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Conference discusses role of Vietnam in Asia-Europe partnership

Jasmine Le Jasmine Le

lehang1997hanu@gmail.com

February 22, 2021 | 10:51

A conference has been held in Moscow to discuss the outlook of the Eurasian Economic Union (EAEU) and the role of Vietnam and Belarus in the expansion of the Asia-Europe development space.

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Conference discusses role of Vietnam in Asia Europe partnership
An overview of the conference (Photo: VNA)

Addressing the event, President of the “Asia-Europe House” Association Alexander Makhlaev highlighted the role of Vietnam's traditional values in the country’s development.

He held that the political stability has paved the way for Vietnam’s economic development.

Meanwhile, Natalya Ivanova, an expert from AV Group, underlined the significance of international business environment in the integration process of each country.

She asserted that the EAEU is creating a new motivation, especially for the strengthening of cooperation among member countries as well as with partners, including Vietnam.

According to Chairman of the Council of Experts of the Eurasian Research Fund Grigory Trofimchuk, Vietnam, a dynamic developing country and a member of many integration mechanisms and international organisations, is working hard to speed up integration process.

Vietnam is the first partner to sign a free trade agreement with the EAEU in 2015, he noted, adding that the union should focus more on partnership with Vietnam as the country is a door to the world.

The official highlighted the dynamism of Vietnamese firms in Russia as well as other countries in the world. However, he said that Vietnam and the EAEU have yet to optimise each other's advantages and potential, while a number of trade barriers between the two sides are still existing.

He held that both sides should discuss the maintaining of trade defence measures to increase trade in the future, adding the EAEU should show its advantage in the current period when the COVID-19 pandemic is developing complicatedly in the world.

Within the conference’s framework, Trofimchuk introduced his book entitled “Vietnam wings up”, expressing his hope that the book will help Vietnam and Russia become closer together in economy, trade and humanity.

In June, 2020, Vietnam Dairy Products Joint Stock Company (Vinamilk) has been licensed to export milk to the Eurasian Economic Union (EAEU), becoming the first Vietnamese dairy firm to export milk to EAEU, which opened the path for Vietnam to enter new potential markets.

Conference discusses role of Vietnam in Asia Europe partnership
Since 2015, Vinamilk has carried out product advertising and trade promotion activities in Russia. (Photo: Nhan Dan)

Established in 2015, the EAEU is a common market of 5 countries including Russia, Belarus, Armenia, Kazakhstan, and Kyrgyzstan. With a gross domestic product (GDP) of US $ 1,900 billion and a population of 183 million (in 2018), the EAEU is regarded as a region with potential economic growth.

Under the guidance of the Department of Animal Health, Ministry of Agriculture and Rural Development, thorough preparation, and great production potential including international- standard 13 modern factories and 12 high-tech dairy farms, Vinamilk passed the tests to meet the strict criteria of countries in the Eurasian Economic Union.

Besides the opportunities, it is likely that Vietnamilk faces lots of challenges. Russia and EAEU countries have long-term and highly developed dairy industries; therefore, Vinamilk needs to offer the right strategies to effectively exploit EAEU’s markets.

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Jasmine Le