HANOI: Numerous Vietnamese firms and member states of the Eurasian Economic Union (EEU) gathered at a business forum yesterday in Ha Noi to study opportunities from the free trade agreement (FTA).
The business forum, which was co-organised by the Viet Nam Chamber of Commerce and Industry, the Ministry of Industry and Trade and the Eurasian Economic Commission, aimed to create conditions for businesses to exchange information, for seeking co-operation and investment opportunities.
Signed in May, the Viet Nam-Eurasian Economic Union Free Trade Agreement became the tenth FTA that Viet Nam had signed, but the first agreement that EEU had signed with a trade partner, offering great opportunities and advantages for hundreds of Vietnamese businesses in expanding exports in this huge market which included Russia, Armenia, Belarus, and Kazakhstan, along with Kyrgyzstan.
All member states in the EEU were Viet Nam’s traditional trade partners, especially Russia. The bilateral trade between Viet Nam and EEU reached US$4.2 billion in 2014 with an average annual growth rate between 5 per cent and 6 per cent, which was still modest in comparison with the anticipated potential, the forum heard.
Duong Hoang Minh, deputy director of the Department of European Market under the Ministry of Industry and Trade, said that there was no conflict between the export products of the two sides, so there would be huge room for expansion when about 90 per cent of tariff lines are cut to zero.
He pointed out that businesses from the EEU had advantages in machinery, industrial equipment, chemicals, and energy, in addition to mineral mining, while agricultural, garment and textile products were to Viet Nam’s advantage.
At the business forum, the two sides expressed the hope that co-operation would receive a boost in future with the support of all governments with regard to in tax and customs procedures.
Experts urged businesses to study the FTA, demands and requirements of each member market and consumer tastes carefully, to be able to grasp opportunities. In addition, attention should be paid to enhancing product quality, especially food and seafood products.
