Boosting trade co-operation between Vietnam and the Eurasian Economic Union   Vietnam has rich potential in garments and textiles The Vietnam Chamber of Commerce and Industry (VCCI) on November 25 held the Vietnam-Eurasian Economic Union Business Forum to provide market information and business opportunities for enterprises of the two sides. The event is also expected to create a chance for Vietnamese enterprises and enterprises from the Eurasian Economic Union (EAEU) including Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan to better understand the benefits from the signing of the Vietnam-EAEU Free Trade Agreement in May this year. The two-way trade revenue between Vietnam and EAEU grew by 5-6% per year in the 2009-2014 period and reached US$4.2 billion in 2014. The figure is said to be small compared with the huge potential, opportunities and the fine relations of both sides. Deputy Head of the European Market Department under the Ministry of Industry and Trade Duong Hoang Minh said EAEU enterprises, and Russian enterprises in particular, have strengths in manufacturing and exporting machinery, industrial equipment and chemicals, building of energy facilities. and mining which are suitable to the import demands of Vietnam. On the other hand, Vietnam has rich potential in agricultural products, garments and textiles, and consumer electronics. The structure of exports of the two sides can complement each other, meeting trade demands in long term, Minh added. The signing of the Vietnam-EAEU FTA opened great opportunities for both sides as nearly 90% of tariff lines will be cut to 0%, equivalent to 90% of the current two-way trade revenue. At the forum, enterprises of both sides also noted several obstacles that need to be addressed such as the bilateral payment process, insurance for import and export goods, and the dissemination of information on the FTA among related parties. Nhandan