Dien Bien: Temporarily closing the Vietnam-Laos border gate until April 20

Market wide open
The signing of FTA between Vietnam and the Eurasian Economic Union member states (including Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan) is an especially important economic information. Vietnamese business community (DN) in recent days. Immediately after the signing ceremony, Prime Minister Nguyen Tan Dung affirmed that the agreement will make an important contribution to the economic development of each country, promote the growth of trade, services, bilateral and open investment. wide cooperation in the region.

According to experts, with the signed agreement, participants will benefit from investing and doing business with Vietnam because they will have the opportunity to access the market of many major economies in the world such as The United States, Japan, the European Union (EU), China, Canada, Australia ... are major trading partners of Vietnam. In terms of goods, the Eurasian Economic Union (EEU) will give Vietnam preferential treatment, creating more important export opportunities for key export groups of Vietnam such as: Agricultural products, public goods. textile, footwear, furniture and some processed products.

An important content of the agreement paid special attention by the Vietnamese business community is that the Eurasian Economic Union will apply 0% tax rate for all Vietnamese seafood products right after the agreement. effective. Vietnam also agreed to open the market with a roadmap for alliances for livestock products, machinery, equipment and means of transport ... These items generally do not compete with Vietnamese goods. In contrast, it contributes to diversifying the domestic consumer market. On the whole, the two sides are expected to give each other the market opening of goods with about 90% of tax lines, equivalent to about 90% of bilateral trade turnover.
... but not easy
With a population of more than 175 million people, with a total GDP of about 2,500 billion USD, the Eurasian Economic Union (formerly the Customs Union of Russia, Belarus and Kazakhstan) is a newly established economic organization but has Economic role is quite important. According to financial experts, the implementation of tax cuts according to FTA commitments in general, including the signed agreement, will have the effect of reducing input costs for businesses, contributing to creating positive impacts. extreme to the whole economy of our country.

As soon as the agreement entered into force, Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan immediately abolished taxes on many of Vietnam's major export items, such as: Textile, footwear, agricultural products, seafood, electronic products ... will create conditions for our country to expand and significantly increase export turnover to this market. In particular, alliance's goods will compete with goods of other partners, enabling Vietnamese businesses and people to make more choices.

However, according to the assessment, the Eurasian Economic Union is not an easy market. Because with many member countries of the alliance, especially Russia, the demand for quality standards of goods, especially those related to human health is equivalent to the US, Japan, Australia ... So, Vietnamese business community should pay special attention to quality assurance for export goods, especially agricultural products. In addition, the distance is quite a geographical distance is also a barrier that if businesses do not take appropriate measures, transportation costs will increase product prices, detrimental to Vietnam's goods. In addition, the banking system of the Eurasian Economic Union countries is in the process of development but there is a gap compared to banks of many advanced countries in the world. Therefore, when negotiating to sign contracts and especially on terms of payment, enterprises need to discuss carefully with partners so as not to be entangled with payment terms.

A problem to be noted is that at present, the knowledge of many Vietnamese enterprises for member countries of Eurasian Economic Union such as Armenia and Kyrgyzstan is not much. Therefore, in addition to exporting and seeking investment opportunities, grasping information, surveying the market and understanding consumer tastes in those countries plays a very important role in the successful implementation of the trade. trade cooperation case.

Source: Baohanoimoi