Trade forum supports firms to boost trade, investment with Eurasia region

The Trade Forum on Cooperation with Partners from Eurasia Region 2022 took place in Hanoi on December 2, providing the Vietnamese business community with up-to-date information on market conditions, foreign trade policies, and investment opportunities in the region.

Addressing the Ministry of Industry and Trade (MoIT)'s annual event, Ta Hoang Linh, director of the MoIT's Europe-American Market Department, said the 28-nation Eurasian region, whose accumulated GDP nears US$3.4 trillion, is a traditional and potential market for Vietnamese firms.

Bilateral trade between Vietnam and Eurasia region reached US$14.7 billion in 2021, up 17.6% from the previous year. The figure dropped 5.6% to nearly US$11 billion in the first 10 months of 2022.

According to data from the Ministry of Planning and Investment, by the end of October 2022, Eurasian countries had 339 investment projects in Vietnam valued at nearly US$1.8 billion in total, equivalent to 0.4% of the total registered foreign capital from 140 countries and territories investing in the country.

Vietnam, meanwhile, invested in 24 projects in the region, mainly in Russia, which were worth US$1.65 billion, or 8% of Vietnam’s total registered investment abroad.

The MoIT will continue to coordinate with the business community, embassies, and commercial agencies of countries in the region to organise more frequent activities to enhance connectivity and trade between Vietnam and the Eurasian region, Linh said.

The ministry will also assist Vietnamese enterprises in tackling difficulties in trade and develop solutions to step up trade with and investment in the region, the official added.

On the sidelines of the forum, there was a discussion between representatives of state management agencies, associations and businesses regarding experience, opportunities, and challenges when doing business and investing in the Eurasian region.

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