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Forum promotes trade ties between Vietnam and Europe, Eurasia

A forum to promote trade links between Vietnamese enterprises and partners in Eurasian markets was held in Hanoi on December 10 by the Ministry of Industry and Trade (MoIT)’s European-American Market Department.

The forum aimed to update the business community on information relating to policies and markets in the region.

Participants focused discussions on demand and measures to support domestic businesses in expanding export markets and further promoting the export of Vietnamese products of strength to the region.

Addressing the forum, Vietnamese Deputy Minister of Industry and Trade Dang Hoang An stressed that out of the 27 partner countries in the Eurasian region, 11 have joined the EU and another five are in the process of joining, while Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan have established the Eurasian Economic Union (EAEU).

Vietnam has signed free trade agreements with both the EU and the EAEU, he said, adding that solid institutions and legal frameworks have been established to enhance bilateral cooperation, including 14 intergovernmental committees and joint committees and one consultation mechanism for bilateral economic cooperation.

Vietnamese businesses have favourable conditions to further promote trade with countries in Eurasia, he added.

An affirmed that the ministry will continue to accompany the business community, work to remove barriers, and further enhance trade promotion activities, business matching events, and seminars and dialogues in the time to come.

According to the General Department of Vietnam Customs, two-way trade between Vietnam and the Eurasian region hit 10.4 billion USD in 2019, and 10.34 billion USD in the first ten months of 2020, representing year-on-year rises of 20.78 percent and 17.98 percent, respectively.

FTAs between Vietnam and the EU and the EAEU are expected to contribute to promoting stronger trade, industry, and investment cooperation between Vietnam and other countries in Asia and Europe in general, and those in Eastern Europe and Central Asia in particular.

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