(VOVworld)- Viet Nam's Minister of Industry and Trade Vu Huy Hoang said that the signing of the Free Trade Agreement (FTA) between Viet Nam and the Customs Union of Russia, Belarus and Kazakhstan will give Vietnamese enterprises more opportunities to penetrate the Union’s markets under more favorable conditions, boosting Vietnam’s exports and investments.

Viet Nam's Minister of Industry and Trade Vu Huy Hoang and Andrey Slepnev, Minister for Trade of the Eurasian Economic Commission, signed the declaration . (Photo: VNA)

The Free Trade Agreement will give Viet Nam tariff advantages that will encourage the export of Vietnamese goods such as agricultural and aquatic products, garments, footwear, and lumber. Two-way trade turnover is expected to increase 18 to 20 % a year, jumping from 4 billion USD in 2014 to 10 or 12 billion USD in 2020.

Minister Hoang said that when the FTA is signed, direct investment between Vietnam and the Customs Union will set a new record. He added that the FTA will help enterprises of both sides to develop and improve their competitiveness, as well as benefiting Vietnamese enterprises through approaching and learning the advanced technology of Customs Union members.