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Vietnam – EAEU free trade agreement comes into force

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Vietnam – EAEU free trade agreement comes into force

On the 5th of October, the agreement establishing a free trade zone between the Eurasian Economic Union and the Socialist Republic of Vietnam enters into force, TASS reports.

The document was ratified by the parliaments of participants.

According to the agreement, Vietnam gets a privileged access to the common market of Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan with a total of 183 million consumers. On their part, five member countries of EAEU obtain a possibility to promote their products on easy terms in Vietnam, which population is over 90 million people.

As a reference, Vietnam intends to expand its trade and economic relations with the countries of the Eurasian Economic Union. The trade turnover between the EAEU and Vietnam is expected to surge within the next several years. In particular, the annual trade turnover between Vietnam and Russia will be $10 bln by 2020.

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