A Vietnam-Eurasian Economic Union business forum was held in Hanoi on November 25 to help the two sides’ enterprises study the markets and seek investment opportunities.
The business forum takes place in Hanoi on November 25 (Photo: VNA)
Hanoi (VNA) – A Vietnam-Eurasian Economic Union business forum was held in Hanoi on November 25 to help the two sides’ enterprises study the markets and seek investment opportunities.
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 percent, reaching 4.2 billion USD in 2014. However, the figure remains modest as compared to their great potential and demands for further trade ties.
Speaking at the event, hosted by the Vietnam Chamber of Commerce and Industry (VCCI), 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 aဣnd export of machinery, industrial equipment and chemicals, energy facility construction and mining.
Meanwhile, the Southeast Asian nation boats huge potential in farm produce, garments-textiles and household electronics.
As such, Vietnam and the EEU can support and supplement each other in goods imports and exports, he noted.
Economists said the signing of a free trade agreement (FTA) by the two sides has created favourable conditions for their businesses to increaseimport-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.
Stressing the great potential for cooperation between Vဣietnam and Russia, a representative from Russia’s Ministry of Economic Cooperation, said thecol꧃laboration is bound to advance in the near future thanks to their Governments’ incentives.-VNA
Vietnamese businesses operating in Russia were updated on the Free Trade Agreement between Vietnam and the Eurasian Economic Union at a recent conference in Moscow.
The free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU) represents a turning point and huge mutual benefit, said Nguyen Thi Thu Trang, Director of the World Trade Organisation Centre under the Vietnam Chamber of Commerce and Industry (VCCI).
Belarus looks to expand comprehensive cooperation with Vietnam, underscored Belarusian President Alexander Lukashenko while receiving the outgoing Vietnamese Ambassador on August 17.
A seminar was held in Ho Chi Minh City on August 19 to discuss measures that domestic enterprises can apply to minimise impacts and optimise benefits from the Vietnam-EAEU FTA.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
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Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
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Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
The business forum takes place in Hanoi on November 25 (Photo: VNA)
