Vietnamese Economy Benefits From Free Trade Zone Deal With EAEU - Ambassador To Russia

Vietnamese Ambassador to Russia Ngo Duc Manh said on Friday that the Vietnamese-Eurasian Economic Union (EAEU) agreement on free trade zone had a positive impact on the Vietnamese economy, while he also voiced the necessity to correct the existing flaws of this agreement.

MOSCOW (UrduPoint News / Sputnik - 19th October, 2018) Vietnamese Ambassador to Russia Ngo Duc Manh said on Friday that the Vietnamese-Eurasian Economic Union (EAEU) agreement on free trade zone had a positive impact on the Vietnamese economy, while he also voiced the necessity to correct the existing flaws of this agreement.

In May 2015, the EAEU and Vietnam signed an agreement on a free trade zone creation, stipulating mutual abolition of trade duties, which took effect on October 5, 2016.

"As the Vietnamese-EAEU free trade zone agreement is being implemented, over the past two years results have been defined, and [we have carried out the] analysis of the problems that we need to resolve so that the agreement really promotes development of trade and investment," Ngo said at a conference in Moscow.

The ambassador added that the agreement contributed to the development of the Vietnamese economy, and to the Vietnamese-EAEU goods and services exchange boost, while it also promoted investment growth and regional cooperation enhancement.

The EAEU is an economic bloc comprising Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan. It aims to encourage regional economic integration through the free movement of goods, services, and people within the union.