Vietnam should try and raise the bilateral trade turnover with Russia to $20 billion, once a free trade agreement (FTA) with the Eurasian Economic Union is signed, “Viet Nam News” cited President Truong Tan Sang as saying.
Sang said the trade should rise from the present $2.6 billion once the FTA is signed, as several trade barriers would be removed. Vietnamese businesses would also benefit by getting access to a common market of close to 200 million people.
The FTA has been finalized and should be signed within the next fortnight that the Russian Government has already approved the draft agreement. The agreement set for the terms and conditions for the liberalization of trade tariffs between the Eurasian Economic Union and Vedomosti reported Vietnam, and was approved on May 21, the paper said.
It is unclear whether the singing of the agreement will be held at summit-level meetings between Russia and Vietnam. Russian Prime Minister Dmitry Medvedev visited Hanoi in April, and Vietnamese President Sang was in Moscow for the May 9 ceremonies.
Russian-Vietnamese industrial cluster near Moscow
Vietnamese President Sang also called on more of the country’s enterprises to set up shop in the upcoming Russian-Vietnamese industrial cluster in the Moscow region, Viet Nam News said. Russia has 51 percent stake in the cluster, with the remaining 49 percent owned by…