EEU - Vietnam export boosted

by PV13 January 2017 Last updated at 09:44 AM

VTV.vn - The EEU - Vietnam free trade agreement with the participation of five countries including Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia came into effect on October 5th.

Taxes and duties have been reduced, helping to boost trade between the two sides. To support firms in making the most of promoting Vietnamese products and markets, a conference on boosting exports to the EEU was held in Hanoi.

Vietnamese export goods have to be transported through several ports in Europe before reaching Russia. If travelling from east to west, it can even take up to 45 days, incurring large amounts of costs. Kazakhstan proposes rail routes to address this problem, helping to reduce freight times to 15 days. This solution will be discussed in the coming time.

Currently, the export turnover from Vietnam to the EEU accounts for only 1% of the total turnover. When joining the EEU - Vietnam Free Trade Agreement, the demand for exports will increase, posing problems for the logistics sector to resolve. However, many Vietnamese firms are still in dark about the roadmap for tax reductions.

To resolve these problems, the authorities will issue circulars to provide business with more information on tax and rules of origin. According to the Ministry of Industry and Trade, there will be other support in the future to help boost export from Vietnam to the EEU.

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