Alexey Likhachev: interaction of Eurasian Economic Union (EAEU) and Vietnam may become starting site for mutual entering the other ASEAN markets


The First Deputy Minister of Economic Development of the Russian Federation Alexey Likhachev has addressed Business Forum of EAEU countries and Vietnam.

As said Alexey Likhachev, trade turnover of the Union and Vietnam accounts approx. USD 4 mlrd. Besides, within the last 5 years the tendency of growing mutual trade volumes between our countries is recorded. As he added, "for instance, with Russia the average annual growth has accounted for 20%". In conditions of overall economic recession, the Russian economy inclusive, some decline in the mutual trade volumes is currently noted. The factor of fluctuation of USD/national currency rates is considerably affecting thereof as well. Nevertheless, the relevant mechanisms provided in the Agreement are aimed at long-term prospects. That is why the business results shall depend in many aspects upon the readiness of national governments and business in full extent use the opportunities created.

The First Deputy Minister has told of the instruments of supporting exporter companies: that include intergovernmental committees, top level working groups, new settlement channels (in national currencies inclusive), exhibition sites, regular forums and conferences. Besides he noted that the new state export support structure, "Russian Export Center" has already commenced the activity. Its functions include rendering financial support to export and investment projects.

Alexey Likhachev has noted that trade and economic cooperation is the major component of bilateral relations between EAEU countries and Vietnam: "that is why the national leadership has taken decision regarding setting up the free trade zone".

He reminds that on May 29, 2015 the relevant agreement has been signed in Kazakhstan. Vietnam became the first country with which EAEU has signed such an agreement. According to his words the substantial preferences for Vietnam is provided. As he stressed, "our experts to the maximum possible extent has taken into account the partners’ intentions regarding the access on markets of the primary Vietnamese export goods such as seafood, fish, textile articles and shoes". As regards the EAEU member countries, for them the appropriate prerequisites for growing supplies to Vietnamese market has been also created.

As he noted, "Tariff barriers for the majority of mutual trade goods shall be lowered, and the harmonized goods origin rules and non-tariff regulation of export & import supplies shall come into force". Meanwhile the investors shall be granted the extra opportunities. Their projects cover oil & gas sector, mining industry, machine building, electrical energy industry, transport, light and chemical industries, cooperation in high tech field etc. As he added, "The array of industries is selected not at random, and reflects the actual cooperation experience: many of them have been created in Vietnam under the direct assistance of the former USSR countries".

According to his words, there is a serious progress in negotiations on the delivery of Russian Sukhoi Superjet 100 planes in Vietnam. The Uralvagonzavod project on the construction in South Vietnam of the own production facility is in high degree of readiness as well. As he noted, "we hope to obtain the positive decisions on these project in the nearest future". 

Representative of Ministry of Economic Development of the Russian Federation has stressed that interaction in Vietnam may become the reliable starting site for mutual entering the other ASEAN markets. Re reminded that leaderships of Russia and Vietnam have formulated an ambitious target: to develop till 2020 the mutual trade volumes to USD 10 mlrd. The mutual investments may also account in prospect at least USD 15 to 20 mlrd. As noted Alexey Likhachev, "The major and technology-oriented projects should create prerequisites for growing export of investment goods, engineering services and extension of the financial and credit cooperation".