Vietnam began negotiations for a Free Trade Agreement with the Customs Union of Russia, Belarus and Kazakhstan in Hanoi Monday.
An FTA between the two sides will bring huge mutual economic, trade, and investment benefits, a Ministry of Industry and Trade official said on the sidelines of the meeting.
This first meeting is an important step towards the agreement, Dang Hoang Hai, head of the ministry’s European Department, said.
Russia sees Vietnam as a gateway to Asian countries, especially ASEAN members, he said.
An FTA will help Vietnam push agricultural, seafood, and garment products to Russia, he added.
Russia exports fertilizers, oil and gas, atomic energy, heavy industrial goods, and automobiles to Vietnam.
Bilateral trade is estimated to rise to US$3 billion next year and $10 billion in future, a significant figure considering Vietnam’s trade with the EU is less than $10 billion.
To promote Vietnam’s strategic partnership with Russia, leaders form the two sides have agreed to sign an FTA in the near future.
Negotiations will cover three main issues: customs barriers, services and investment, and intellectual property.
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