The Eurasia Economic Union - Vietnam Free Trade Agreement will take effect on October 5th this year. The two countries have agreed to foster a new payment system using the Vietnam dong and Russian rouble in order to foster trade between Russia and Vietnam. Russian and Vietnamese banks are currently implementing measures as part of this effort.
The first transactions have been carried out following the signing of the new agreement to use the Vietnamese dong and Russian rouble between the Vietnam-Russia Joint Venture Bank, Bank for Investment and Development and 4 Vietnamese businesses.
Currently, 90% of payment transactions between Vietnam and Russia are conducted in cash. This concerns export enterprises as payments are slow. In the coming time, with more incentives to promote export activities, the new system is expected to be applied for up to 70% of total trade transactions between the two countries.
