HCM City (VNA) – Trade between Vietnam and the EurasianEconomic Union (EAEU) hit 1.7 billion USD in the first 6 months of 2017, up 21percent year-on-year, according to statistics of the General Department ofVietnam Customs.
The figure was reported at a seminar on the EAEU market andopportunities to boost export via the Vietnam – EAEU free trade agreement heldby the Ministry of Industry and Trade on August 25.
At the function, Hoang Quoc Vuong, Deputy Minister ofIndustry and Trade said the pact, which took effect in October 2016, hasenabled Vietnam to access a market of 183 million people and nearly 2.2trillion USD in GDP.
Currently, about 900 Vietnamese exporters are active in theEAEU market, with key exports including seafood, coffee, rubber, tea, rice,apparel, woodwork products and confectionary.
Kharinov Vyachslav Nikolaevich, Chief Representative of theRussian Trade Office in Vietnam, said from the beginning of 2017, a strongincrease has been seen in Vietnam’s import of Russian food, coal, steel, paperproducts and chemicals, while healthy growth has been recorded for Vietnameseshipments of mobile phone components, apparel and farm produce to Russia.
However, many were not satisfied with the growth.
Nguyen Ngoc Hoa, Vice Director of the Ho Chi Minh CityDepartment of Industry and Trade, said Vietnam – EAEU trade felt short ofpotentials, staying at just over 3 billion USD on an annual average.
Trade between Vietnam and EAEU members have recorded unequalgrowth, he said, citing as an example that HCM City’s firms have mostly workedwith Russian partners and are yet to tap business potentials with those fromBelarus and Armenia.
In fact, Vietnam – Russia trade makes up 90 percent of totaltrade revenue between the country and the EAEU, while trade between Vietnam andBelarus and Armenia in 2016 even recorded decreases from 2015.
Nguyen Khanh Ngoc, Deputy Head of the Ministry of Industryand Trade’s European Market Department, attributed the issue to long-time tradepartnership between Vietnam and Russia and inadequate understanding ofVietnamese firms about other EAEU markets.
She urged Vietnamese enterprises to study these markets andboost their product quality to maximize trade before the EAEU signs free tradeagreement with more nations.-VNA
About 5,000 tariff lines will be cut to zero percent after the free trade agreement between Vietnam and the Eurasian Economic Union took effect on October 5.
Nearly 90 percent of tariff lines have been cut and reduced, with 59 percent abolished immediately as the Free Trade Agreement (FTA) between Vietnam and the EAEU has taken effect since October 2016.
A roundtable discussion on “The Free Trade Area between the Eurasian Economic Union (EAEU) and Vietnam: New Opportunities for Business” took place in Moscow on June 27.
A joint committee on the Vietnam – Eurasian Economic Union (EAEU) Free Trade Agreement convened its first meeting at the Moscow headquarters of the Eurasian Economic Commission (EEC) on June 29.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
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.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
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.
Illustrative photo (Source: VNA) 
