Vietnam (Socialist Republic of Vietnam) — is a country on the Indochina Peninsula in Southeast Asia
The country is bordered by Laos and Cambodia to the west and China to the north. It is washed by the South China Sea to the south and east.
Official language — vietnamese
Capital — Hanoi
Form of government — single-party parliamentary republic
Head of state — the president. Legislative body — the National Assembly. Court system — The Supreme People’s Court of Vietnam in Hanoi — the country’s highest court; the People’s Court — provincial municipal and local courts.
Currency — vietnamese dong (VND)
Population: 88,78 million people (World Bank, 2012)
GDP: $171,392 billion (57th according to The World Bank, 2013)
Market Access
Tariff barriers: vietnam custom tariff
Non-tariff barriers: not declared (with regards to Russian products as of 1st of July 2014)
Trade relations with Russia: the Most-Favored-Nation Principle is mutually applied
Russian provides Vietnam with trade preferences in domestic market access within the unified system of tariff preferences of The Customs Union.
According to the Federal Customs Service in 2013, Russian export to Vietnam amounted to $1,373 million — that is 0,3% (47th) in the total Russian export.
Source: The Federal Customs Service
In 2012 the main export articles were machinery and equipment (66,4%); metals and metal products (12,7%); chemical industry production (5,6%); mineral products (3,0%).
Among the import articles from Russia to Vietnam there were machinery and equipment (60,1%); textiles and textile products, footwear (19,2%); articles of food and agricultural raw materials (14,2%). Overall Russian export amounted to 1,8% in the total export from Vietnam (ranks 16th) in 2013.
Vietnam to Russia import structure
(according to The Federal Customs Service; thousand of USD)
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Russian to Vietnam export structure
(Source: The Federal Customs Service; thousand of USD)
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Major foreign trade partners of Vietnam, 2012
(Source: International Trade Center, thousand of USD)
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Source: the Central Bank of the Russian Federation
Investment partnership between Russia and Vietnam
Investment dynamics from Vietnam to Russia
(according to the Russian Federation Federal State Statistic Service; million of USD)
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Investment dynamics from Russia to Vietnam
(according to the Russian Federation Federal State Statistic Service; million of USD)
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Integration
In March 2013 the Eurasian Economic Commission entered into the negotiations on a Free Trade Area (FTA) between the Customs Union (Russia, Belarus and Kazakhstan) and the Socialist Republic of Vietnam. The agreement will regulate not only trade in goods, but that of the services trade as well; it will provide an access to the investment market and opportunities to participate in large government infrastructure projects. As of July 2014 there had been 6 rounds of negotiations. The most of the text of the Agreement has already been agreed upon by the partners to negotiations.
On the 23rd of August 2013 The Russian Trade Representation was open in Vietnam