

PM urges acceleration of public capital allocation, disbursement

The dispatch highlighted that the detailed allocation of the capital accounted for only 96.07% of the Government leader’s assigned target as of January 23, with some 84.84 trillion VND (3.32 billion USD) remaining unallocated across 26 central agencies and 48 localities.

Chinese consumers spend some 70 million USD on Vietnamese lobster in January. (Photo: doanhnhansaigon.vn)

Chinese consumers spend 70 million USD on Vietnamese lobster in January

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam's total aquatic exports in the month reached 774 million USD, up 3% year-on-year. This increase was primarily driven by strong Chinese demand for premium fresh seafood products, including lobster, crab, clams, and snails, as consumers prepared for Lunar New Year celebrations.

Chairman of the Ba Ria - Vung Tau Provincial People's Committee Nguyen Van Tho and Glen Hilton, CEO of DP World Asia-Pacific, sign a Memorandum of Understanding. (Photo: VNA)

Discussion underway for Vietnam’s first FTZ in Ba Ria-Vung Tau

The seaport-linked FTZ in the Cai Mep Ha vicinity is expected to boost the maritime economy to capitalise on the strategic location of Ba Ria-Vung Tau, attract foreign investment, and drive growth in the logistics, seaport, and international trade sectors.

The Tan Ky Tan Quy Bridge crosses the Tham Luong Canal, directly connecting to National Route 1. (Photo: VNA)

HCM City plans substantial investment in infrastructure

HCM City will direct funding towards transport, energy, and telecommunications infrastructure, including national highways, regional connectivity roads, Tan Son Nhat International Airport, Can Gio international transhipment port, and the Lotte Eco Smart City.

Delegates mark the launch of the new shipping route on February 18. (Photo: VNA)

New shipping route linking China, Vietnam, India launched

The container shipping route connecting the ports of Beibu Gulf (China), Hai Phong (Vietnam) and Kolkata (India) is destined to become a key strategic trade axis, contributing to the sustainable growth of both the regional and Vietnamese maritime industries.

Ca Mau province Deputy Secretary Nguyen Ho Hai receives a gift from the Singaporean ambassador Jaya Ratnam at a meeting held on February 17 to enhance exports and cooperation. (Photo: tuoitre.vn)

Ca Mau wants more exports to, cooperation with Singapore

The southernmost province of Ca Mau wants to increase agricultural and fishery exports to Singapore and strengthen cooperation in several sectors, Deputy Secretary of its Party Committee, Nguyen Ho Hai has told Singaporean embassy officials.

Permanent Deputy Secretary of the municipal Party Committee Nguyen Thanh Nghi hosts a reception for Japanese Ambassador to Vietnam Ito Naoki on February 17. (Photo: www.sggp.org.vn)

HCM City looks to deepen ties with Japan

The city aims to deepen cooperation with Japan in key areas such as sustainable urban development, emissions reduction, climate change adaptation, innovation, digital transformation, supply chain resilience, supporting industries, healthcare, tourism, culture, workforce development, and people-to-people exchanges.

Workers process shrimp for export. (Photo: VNA)

Shrimp exports grow in the first month of 2025

Shrimp products recorded a strong 13%increase in export value in January 2025, reaching a total of 273.3 million USD. This growth accounted for 35.3% of Vietnam's total seafood export turnover, contributing significantly to the country's overall seafood export performance.

Vietnam imposes VAT on low-value imported goods

Vietnam imposes VAT on low-value imported goods

It is estimated that if low-value goods worth less than 1 million VND are subject to a 10% VAT rate, State budget revenue could increase by around 2.7 trillion VND (105.6 million USD).

Can Gio International Transit Port blueprint. (Photo: sggp.org.vn)

Can Gio port added to national seaport development plan

The Ministry of Transport has approved adjustments to policies, solutions, and resource allocations for the implementation of the national seaport system master plan for 2021-2030, with a vision to 2050. The Can Gio port is now part of the implementation roadmap.