Vietnam Proposes Open EAEU Market Access for Goods, Seeks Trade Barrier Removal

Vietnam has proposed expanding market access for its goods to the Eurasian Economic Union (EAEU) and swiftly removing trade barriers, aiming to strengthen economic ties between the two regions. This aligns with calls for "breakthrough actions" to elevate economic cooperation to new heights. Leaders from the EAEU and ASEAN have agreed to promote connectivity, trade facilitation, customs cooperation, single-window mechanisms, e-commerce, and business-to-business connectivity between the regions. Vietnam's Deputy Prime Minister suggested establishing a policy dialogue forum on the responsible use of AI, data protection standards, and cybersecurity. Both sides agreed to facilitate market access, promptly remove trade barriers, and address difficulties to meet cooperation needs and fully tap the economic potential of the EAEU and Vietnam. Under Vietnam's one-party system, economic growth is a key priority, with export expansion being a crucial strategy. The EAEU, primarily comprising Russia, already has a Free Trade Agreement (FTA) with Vietnam, and deepening economic integration could also be seen as important in a geopolitical context of diversifying economic reliance away from China. Meanwhile, various economic activities are evident within Vietnam. Honda Vietnam reported a slight decrease in motorcycle sales, a significant investment is planned for a TikTok-related project in Ho Chi Minh City, and Chinese investment is present in Can Tho province. The State Bank of Vietnam manages the exchange rate, with the VND/USD trading band set at +/- 5%. Vietnam is also focusing on building multifaceted and regional economic relationships, including achieving trade targets with India and exploring new cooperation areas with Mongolia. These moves demonstrate Vietnam's commitment to strengthening its global economic connections and pursuing sustainable growth. Source: VietnamPlus English