Vietnam, EAEU celebrate decade of FTA, eye stronger cooperation
WVR - Trade between Vietnam and the Eurasian Economic Union (EAEU) has doubled to 5.6 billion USD in 2024 since the Free Trade Agreement (FTA) came into effect, reflecting a deepening economic partnership.
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| Speakers at the press conference to mark the 10th anniversary of the FTA between Vietnam and the EAEU on May 29, 2025. (Photo: Duc Hoang) |
On May 29, the Embassies of Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan, in coordination with Vietnam’s Ministry of Industry and Trade, held a press conference in Hanoi to mark the 10th anniversary of the Vietnam-EAEU FTA.
At the event, Russian Ambassador Gennady Bezdetko recalled that negotiations for the agreement were launched in December 2012 under the approval of the Supreme Eurasian Economic Council. Between March 2013 and December 2014, eight negotiation rounds and a series of technical meetings were held, ultimately resulting in a comprehensive and balanced agreement.
The FTA was officially signed in Kazakhstan during the second meeting of the Eurasian Intergovernmental Council, witnessed by senior officials from Vietnam and all EAEU member states. Ambassador Bezdetko emphasized that this was the EAEU’s first trade agreement with a non-member country — a testament to mutual trust and strong bilateral ties.
Over the past decade, trade between Vietnam and individual EAEU members has seen remarkable growth: with Armenia increasing 61-fold, Kazakhstan 4.2-fold, Russia 1.3-fold, and Belarus by 34%, according to the Eurasian Economic Commission.
At the press conference, Ambassadors from all five EAEU countries reaffirmed their commitment to deepening ties with Vietnam, calling the FTA a solid foundation for broader and more diversified cooperation.
Belarusian Ambassador Uladzimir Baravikou described Vietnam as a strategic partner of Belarus and a gateway to Southeast Asia for the Eastern European nation.
He stressed that the removal of trade barriers has facilitated the circulation and export of goods between the two sides, providing strong momentum for trade growth. Since the signing of the FTA, political dialogue between Vietnam and Belarus has also seen significant progress.
“The EAEU-Vietnam FTA is a dialogue based on the principles of non-discrimination and equality. We are not talking about competition, but about complementarity and cooperation. We are not focused on immediate gains, but on long-term collaboration,” he affirmed.
Armenian Ambassador Suren Baghdasaryan also underlined Vietnam's importance as Armenia’s key partner in Southeast Asia, noting that the two countries have considerable untapped cooperation potential.
He remarked that the EAEU-Vietnam FTA represents a convergence of shared economic aspirations and strong political will at the highest levels, laying a solid foundation for future growth.
The Ambassador emphasized that economic and trade cooperation between Armenia and Vietnam still holds much promise. He noted that with Armenia’s "Crossroads of Peace" initiative, his country stands ready to serve as a bridge linking Vietnam with the EAEU and neighboring markets. Conversely, Vietnam could also act as a gateway for Armenia to strengthen ties with ASEAN.
Kazakh Ambassador Kanat Tumysh highlighted that over the past decade, the EAEU has grown into a key player in the global economic landscape, with its member economies developing dynamically.
He emphasized that the EAEU-Vietnam cooperation model is among the most important frameworks for bilateral collaboration. Recently, Kazakhstan and Belarus were officially recognized as Vietnam’s strategic partners, opening new prospects for deeper cooperation in the years ahead.
Speaking at the event, Mr. Ta Hoang Linh, Director of the Department of Foreign Market Development under the Ministry of Industry and Trade, assessed that investment projects between Vietnam and the EAEU have been yielding positive results. He affirmed that moving forward, Vietnamese authorities will continue supporting enterprises in seizing opportunities in the EAEU market, while also facilitating stronger and more effective collaboration between the two sides.
