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Good beginning EAEU’s exports to Vietnam from October 2016 to July 2017 was estimated to increase by over 32% compared to the same period in 2015-2016
Oct 11 2017

Achievements accomplished after one-year since implementation of the Vietnam-Eurasian Economic Union Free Trade Agreement (VN-EAEU FTA) are opening up new opportunities for promoting cooperation between Vietnam and the region, with great potential for development.

The EAEU, including five member countries, namely Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, began operations on January 1, 2015. The EAEU is a large market of 183 million people which is connected based on the free movement of goods, capital, services and people.

Since its establishment, more than 50 countries and international organisations have officially announced their readiness to sign cooperation agreements with the EAEU and more than 30 countries have intended to sign a FTA with this union. Vietnam is the first partner to sign a FTA with the EAEU.

At a press conference held in Hanoi on October 5 to mark one year since the FTA took effect, Dang Hoang Hai, director of the European Market Department under the Ministry of Industry and Trade, said that the EAEU selected Vietnam to sign the FTA as the two sides have a long-lasting relationship in addition to the large number of Vietnamese people who study in the EAEU member countries.

EAEU member countries also acknowledge Vietnam as an open country. Vietnam has signed many FTAs with other partners across the world, demonstrating the activeness and economic integration of Vietnam.

Minister in charge of Customs Cooperation of the Eurasian Economic Commission (EEC), Mukai Kadyrkulov said “The EAEU and Vietnam are always connected by close, friendly relations and EAEU member countries consider Vietnam as a reliable strategic partner in the Asia-Pacific region”.

According to the EEC, EAEU’s exports to Vietnam from October 2016 to July 2017 was estimated to increase by over 32% compared to the same period in 2015-2016 while Vietnam’s exports to the EAEU countries went up by 28%.

EAEU and Vietnamese enterprises have also found new markets for several types of goods, including radio engineering devices produced in Vietnam and paper and cardboard produced in the EAEU.

Vietnam’s radio engineering devices are preferred by consumers in the five member countries of the EAEU, with exports of the devices from Vietnam to the EAEU increasing over 900 fold. Meanwhile, the import of paper and cardboard from the EAEU to Vietnam has increased by more than 2,700 fold.

According to Mukai Kadyrkulov, the balanced growth in import and export activities shows that the FTA between Vietnam and the EAEU was built based on the principles of equality and transparency.

However, statistics from the Ministry of Industry and Trade show that enterprises from both sides have yet to take full advantage of the agreement.

Vietnam has only taken advantage of 20-30% of incentives from the FTA and the same to member countries of the EAEU. Therefore, authorised agencies are making efforts to encourage enterprises from the two sides to actively learn about the markets of each other.

Mukai Kadyrkulov said that more joint ventures between Russia and Vietnam and between Belarus and Vietnam will be established in Vietnam in the areas of machinery manufacturing and goods production in order to meet the demands of ASEAN countries and create more jobs for Vietnamese people.

In addition, customs agencies of the EAEU and Vietnam are working to implement information exchange mechanisms on goods and transport vehicles between countries signing the FTA.

Achievements gained in the past year are only the beginning of greater incentives for enterprises in the future, which are expected to create new cooperation opportunities and the motivation for expanding partnership between enterprises of the two sides.-NDO