(VOVworld) – Trade revenue between Vietnam and Eurasian Economic Union (EAEU), which comprises of Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan, reached 4.3 billion USD, including 2.7 billion USD of Vietnam’s exports in 2016, an increase of 18% against 2015. The Vietnam- EAEU Free Trade Agreement was signed in May 2015 and has taken effect from last October. The deal cuts tariffs of nearly 90% of goods and opens market for several trade and investment services. 

Addressing a workshop in Hanoi on Wednesday to introduce EAEU markets and export opportunities, Nguyen Khanh Ngoc, Deputy Head of the European Market Department at the Ministry of Industry and Trade, said: “After the FTA was signed, the Ministry of Industry and Trade has launched a project to inform businesses of the new deal so as they will prepare themselves for opportunities and challenges. So we have opened a new market to boost the exports of Vietnamese goods and continued to consolidate the remaining markets.”