Vietnam, Russia Seek to Boost Annual Bilateral Trade Turnover to US$10 Billion by 2020

Vietnamese Foreign Minister, Anh Dung, has stated that he wishes to see Vietnam-Russia bilateral trade hit the US$10 billion mark next year, among growing positive results after Vietnam agreed a free trade agreement (FTA) with the Russian-led Eurasian Economic Union (EEU) in 2016.

The Eurasian Economic Union is a free trade area that includes Russia in addition to Armenia, Belarus, Kazakhstan and Kyrgyzstan. It effectively sits between the EU and China, and yet has been developing more Asian interest following EU sanctions imposed on Russia.

The impact on Vietnam has been a marked increase in investment from Eurasian Economic Union (EAEU) members and especially from Russia, where the agreement has helped spur investments in Vietnam’s auto and other industries. 

This is an excerpt from an article appearing in Vietnam Briefing, a subsidiary of Dezan Shira & Associates. For the latest economic, regulatory and business news from Vietnam, visit vietnam-briefing.com.