At a press conference held in Ha Noi on May 29 to mark the 10th anniversary of the signing of the Viet Nam-EAEU FTA (May 29, 2015 – 2025), Russian Ambassador to Viet Nam Gennady Bezdetko emphasised that this was the first FTA the EAEU had signed with a non-member country, laying a solid foundation for nearly a decade of continuous bilateral trade development.
Following eight rounds of negotiations from 2013 to 2014, the FTA was officially signed in 2015 and entered into force in October 2016, having been ratified by the parliaments of Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Viet Nam.
According to data from the Eurasian Economic Commission, trade between Viet Nam and EAEU countries has surged since the FTA came into effect, including trade with Armenia increased by 61%, with Belarus by 34%, with Kazakhstan by 4.2 times, with Kyrgyzstan by 14.5 times, and with Russia by 1.3 times.
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| Russian Ambassador to Viet Nam Gennady Bezdetko (middle) speaks at the press conference. (Photo: TRUNG HUNG) |
Regarding trade with Russia alone, Vietnamese data show that two-way trade reached 4.6 billion USD in 2024, up over 25% from the previous year. In the first quarter of 2025, trade had already surpassed 1.1 billion USD, indicating a steady growth trend.
Beyond goods trade, investment cooperation between the two sides has also seen notable developments. The Russian Ambassador cited the joint venture project assembling minibuses between GAZ and Thanh Thang in Viet Nam, which has produced ASEAN-certified vehicles eligible for export across the region.
Another prominent example is TH True Milk’s dairy processing project in Kaluga, Russia—a testament to the dynamism of businesses on both sides. Local-level trade is also thriving, with business delegations from Russia's Tatarstan, Vladimir, Kaluga, and Sverdlovsk provinces visiting Viet Nam in early 2025.
The two sides are working to resolve issues related to payment and logistics by establishing an optimal mutual payment mechanism, enhancing coordination between banks and logistics firms, and preparing to sign a Protocol on Electronic Data Exchange aimed at simplifying administrative procedures and improving trade efficiency.
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| Kazakh Ambassador Kanat Tumysh (middle) speaks at the press conference. (Photo: TRUNG HUNG) |
Speaking at the press conference, Kazakh Ambassador Kanat Tumysh affirmed that the EAEU is evolving into a major economic entity in global trade relations, continuously expanding its FTA network with countries such as Iran, Serbia, and China, and negotiating with the UAE, Indonesia, Egypt, and Mongolia.
“Viet Nam, as the first and model partner of the bloc, is considered ‘a pillar in the EAEU’s open integration model,’” the ambassador highlighted.
Of particular note, Viet Nam’s upgrade of its relations with Kazakhstan and Belarus to Strategic Partnerships in 2025 is expected to pave the way for deeper cooperation in the coming years.
As of 2024, the EAEU had achieved a GDP growth rate of 4.4% and is working towards establishing a unified common market for goods, services, capital, and labour, serving over 185 million people.
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| Ta Hoang Linh, Director General of Foreign Market Development Department under the Ministry of Industry and Trade, speaks at the press conference. (Photo: TRUNG HUNG) |
Ta Hoang Linh, Director General of Foreign Market Development Department under the Ministry of Industry and Trade, stated that bilateral trade turnover between Viet Nam and the EAEU has doubled since the signing of the FTA, reaching 5.6 billion USD in 2024. Viet Nam accounts for 30% of exports, while EAEU member countries export 20% to Viet Nam.
Investment projects have also yielded positive results. The utilisation rate of preferential Certificates of Origin (C/O) under this agreement by Vietnamese enterprises is notably high, at 78.5%—much higher than in many other FTAs—demonstrating that the cooperation mechanism is being effectively leveraged by businesses.
Linh added that in the coming time, Vietnamese authorities will enhance support for enterprises seeking opportunities to cooperate with the EAEU, particularly with major economies within the bloc.
Viet Nam will also continue assisting businesses in fully utilising the FTA with the EAEU, promoting trade facilitation, overcoming technical barriers, and exploring new payment solutions.
