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).
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.𒁏5 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
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.
The Vietnam-Eurasia Economic Union Free Trade Agreement (VN-EAEU FTA) will take effect on October 5, 2016, according to an announcement released by the Ministry of Industry and Trade (MoIT).
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.
A Russian expert on Asia-Pacific and the ASEAN from the Russian Institute for Strategic Studies has hailed Vietnam as an attractive market for investors and a highly competitive economy.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
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According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
Illustrative image (Source: VNA)
