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Vietnam set to leverage Eurasian trade deal
23
Jun '15
The Vietnam-Eurasian Economic Union Free Trade Agreement signed last month is expected to offer ample opportunities and tough challenges to Vietnamese businesses, according to the Vietnamese News Agency.

The agreement will give Vietnam great opportunities to sell strong products to the Eurasian Economic Union (EEU) comprising Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan. Aquatic products, garments, and leather will be the key beneficiaries of the deal as they enjoy zero per cent tariff.

Dang Phuong Dung, vice president and secretary general of the Vietnam Textile Association (VITAS), said that Vietnam had an average export value of about $17 million in garment products to each member countries of the EEU prior to the signing the free trade pact with the Union. That figure accounted for 2 per cent of the total national export value of textile and garment, partly due to high tax rates for imported garments to the countries.

She is upbeat about Vietnamese textile and garments' market share in the union after the pact, predicting that the two-way garment trade will grow by 50 per cent in the first year of the agreement's implementation and 20 per cent over the next five years, the VNA report said.

Vietnam would become the union's fourth biggest provider of apparel from the current eighth place, Dung said.

She said that following the signing of free trade deals between Vietnam and South Korea, the EEU and the EU, a wave of foreign capital had entered the garment and textile sector from the start of this year, broadening opportunities for Vietnamese products.

Dung remarked that the agreements would create favourable conditions for Vietnamese enterprises and products to approach foreign markets and enhance trade promotion activities, and enterprises could gain good results right now. They would need time to approach markets and reach agreements with their foreign partners (SH).

Fibre2fashion News Desk – India

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