Business

Workshop highlights untapped potential of Vietnam-EAEU FTA

The implementation of the Free Trade Agreement (FTA) between the Eurasia Economic Union (EAEU) and Vietnam over the last two years was reviewed at a workshop in Moscow, Russia on October 19.
Workshop highlights untapped potential of Vietnam-EAEU FTA ảnh 1Illustrative image (Source: internet)

Moscow (VNA) - The implementation of the Free Trade Agreement (FTA) betweenthe Eurasia Economic Union (EAEU) and Vietnam over the last two years wasreviewed at a workshop in Moscow, Russia on October 19.

Jointlyheld by the Vietnamese Embassy in Russia and the Institute of Economics at the Russian Academy of Sciences, theevent brought together over 60 delegates who are officials, experts, scholarsand researchers from many ministries and agencies of Russia and Vietnam.

In his opening remarks, Ambassador Ngo Duc Manh said after two yearsimplementing the FTA, the trade turnover between Vietnam and member counties ofthe EAEU has recorded strong growth, from 3.04 billion USDin 2016 to 3.9 billion USD in 2017.

Participants to the workshop examined the impact of the agreement’s implementationon trade ties between Vietnam and EAEU member nations in general and withRussia in particular; and looked into difficulties and challenges facing Vietnameseenterprises when entering the EAEU market.

They alsoanalyzed the shortcomings and limitations that need to be addressed inimplementing the FTA and proposed solutions to them.

The participants agreed that despite the good growth in trade, potential of theFTA is yet to be fully tapped, saying that more efforts should be done toeffectively exploit the advantages brought by this agreement.

According to Le Truong Son, President of the Association ofVietnamese Businesses in Russia, despite the huge tax reduction schedule, non-tariffbarriers remain unchanged. Therefore, he noted that Vietnamese enterprises muststudy and develop suitable distribution models for their products.

Discussing steps to increase bilateral trade between Vietnamand EAEU in the near future, Director of the  Vietnam-ASEAN Research Centre under the FarEast Institute (Russia's Science Academy) VladimirMazyrin said the two sides should take measures to reduce costs of products,increase the competitiveness of goods, make better use of tariff preferences,and improve the method of payment and transportation.

The Vietnam-EAEU FTA was signed on May 29, 2015 between Vietnam and five EAEUcountries, including Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan. Ittook effect on October 5, 2016. The agreement contributes to boosting economicdevelopment in each country, and promoting bilateral trade, services andinvestment, and expanding cooperation in the region.-VNA
VNA
#Free Trade Agreement (FTA) #Vietnam #Eurasia Economic Union (EAEU) #Russia #trade ties #Vietnamese enterprises #EAEU market #cooperation #Vietnamplus #Vietnam News #Vietnam News Agency Russia Vietnam
Follow VietnamPlus

Related News

Vietnam-Russia economic cooperation prospects under spotlight

Vietnam-Russia economic cooperation prospects under spotlight

Cooperation prospects between Vietnam and Russia in the fields of industry, energy, information and technology and agricultural exports were discussed at several workshops held in the framework of the 28th Vietnam International Trade Fair (Vietnam Expo 2018) in Hanoi from April 9-11.
Vietnam’s role in ASEAN-Russia relations highlighted

Vietnam’s role in ASEAN-Russia relations highlighted

A seminar on Russia’s integration in ASEAN was held in Moscow on April 25 on the occasion of the ongoing 32nd ASEAN Summit in Singapore, during which participants highlighted Vietnam’s role in ASEAN-Russia ties.
Vietnam-EAEU FTA produces positive outcomes

Vietnam-EAEU FTA produces positive outcomes

Officials of Vietnam and the Eurasian Economic Union (EAEU) lauded the upbeat outcomes brought about by the EAEU – Vietnam free trade agreement (EAEU – Vietnam FTA) in more than one year and a half since it took effect.
Vietnam-EAEU FTA produces positive outcomes

Vietnam-EAEU FTA produces positive outcomes

Officials of Vietnam and the Eurasian Economic Union (EAEU) lauded the upbeat outcomes brought about by the EAEU – Vietnam free trade agreement in more than one year and a half since it took effect.

See more

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.

Workers of PTSC Thanh Hoa check the system for crude oil imports. Vietnam saw strong increase in fuel imports in the first two months of this year. (Photo" VNA)

Vietnam records strong increase in fuel imports in two months

Statistics of Vietnam Customs showed that Vietnam spent more than 1.44 billion USD importing 2.18 million tonnes of petroleum products in the first two months of this year, representing a sharp increase of 31.4% and 43%, respectively, over the same period last year.

Prime Minister Pham Minh Chinh visits a macadamia cultivation model in Huoi Tao B village, Pu Nhi commune, Dien Bien province on March 8. (Photo: VNA)

PM requests boosting agricultural development in Northwestern region

PM Chinh encouraged local residents to explore additional crops and livestock suitable for intercropping in order to maximise land use efficiency. Farmers were also urged to strengthen cooperation with one another and with businesses by joining cooperatives, consolidating land resources and working together to expand production and improve incomes.

Farmers in the Mekong Delta province of An Giang harvest rice grown under the project 'Sustainable Development of One Million Hectares of High-Quality, Low-Emission Rice Associated with Green Growth in the Mekong Delta by 2030.' (Photo: VNA)

Promoting high-quality rice exports amid mounting challenges

According to the Ministry of Agriculture and Environment (MAE), an estimated 600,000 tonnes of rice worth 370 million USD was exported in January, up 12.4% in volume and 16.9% in value year-on-year. The average export price reached 616.6 USD per tonne, up 4%.

Fuel supply in Hanoi remains stable. (Photo: VNA)

Fuel prices rise sharply from 3 pm on March 7

Since the beginning of this year, domestic fuel prices have undergone 11 adjustments. During this period, both RON95 and E5 RON92 experienced four decreases and seven increases, while diesel oil two falls and nine hikes.

Customers buy and sell fuel at a Petrolimex petrol station. (Photo: VNA)

Capital’s fuel market remains stable after March 5 price adjustment

Operations at several petrol stations across Hanoi have run normally. Along major routes, petrol stations remained open and continued to serve customers as usual. The number of vehicles refueling showed no major changes compared to the days before the price adjustment. Sales activities continued without interruption, and there were no long queues or supply disruptions.

Thang Long II Industrial Park in Hung Yen province. (Photo: VNA)

Green industrial parks draw FDI to northern Vietnam

From 2026, the industrial real estate market in the northern region is forecast to enter a new growth phase as strategic infrastructure projects near completion, supply expands, and green industrial parks become a decisive factor for foreign direct investment (FDI).

Border guards from Thanh Hai Border Guard Station patrol fishing vessels entering Phu Hai port in Phu Thuy ward, Lam Dong province. (Photo: VNA)

Lam Dong orders swift action to address IUU fishing gaps

Vice Chairman of the provincial People’s Committee Le Trong Yen has directed heads of relevant departments, sectors and localities to strictly implement directives and newly issued regulations on IUU prevention, while strengthening public awareness efforts so fishermen and businesses better understand and comply with the rules.