Huge opportunities remain in trade between Vietnam and Eastern Europe, said Deputy Minister of Industry and Trade Hoang Quoc Vuong during a forum held in Ho Chi Minh City on May 8.

At the Vietnam-Eastern Europe Trade Forum (Photo: VNA)

The Vietnam-Eastern Europe Trade Forum is designed to bolster Vietnam’s exports of farm produce, garment-textiles, and footwear to Eastern Europe in the time to come.

At the event, Vuong said Eastern Europe has been an important export market of Vietnam. The two sides set up institutions and solid legal frameworks to foster bilateral cooperation over the time, including 14 inter-governmental committees, the Vietnam-Poland economic cooperation consultation mechanism, and the Eurasian Economic Union (EAEU)-Vietnam free trade agreement (FTA).

In addition, the eight Eastern European nations which are members of the European Union (EU) have greatly contributed to Vietnam’s EU-related revenues. 

However, trade revenues between Vietnam and East European countries remain modest, the official said. The figure stood at 10.1 billion USD in 2018, accounting for only 2.65 percent of Vietnam’s total export values. 

In the coming time, FTAs with the EU and EAEU will remove trade barriers to bolster cooperation in trade, industry, and investment between Vietnam and European countries, and those in the eastern region in particular.

Vietnamese businesses need to improve product quality and diversify their markets as well as export items, which will raise the competitiveness of domestic firms and labour productivity, he added.

Meanwhile, Dmitry Makarov from the Office of Trade Representation of the Russian Federation in Vietnam, based in HCM City, said Vietnamese firms should pay attention to the development and consumption trends of the Russian market, one of the major markets for Vietnamese firms.