Huge room to step up cooperation between VN and Eurasian region
16:27 | 11/12/2020

VGP – Despite world trade uncertainty and the COVID-19 pandemic, two-way trade revenue between Viet Nam and the Eurasian region still registered impressive growth in the first 10 months of 2020.

Huge room to step up cooperation between Viet Nam and Eurasian region

There remains huge room for Viet Nam to boost exports to this market as the country’s export turnover only accounts for a 0.5% market share.

Huge potential

Currently, among the 27 partner countries of Viet Nam in the Eurasian region, 11 countries have joined the European Union (EU) and another five are on the way.

Five nations, namely Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, have established the Eurasian Economic Union (EAEU). Viet Nam has already signed free trade agreements (FTAs) with both the EU and the Eurasian Economic Union.

In addition, between Viet Nam and Eurasian countries, there have existed solid institutions and legal frameworks to further develop bilateral cooperation, including 14 Intergovernmental Committees / Joint Committees and one consultation mechanism for bilateral economic cooperation.

In fact, over recent years, trade ties between Viet Nam and Eurasian countries have been constantly growing.

According to statistics from the General Department of Customs, two-way trade reached US$10.4 billion in 2019, up 20.78% year-on-year and representing 2% of Viet Nam’s total export-import turnover.

Notably, Viet Nam’s exports to the Eurasian region rose by 6.43% to US$7.2 billion. In the context of global trade uncertainty and the pandemic, the Eurasian region still remains a market with impressive growth in Viet Nam’s import-export picture, two-way trade reaching US$10.34 billion in the first ten months of 2020, up 17.98% over the same period last year.

Specifically, Viet Nam exported US$7.18 billion worth of goods, up 16.15%, and imported US$3.16 billion of commodities, an increase of 22.35%.

Despite the positive results, Viet Nam’s export turnover only accounted for 0.5% of the Eurasian region’s total import revenue between January-October (US$1.4 trillion), showing huge room remains for Viet Nam’s exports.

Deputy Minister of Industry and Trade Dang Hoang An affirmed that as the agency responsible for bilateral and multilateral cooperation activities, the ministry will continue to accompany the business community through the Intergovernmental Committee / Joint Committee mechanisms as well as establishing legal frameworks to facilitate trade and investment. In addition, the ministry will strengthen trade promotion activities, talks, dialogue and the exchange of information with markets, localities and enterprises./.

By Vien Nhu

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