the EAEU open its market

According to the Foreign Market Development Department under the Ministry of Industry and Trade, recently at the headquarters of the Ministry of Industry and Trade, Acting Minister of Industry and Trade Le Manh Hung held a working session with Chairman of the Board of the Eurasian Economic Commission (EEC) Bakytzhan Sagintayev on the occasion of the Chairman’s visit and working trip to Viet Nam.

At the meeting, Acting Minister Le Manh Hung affirmed that the Eurasian Economic Union (EAEU) has always been a traditional, reliable and important trading partner of Viet Nam. It is the first economic region in Europe to sign a free trade agreement with Viet Nam, the VN – EAEU FTA (Free Trade Agreement between Viet Nam and the Eurasian Economic Union), which has delivered notable results over the past 10 years for all participating countries. The signing and implementation of the Agreement not only carries economic significance but also demonstrates the strategic vision of the parties in expanding cooperation space, diversifying markets and strengthening regional connectivity.

After 10 years of implementation, the Agreement has achieved many very positive results. Approximately 60% of tariff lines were reduced to 0% immediately upon the Agreement’s entry into force in 2016; the remainder followed a 10-year roadmap and was basically completed in 2025. The tariff reduction schedule has been implemented in a serious and transparent manner, creating favorable conditions for business communities on both sides to proactively develop long-term production and business plans while effectively utilizing the preferences offered by the Agreement.

The Agreement has made an important contribution to promoting bilateral trade. Total import-export turnover increased from USD 3.04 billion in 2016 to USD 5.94 billion in 2025, nearly doubling after 10 years. The 2017 – 2018 period recorded an average annual growth rate of nearly 30%. Despite the impacts of the COVID-19 pandemic and the Russia-Ukraine conflict during 2019 – 2022, trade recovered from 2023 and continued to grow in 2024 – 2025.

The commodity structure between the two sides is complementary, enabling enterprises to effectively leverage tariff preferences and enhance competitiveness. Many of Viet Nam’s key export products to the EAEU have recorded high growth thanks to preferences under the VN-EAEU FTA, such as seafood, coffee, pepper, cashew nuts and textiles and garments.

In addition, processed industrial products, electronic components, and certain consumer goods have gradually penetrated deeper into the EAEU market, contributing to the expansion of the export portfolio and increasing the added value of Vietnamese goods.

However, the Acting Minister noted that several issues remain unresolved. Viet Nam proposed that the EAEU consider discontinuing the application of the safeguard trigger mechanism for Vietnamese textile and garment products, as it no longer aligns with market realities and international practices.

At the same time, Viet Nam requested that the Russian Federation and the EAEU further open their markets to Vietnamese seafood, consider lifting suspensions, and approve additional enterprises eligible for export. Viet Nam also proposed that the EAEU share preferential import data to support the assessment of the Agreement’s implementation. Strengthening information exchange and data transparency would provide both sides’ regulatory authorities with a sufficient basis to review and adjust policies accordingly, while supporting enterprises in accessing the market more effectively and sustainably.

Chairman of the Board of the Eurasian Economic Commission (EEC) Bakytzhan Sagintayev extended congratulations to Acting Minister of Industry and Trade Le Manh Hung on his new position, highly appreciated the coordinating role of the Joint Committee on the Implementation of the Agreement, and expressed confidence that, as Co-Chair of the Joint Committee, the Acting Minister would actively address arising issues and build a solid cooperation framework to deepen relations between Viet Nam and EAEU member states, bringing practical benefits to both sides. 

Mr. Bakytzhan affirmed that the VN-EAEU FTA has made a positive contribution to trade growth between the parties, expressed satisfaction at witnessing the growth in bilateral trade turnover, and voiced confidence that with the positive results achieved, cooperation between the two sides will continue to develop strongly in the coming period.

Both sides agreed to facilitate market access, promptly remove trade barriers and resolve difficulties to meet cooperation needs and fully tap the economic potential of the EAEU and Viet Nam. The parties affirmed their continued efforts to promote supply diversification and expand each other’s markets in order to enhance competitiveness and minimize geopolitical risks that could disrupt supply chains.

This consensus is expected to lay an important foundation for economic and trade relations between Viet Nam and the EAEU to enter a new phase of development that is more substantive and effective, thereby contributing positively to the overall growth of each side in the coming period.