Business

Workshop facilitates local firms’ access to EAEU market

Vietnamese firms have a chance to enter consumption markets of five nations with over 180 million people and the GDP exceeding 2.5 trillion USD in the Eurasian Economic Union (EAEU).
Workshop facilitates local firms’ access to EAEU market ảnh 1Illustrative image (Source: VNA)

HCM City (VNA) – Vietnamese firms have a chance to enter consumption markets of five nations with over 180 million people and the GDP exceeding 2.5 trillion USD in the Eurasian Economic Union (EAEU) thanks to the Vietnam – EAEU free trade agreement (FTA).

Vietnamese Ambassador to Russia Nguyen Thanh Son made the statement at a workshop in Ho Chi Minh City on August 29.

According to Son, the EAEU has committed to tax cut to zero percent on over 90 percent of tariff lines, which presents a great opportunity for Vietnamese products, especially farm produce, garment-textiles, footwear, wood and processing products.

With the Vietnam – EAEU FTA becoming effective, bilateral trade value between Vietnam and Russia is expected to see an annual increase of 50 percent, according to the diplomat.

Meanwhile, Deputy Director of the municipal Department of Industry and Trade Nguyen Phuong Dong highlighted the city’s incentives to encourage local firms to invest in the Union.

In this October, a Ho Chi Minh City’s Goods Week will be orgnanised in the Hanoi – Moscow Trade Centre, Russia, with the registration for participation of over 40 enterprises, according to Dong.

The EAEU, which comprises Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, signed the FTA with Vietnam in May 2015. This was the first FTA signed between the EAEU and an external partner.

Russia and Kazakhstan ratified the trade pact, which will lift most tariffs on goods traded among participants.

The deal is expected to increase trade revenue between Vietnam and the EAEU to 10 billion USD by 2020 from the current yearly average of 4 billion USD.-VNA

VNA
#EAEU #FTA #bilateral trade value #GDP Ho Chi Minh City
Follow VietnamPlus

Related News

Businesses told how to optimise Vietnam-EAEU FTA

Businesses told how to optimise Vietnam-EAEU FTA

Economic experts have suggested Vietnam thoroughly assess the impacts that the Vietnam-Eurasian Economic Union (EAEU) free trade agreement (FTA) may exert on specific sectors and markets.
Vietnam-EAEU deal to triple trade revenue

Vietnam-EAEU deal to triple trade revenue

Trade revenues between Vietnam and the Eurasian Economic Union (EAEU) are expected to increase to 10-12 billion USD by 2020, after a free trade agreement between the two sides takes effect in 2016.

See more

A refilling station of Petrolimex (Photo: VNA)

Import tariffs on certain fuel products reduced to 0%

Rising tensions in the Middle East, particularly the conflict involving the US, Israel and Iran, have significantly affected the global energy market, especially shipping activity through the Strait of Hormuz – a strategic route for transporting crude oil from the region.

Fishermen raise the national flag before heading out to the sea to affirm Vietnam’s sovereignty over its seas and islands. (Photo: VNA)

Dong Thap promotes IUU awareness from start of fishing season

Gia Thuan commune, located in the eastern part of the province, is a key fishing locality with 563 fishing vessels, including 423 offshore boats and 140 nearshore vessels, producing an average annual catch of over 42,970 tonnes of seafood.

Industrial production surges in the first two months of 2026. (Photo: VNA)

Industrial production posts strong growth in first two months

According to the National Statistics Office (NSO) under the Ministry of Finance, the index of industrial production (IIP) in February was estimated to decrease 18.4% from the previous month but increase 1% year on year. Overall, in the January–February period, the IIP rose 10.4% compared with the same period last year.

A delegation from the Nghe An provincial People’s Committee inspects production and business activities at the VSIP Nghe An Industrial, Urban and Service Park. (Photo:nhandan.vn)

Nghe An steps up reforms to attract FDI

In 2025, the provincial People’s Committee licensed 25 new FDI projects and approved capital adjustments for 20 others, bringing the total newly registered and additional investment to more than 1 billion USD. Many large-scale projects in the Southeast Nghe An Economic Zone have already become operational, contributing to export growth, state budget revenues and job creation.

Nearly 35,500 enterprises are newly registered nationwide, with total registered capital reaching nearly 313.7 trillion VND and more than 167,500 registered workers. (Photo: VNA)

Nearly 35,500 new businesses set up in first two months

The enterprises registered combined capital of about 313.7 trillion VND and more than 167,500 employees. Compared with the same period last year, the number of new businesses surged by 70.7%, while registered capital rose by 36.1% and registered labour increased by 19.1%.

The yarn factory of Unitex Textile and Dyeing Company Limited applies new technology to optimise operations using an automated model. (Photo: VNA)

Resolution 68: International lessons for private sector development

A common feature in many successful economies is a fundamental shift in the perception of private enterprises. In countries such as Singapore, Germany, Republic of Korea (RoK) and China, private firms are viewed not mainly as entities requiring strict control but as development partners and key forces generating growth, jobs and innovation.

The production line of Regza Electronics Vietnam Co., Ltd. located in Dong Nai province. (Photo: VNA)

Vietnam’s overseas investment rises 2.3-fold in first two months

During the period, 36 new overseas projects were granted investment certificates with total registered capital from Vietnamese investors reaching 532.4 million USD, up 2.3 times compared to the same period last year. In addition, three projects adjusted their capital with an additional 7.8 million USD, 1.5 times higher than a year earlier.