Vietnam Seeks to Expand Trade Ties with Eurasian Region

Hanoi, Vietnam - The Vietnam-Eurasia Trade Forum, focusing on adapting to market contexts and unleashing potential, took place in Hanoi on November 24. The event highlighted Vietnam's efforts to bolster trade relations with the Eurasian region, a market identified as both traditional and full of untapped potential.

According to Vietnam News Agency, Director of the European-American Market Department under the Ministry of Industry and Trade (MoIT), Eurasia represents a significant opportunity for Vietnam's export expansion. The region, encompassing 28 countries across Eastern Europe to Central Asia, spans an area of about 23.5 million square kilometers, is home to over 400 million people, and boasts a combined GDP of nearly 4.5 trillion USD. Despite its potential, trade between Vietnam and Eurasian countries in the first nine months of the year experienced a decline, reaching 9 billion USD, a 6.5% decrease compared to the previous year, with Vietnam's exports contributing 6.3 billion USD, down 1.2% year-on-year.

Linh highlighted that Vietnam's export earnings from the Eurasian market account for only a small fraction of its total export value and the region's total import value. Similarly, investments from Eurasian countries in Vietnam constitute a modest portion of the total foreign direct investment in the country.

The forum featured presentations from MoIT representatives, the Central and Eastern European Business Association, embassies of Eurasian countries in Vietnam, Vietnamese trade offices in the region, and corporations with successful business experiences in Eurasia. They provided insights on policy trends, cooperation needs and opportunities, and strategies for accessing and establishing a strong presence in the market.

A talk show discussing opportunities and challenges in business and investment in the Eurasian region was also a key part of the forum. Linh emphasized that the MoIT will continue working closely with embassies and trade representative offices in the region to support the business community. The ministry's focus will be on leveraging new cooperation opportunities, addressing trade difficulties, and implementing comprehensive solutions to enhance trade and investment between Vietnam and the Eurasian market, in line with broader efforts to strengthen Vietnam's economic ties with the European-American market.