Vietnam, EEU seek investment opportunities

27 Nov '15

2 min read

The Vietnam Chamber of Commerce and Industry (VCCI) hosted a one-day meeting of the Vietnam-Eurasian Economic Union business forum in Hanoi to help enterprises of the two sides to study the markets and seek investment opportunities, the state-run Vietnamese radio – Voice of Vietnam has reported.

The Eurasian Economic Union (EEU) comprises Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan which are Vietnam's traditional trading partners.

Trade between Vietnam and the EEU posted an annual growth rate of about 5-6 per cent, reaching $4.2 billion in 2014. However, the figure remains modest as compared to their great potential and demands for further trade ties, the report said.

Speaking at the event, Duong Hoang Minh, deputy head of the European Market Department under the Ministry of Industry and Trade, said businesses from the EEU, especially those from Russia, have strength in manufacturing and export of machinery, industrial equipment and chemicals, energy facility construction and mining.

The EEU and Vietnam, which has a huge potential in farm produce, garments-textiles and household electronics, can support and supplement each other in goods imports and exports, he noted.

Economists say the signing of a free trade agreement (FTA) by the two sides has created favourable conditions for their businesses to increase import-export and investment activities in the coming time.

Through Vietnam, Russian firms can integrate into the ASEAN market more easily, they said, suggesting both sides' businesses study regulations set in the FTA as well as consumption demands of each particular market.

A representative from Russia's Ministry of Economic Cooperation said there is great potential for cooperation between Vietnam and Russia and the collaboration is bound to advance in the near future because of the incentives of the two Governments. (SH)

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