The FTA between Vietnam and the Eurasian Economic Union (EAEU) was inked in May 2015. (Photo: VNA)
Moscow (VNA) – The Russian Council of the Federation on April 27 ratified the free trade agreem🍌ent (FTA) between Vietnam and the Eurasian Economic Union (EAEU).
The State Duma of Russia had earlier ratified the FTA, the first of the union which comprises Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.
It now only requires the signature of Russian President Vladimir Putin to officially take effect.
According to the agreement inked in May last year, Vietnam and the EAEU shall reduce and/or eliminate customs duties on goods originating in the other party, Chairman of the Federation Council Committee on International Affairs Konstantin Kosachev said before the council.
It will pave the way for the EAEU to connect with the Pacific Asia region, he added.
Viktor Khristenko, Chairman of the board of the Eurasian Economic Commission, said tariffs will be abolished on about 88 percent of goods traded between Vietnam and the union’s members.
Vietnam-EAEU trade is estimated at around 4 billion USD, with the agreement hoped to boost this to 10 billion USD by 2020.
Vietnam has committed to cut customs duties on dairy products from the EAEU from current rate of 20 percent.
The country will eliminate tariffs on the partner’s poultry meats, alcohol and automobiles in the next five years. The same favour will be also applied to the EAEU exports of coaches after 10 years and petroleum after 15 years, compared to the current levels of 40 percent and 19 percent, respectively.
Exports of wheat, meats and dairy products from the EAEU to Vietnam are forecast to double while made-in-Vietnam rice, fruits, vegetables, cashew, fish and home appliances will get better access to the partner’s markets.-VNA
Vietnam and the European Union (EU) will push ahead with the review of legal documents towards the signing and application of their bilateral free trade agreement (EVFTA) in 2018.
A conference was held in Hanoi on March 16 to review Vietnam’s legal framework against the commitments of the EU – Vietnam Free Trade Agreement (EVFTA) on investment.
National Assembly (NA) Vice Chairman Uong Chu Luu has proposed numerous measures to effectively foster the cooperation between Asia and Europe at the 9th Asia-Europe Parliamentary Partnership Meeting.
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.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
The FTA between Vietnam and the Eurasian Economic Union (EAEU) was inked in May 2015. (Photo: VNA)
