The rate of taking advantage of preferential C/O under the VN-EAEUFTA Agreement increased sharply

	Instruct customs declaration in case of submitting additional C/O of imported petroleum products
	Facilitating enterprises in C/O declaration and submission, but paying attention to post-audit
	Actively connecting Single Window with ASEAN and non-ASEAN countries

The 5th meeting of the Joint Committee to implement the Free Trade Agreement between Vietnam and the Eurasian Economic Union. Photo: CT

At the 5th meeting of the Joint Committee to implement the VN-EAEUFTA Agreement, on November 13, Minister of Industry and Trade Nguyen Hong Dien and Minister in charge of Trade of the Eurasian Economic Committee Andrey Slepnev shared a common view. commented that the VN-EAEUFTA Agreement has made an important contribution to the development of strong two-way trade between Vietnam and member countries of the Eurasian Economic Union.

According to data from the Eurasian Economic Union, in the period from 2017 to 2021, trade between Vietnam and the Eurasian Economic Union has increased sharply from US $5.9 billion in 2017 to US $ 7.8 billion by 2021.

In trade with the Eurasian Economic Union, the Russian Federation is the largest partner, accounting for 66% of Vietnam's total exports to the Eurasian Economic Union and 97% of Vietnam's imports from Eurasian Economic Union.

According to the Ministry of Industry and Trade, due to the impact of many unfavorable factors as well as general difficulties of the world economy, trade between Vietnam and the Eurasian Economic Union will decrease sharply in 2022. However, two-way trade has shown signs of recovery in 2023. In the first nine months of 2023, trade between Vietnam and the Eurasian Economic Union reached about US $ 3.2 billion, an increase of 1% over the same period in 2022. Of which, Vietnam's exports to the Eurasian Economic Union reached about US $ 1.8 billion. Vietnam's imports from the Eurasian Economic Union reached about US $ 1.4 billion.

In particular, taking advantage of the incentives of the VN-EAEUFTA Agreement is considered very positive. According to data from the Ministry of Industry and Trade, after the first seven months of 2023, the utilization rate of C/O form EAEU reaches about 51% of two-way trade turnover, higher than the index of previous years (2022 is 38%) %, in 2021 it is 31% and in 2020 it is 28%). This shows that businesses from both sides have researched more carefully and taken better advantage of the opportunities and benefits that the VN-EAEUFTA Agreement has been bringing.

However, the Minister of Industry and Trade assessed that some terms and regulations in the VN-EAEUFTA Agreement are no longer suitable for the current context, so the two sides need to carefully consider and research new solutions to enhance the effectiveness of the Agreement, further promote economic and trade cooperation between Vietnam and the Eurasian Economic Union.

Specifically, focus on launching feasibility studies on the possibility of amending and upgrading the VN-EAEUFTA Agreement; continue to open the market, remove trade barriers, and make efforts to remove difficulties related to payment, transportation and movement between people, especially businessmen between the two countries.

Regarding the issue of visa exemption, leaders of the Ministry of Industry and Trade proposed that Eurasian Economic Union countries continue to consider requesting visa exemption for Vietnamese citizens at the same level as Vietnam is granting to other countries.

Besides, looking for new directions and cooperation projects in new fields: green transition, energy transition, climate change combat, circular economy, science and technology and innovation…

At the end of the meeting, the two ministers agreed to direct the technical levels of both sides to continue creating favorable conditions for goods to access each other's markets, eliminating trade barriers, especially administrative procedures. to more strongly strengthen two-way trade; Increase information to each other about changes in each country's import and export policies to help businesses implement their production and business strategies more effectively.

At the same time, create conditions for businesses from both sides to participate more in trade promotion activities to each other's markets to find partners, maximize their capabilities, advantages, dynamism, be creative to have more specific and substantive results; At the same time, we are ready to report to the Governments of both sides on arising issues, difficulties, and obstacles beyond their authority to promote cooperation on the contents discussed and agreed by the two sides.