The large Eurasian region is a potential export market for Vietnam (Photo: VNA) Hanoi (VNA) - Being flexible in accessing distribution systems, overcoming logistical diffi𝓀culties and making good use offree trade agreements (FTA) are important facto🎉rs for Vietnamese goods tobetter access the Eurasian market in the coming time, said insiders.
According to Ta Hoang Linh, director of the Europe-America Market Department under the Ministry of Industry and Trade (MoIT), the large Eurasian region consisting of28 countries, stretching from Eastern Europe to Central Asia, is a potentialexport market for Vietnam.
According to statistics of the GeneralDepartment of Customs, two-way trade between Vietnam and the Eurasian region hit 12.7 billion USD in 2020, representinga year-on-year of 20.4 percent, accounting for 2.3 percent of Vietnam’s totalexport turnover.
Despite difficulties caused by the COVID-19 pandemic, the two-way trade inthe first 11 months of 2021 reached 12.7 billion USD, 13.1 percent higher thanthat of the same period of 2020.
A textile production line (Photo: VNA) According to Vietnamese Trade Counselor in Russia Duong Hoang Minh, Russia is one of the main partners of Vietnam in theEurasian market.
Russian people are more and more interested in Vietnamese food, he said, notingthat dried fruits with good quality such as mango and custard apple havegradually make inroads into this market.
Notably, recently, the Eurasian Economic Union (EAEU)has removed 76 countries, including many of Vietnam's export competitors toRussia and the EAEU in general like China, Malaysia, Turkey, Brazil, Peru, and Chile, out of the list of those enjoying its tariff preferences.
Meanwhile, after 5 years of implementing the Vietnam-EAEU FTA, most of Vietnam's goodsexported to the region are entitled to zero percent tax rate, Minhsaid, adding that this is an advantage for Vietnamese businesses to expand theirexports, especially agro-forestry-aquaculture products, to Russia.
According to Natalia Zhynkina, Chargé d'Affaires of Ukraine in Vietnam, hercountry needed to import 6.5 billion USD worth of agricultural products in 2021but the import value from Vietnam reached only 900 million USD. This shows thatthere is huge potential for Vietnam to increase export to the market.
In order to fully tap incentives from FTAs and promote import-export growthwith the Eurasian market in general and the Russian market in particular, Vietnameseenterprises should actively conduct market survey, join more trade fairs inRussia, and cooperate with Vietnamese firms operating in this country tointroduce products in EAEU member c෴ountries, Minh said/.
