|Steel is produced at Toan Thang Steel Trading Co., Ltd at Song Cong I Industrial Zone in the northern province of Thai Nguyen. — VNA/VNS Photo Danh Lam
HA NOI (VNS)— The free trade agreement (FTA) between Viet Nam and the Eurasian Economic Union (EEU) will create more export opportunities for some of Viet Nam's agricultural, industrial and processed products.
Viet Nam will also have to open its market for steel products from EEU countries, which will influence the country's steel sector.
According to Tran Thanh Hai, deputy head of the Import-Export Department under the Ministry of Industry and Trade, domestic steel producers would face difficulties competing with a large steel maker like Russia.
We have to adapt to the rules of a market economy in the current context of globalisation, Tran Tuan Anh, deputy minister of trade and industry, told Hai Quan (Customs) newspaper.
Measures taken by the Government and management agencies could assist enterprises, but they would only be effective for a certain period, so enterprises had to accept the competition from other economies, added the deputy minister.
Support policies would remain in place for the domestic sector, including import controls and technical barriers. However, the most fundamental problem was that enterprises had to enhance their competitiveness and effective management, he said.
Viet Nam and the EEU began negotiations on the bilateral FTA on March 28, 2013.
The Eurasia Economic Union comprises Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan.
The two sides signed the FTA after two years of negotiations with a comprehensive scale, high level of commitment and benefit balance.
The agreement opens a new page in co-operation between Viet Nam and the Eurasia Economic Union. — VNS