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Bakytzhan Sagintaev, Chairman of the Board of the Eurasian Economic Commission, held a working meeting with Pham Minh Chinh, Prime Minister of the Socialist Republic of Vietnam, on the sidelines of the 16th BRICS Summit in Kazan on October 24.

The two sides discussed interaction between the Eurasian Economic Union and the Socialist Republic of Vietnam within the framework of the Free Trade Agreement, which will mark 10 years since its signing in 2025. In this regard, positive dynamics in mutual trade between the EAEU Member States and Vietnam was noted.

In 2023, turnover increased 1.6 times compared to 2016, and in the first half of 2024 there was a 17% increase in this indicator compared to the same period of 2023.

Bakytzhan Sagintaev, Chairman of the EEC Board, expressed confidence that the Agreement implementation contributed greatly to increasing trade between the parties.

"When concluding the Agreement, our mutual goal was to diversify exports and increase the share of industrial products with high added value, including for the implementation of joint investment projects," said the head of the EEC Board.

Bakytzhan Sagintaev emphasized that the Agreement with Vietnam is of special importance in terms of its potential for cooperation development. Notably, at the moment, the arrangements outlined in the Agreement provide for preferences for about 90% of the commodity nomenclature, ensuring duty-free access across virtually all trade.

The meeting also highlighted the effectiveness of various tools for the development of trade and customs administration in the modern context, including the introduction and application of digital solutions. In particular, joint work is now underway to draft a Protocol on the electronic exchange of information on issued certificates between the Eurasian Economic Union and its Member States and the Socialist Republic of Vietnam.