FTA helps fuel Vietnam-Russia trade growth
Trade between Vietnam and Russia was estimated at 4.57 billion USD in 2018, up 28.6 percent year on year, partly thanks to the enforcement of the free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU).
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| A worker at a steel factory. Steel and steel products made up 16.6 percent of Vietnam's exports to Russia in 2018 (Photo: VNA) |
Food accounted for 32.4 percent of Vietnam’s shipments to Russia, automobiles and machinery 20.7 percent, and steel and steel products 16.6 percent, according to the General Department of Vietnam Customs.
Last year, Russia invested in eight new projects and added capital to one existing project in the Southeast Asian nation. It also purchased shares of Vietnamese businesses through 40 projects.
It registered a total of 42.63 million USD of investment capital in 2018, ranking 28th among 112 countries and territories investing in Vietnam for the year.
The FTA between Vietnam and the five EAEU countries of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan took effect on October 5, 2016.
