FTA expands trade cooperation opportunities for Vietnam, Russia

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With the FTA, the bilateral trade target of US$10 billion by 2020 is feasible.

The event was held by the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade, the Vietnamese Embassy in Russia, the Vietnam Business Association in Russia , and the Hanoi-Moscow Complex.

Minister-Counselor Lai Ngoc Doan from the Vietnamese Embassy said the FTA opened up a new chapter in trade cooperation between the two countries.

Vietrade deputy head Bui Thi Thanh An said the FTA will bring opportunities for Vietnam and Russia to increase two-way trade to US$10 billion by 2020.

The forum also allows businesses to seek partners and investment opportunities, she said, suggesting the two sides take more measures to accelerate joint projects while encouraging businesses to invest in the respective markets.

Vladimir Vovchenko, a representative from Russia’s Ministry of Economic Development, said both nations agreed on several measures to boost bilateral trade at the 19 th session of the Vietnam-Russia Intergovernmental Committee for Economic-Commercial and Scientific-Technological Cooperation held in St. Petersburg in September.

With the FTA, the bilateral trade target of US$10 billion by 2020 is feasible, he said, adding that the most important thing for businesses is to understand the potential and advantages of the respective countries to create effective investment strategies.

Vietnam, EU set to implement FTA in early 2018 The European Union and Vietnam are set to implement their bilateral free trade agreement in early 2018.

Participants also talked about import-export opportunities, preferential policies of the two governments, and ways to maximise the benefits of the FTA, as well as chances to develop industry in the two sides’ localities.