Vietnam / EAEU FTA Produces US$10 Billion In Russian Investments - Vietnam Briefing News
By: Dezan Shira & Associates
The Free Trade Agreement signed between Vietnam and the Eurasian Economic Union (EAEU) has resulted in Russia announcing US$10 billion worth of deals with Vietnam. The EAEU is a trade bloc between Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, and has a GDP of US$2.2 trillion.
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Russian President Vladimir Putin has announced that Russia and Vietnam have agreed on more than 20 high-profile joint investment programs, following a bilateral meeting with Vietnamese counterpart Tran Dai Quang in Moscow.
Relations between Moscow and Hanoi have been developing as the latter is one of the biggest consumers of Russian military equipment. Vietnam signed a free trade agreement with the Eurasian Economic Union (EAEU) on May 29, 2015. Bilateral trade between Vietnam and the EAEU is expected to rise to US$30 billion by 2030 from a previous base of close to zero.
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Vietnam is the first country to have negotiated a free trade agreement with the EAEU, and consequently, has the benefit of early bird status in both attracting investment from Russia in particular, and in exporting products to the EAEU. The EAEU bloc is strategically important as Belarus borders the European Union and goods entering the EAEU can easily be transported to EU markets. This is expected to be further enhanced as China, India, and Singapore are also all known to be negotiating free trade deals with the EAEU.
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