VN stands ready to bridge ASEAN and EAEU

Deputy Prime Minister Trinh Dinh Dung made the point while attending a discussion within the fifth Eastern Economic Forum on September 4 in Russia’s Vladivostok city. 

ASEAN – promoting regional cooperation

Addressing the discussion, Deputy PM Trinh Dinh Dung mentioned prosperous factors in the region including ASEAN of which Viet Nam is a member state. 

As a positive and responsible member of ASEAN, Viet Nam stands ready to work as a bridge to help Russia as well as the Eurasian Economic Union (EAEU) expand ties with the Association of Southeast Asian Nations (ASEAN), towards a trade and investment agreement between the two regions, said Deputy PM Dung. 

The Deputy PM reviewed milestones in cooperation between ASEAN and Russia and EAEU, with the latest the signing of a memorandum of understanding on economic collaboration between the grouping and the union on November 14, 2018.  

In 2018, two-way trade turnover between ASEAN and EAEU touched US$  23.15 billion, representing a year-on-year growth of 15%. EAEU imported US$ 11.7 billion of goods from ASEAN. Among ASEAN member countries, Viet Nam, Singapore, Thailand and Indonesia are the union’s major trade partners. 

Upholding FTA between VN and EAEU 

Deputy PM Dung proposed the two countries should utilize their mutual trust and close ties to support the partnership between ASEAN and EAEU. 

The successful implementation of the FTA between Viet Nam and EAEU would encourage other countries to develop a similar deal between ASEAN and EAEU. 

Mr. Dung also suggested Vietnamese and Russian Governments join hands in implementing measure packages to help businesses optimize tax incentives, while signing special agreements to reduce non-tariff barriers relating to technologies and quarantine.

He  concluded that as Viet Nam would assume the ASEAN Chairmanship in 2020, cooperation and economic, trade and investment links between the ten-member group and Russia, including the Far Eastern region, are expected to experience new developments, contributing to peace, stability, development and prosperity in Asia-Pacific./.

By Kim Loan