Vietnam-EAEU FTA opens Belarusian market for Vietnamese firms

16:18 | 28/06/2017 Cooperation

A free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU) and the Vietnam-Belarus protocol supporting the production of engine-powered vehicles in Vietnam is expected to bring about considerable changes in economic, trade and investment co-operation between Vietnam and Belarus.

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The European Market Department under the Ministry of Industry and Trade (MoIT) noted that Vietnam and Belarus are enjoying a fruitful traditional friendship and multi-faceted co-operation.

Statistics showed that two-way trade revenue reached US$94.5 million in 2016 including US$2.5 million worth of Vietnam's export revenue and US$92 million of Vietnam's import revenue. In the first quarter of 2017, two-way trade was reported at US$37.7 million, including US$1.4 million worth of export revenue and US$36.3 million worth of import revenue.

Vietnam's main exports to Belarus include seafood, furniture, textiles, footwear, rice, natural rubber, cashew nuts, pepper, spices, tea, canned vegetables, pharmaceuticals, and computer.

Meanwhile, Vietnam's key imports from Belarus include fertilizers, machinery, equipment, spare parts for automobiles, tractors, trucks, and chemicals.

According to the MoIT's Import-Export Department, there are about 938 Vienamese enterprises exporting to Eurasia. Of which, about 200 enterprises report large revenue, accounting for 90% of the total export revenue in the areas of seafood, coffee, rubber, tea, rice, cashew nuts, pepper, textiles, footwear, and wood.

It is believed that the enhanced co-operation with the EAEU will open up significant opportunities for the export of Vietnamese products combined with many challenges due to fierce competition with products from EAEU itself.

At the recent meeting of Vietnam-Belarus Inter-Governmental Committee on Economic, Trade, Scientific and Technological Cooperation in Hanoi, Belarusian Deputy Prime Minister Vladimir Semashko was delighted at the expanded co-operation between Vietnam and Belarus in economy, trade and science-technology.

In particular, the effectiveness of the Vietnam - EAEU FTA has created favourable conditions for businesses of the two countries to enhance trade and investment co-operation.

Vietnamese Minister of Industry and Trade Tran Tuan Anh affirmed that the effectiveness of the Vietnam-EAEU FTA marks a turning point in the process of Vietnam's integration with large countries in the world.

To make full use of the agreement, businesses should strive to develop its new strategies and solutions to create high value products capable of competing with foreign partners and standing steady on the domestic market, Anh said.

Minister Anh noted that Vietnam and Belarus will continue to promote co-operation in trade, investment, industry, transport, education and training in order to bring the bilateral relations to a new level.

Theo NDO