Two-way trade between Vietnam and the Eurasian Economic Union (EAEU) has shown signs of recovery after a sharp decline in 2022, the 5th session of the joint committee on the implementation of the EAEU-Vietnam FTA in Hanoi on November 14 heard.

Bilateral trade reached $3.2 billion in the first nine months of the year, a year-on-year increase of 1 per cent.

Vietnam’s export revenue was estimated at $1.8 billion.

Growth in the first nine months was attributed to the implementation of the EAEU-Vietnam FTA.

Minister of Industry and Trade Nguyen Hong Dien and Minister in Charge of Trade of the Eurasian Economic Commission (EEC) Andrey Slepnev, who co-chaired the meeting, said the FTA has made important contributions to bilateral trade development between Vietnam and members of the EAEU.

Two-way trade had previously risen sharply, from $5.9 billion in 2017 to $7.8 billion in 2021.

The two ministers agreed to create favorable conditions for goods to access the other market and to eliminate trade barriers, especially administrative procedures, to boost trade.

The two will also increase information exchange, particularly about import and export policies, to help businesses implement production and business strategies more effectively.

They also pledged to create the conditions for businesses from the two sides to take part in trade promotion activities to find partners and optimize their capabilities, advantages, dynamism, and creativity.