Vietnam, Russia strike industry cooperation protocol
VOV.VN - Minister of Industry and Trade Vu Huy Hoang and and his Russian counterpart Denis Manturov signed an intergovernmental Protocol on supporting the production of motor vehicles in Moscow on March 21.
According to the Protocol, Vietnam will enjoy an import quota of 2,500 automobiles over three years and 13,500 car components over five years. The local content of production will be 40-50% by 2025.
In a speech Minister Manturov highlighted the Protocol as the first bilateral project to develop the free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU), thus helping enhance trade between the two countries in industrial investment and production.
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Minister Hoang in turn said the establishment of a joint-venture project assembling and manufacturing automobiles in Vietnam forms part of the FTA signed with the EAEU in May 2015, and the automobile industry’s planning strategy.
The same day, Hoang also worked with EAEU Minister in charge of Trade Veronika Nikishina.
The Minister is leading a Vietnamese delegation that is visiting Russia between March 20-22 and he is due to visit Belarus on March 23.