The meeting participants discussed a wide range of issues of bilateral trade and economic agenda, including trade, industrial, investment and agricultural cooperation, as well as the access of Russian agricultural products on the Vietnamese market.

"The trade turnover between Russia and Vietnam in the first half of 2017 increased by 21% compared to the same period last year and amounted to 373 million USD. This growth was achieved, including, due to come into force the Agreement on free trade zone between the Eurasian economic Union and the Republic of Vietnam. The agreement has opened new opportunities for expanding mutual supplies of agricultural products", — said Evgeny Gromyko.

The agreement provides for gradual liberalization of the customs tariff up to its full reset for more than 80% of the commodity nomenclature. In particular, the rates of import customs duties of Vietnam reset to zero with no transition period for such agricultural products as beef, milk and dairy products, flour, wheat and meslin, flax seeds and canola. Will be gradually reduced duty rates on alcoholic beverages.

In the first half of 2017, the export from Russia to Vietnam have increased in value by more than 10 times compared to the same period of 2016 and amounted to 170 million U.S. dollars (2016 – 16.7 million USD). The increase in exports provided the supply of wheat, corn and flax seeds.

Agricultural cooperation with Vietnam not limited to trade in agricultural products and food. Recently, there is a positive trend in enhancing investment cooperation with Vietnam in the agricultural sector. One example of such cooperation is the joint project with the Vietnamese concern "TH True Milk" in Russia.

Following the meeting with the Vietnamese side agreed veterinary certificates for export of Russian animal products to Vietnam and signed an Agreement on cooperation in the field of product safety and veterinary control of the import/export of live animals, products and raw materials of animal origin. The agreement provides framework for implementing the supply of agricultural products between our countries and contributes to the development of Russian-Vietnamese relations in the agricultural sector.

Photo: ndtv.com