Free trade zone with Vietnam: mutual benefits
Economic integration under the conditions of a Free Trade Zone provides for trade exemption of duty payments. Its establishment is beneficial for everybody.
For Vietnam it is one of the first steps to gain access to the markets of Russia, Belarus and Kazakhstan. Besides, Vietnam’s joining the Free Trade Zone will broaden the possibilities of these 3 countries to supply washing machines, TV sets and cars to the Vietnamese market. It is very extensive, which makes it attractive for Russian companies, Director of the Business Centre for Economic Development of the CIS States Vladimir Savchenko says.
Our TV sets mean a joint assembly of worldwide brands, which is being done in Russia now. As is known, there are Russian TV sets on the Vietnamese market today. It is also possible to ensure the demand for Belarusian “Atlant” TV sets in Vietnam, which are supplied to more than 50 countries. A number of products of the machine-building industry, high-technology electronics, Russian planes, and besides, all- terrain vehicles and trucks are also on that list. (TAPE ENDS)
The development of the Russian-Vietnamese interaction as part of the Free Trade Zone provides more possibilities for Russia as well, Director of international programmes at the National Strategy Institute (Russia) Yuri Solozobov says.
"Russian-Vietnamese trade has been successfully developing since Soviet times, and many joint ventures , including the ones in the oil-and-gas field have already been established. One could say that Vietnam is an industrial factory of the world, where international corporations are willingly deploying their enterprises. The workforce in China is too expensive, and the cost of goods produced in China is higher than the cost of the Vietnamese goods. Thus, Vietnam is a very beneficial place for organizing industrial sites, including the sites of the CU countries, there."
Experts say that upon the establishment of a Free Trade Zone in Vietnam, the volume of the Vietnamese export to the countries of the Customs Union may increase several times over 5 years. And as regards Vietnam, it will be able to receive the goods it needs, including fertilizers, liquefied natural gas (LNG) and heavy industry products.