Armenia, a member state of the Eurasian Economic Union (EAEU) along with Belarus, Russia, Kazakhstan, and Kyrgyzstan, is beginning to align itself with the various protocols needed to access intelligence and data about the Vietnam market. Vietnam signed a free trade agreement with the EAEU two years ago, and this has seen a considerable increase in both bilateral trade and also direct investment between Vietnam and Russia.
The other EAEU member states have the same opportunity, however, not all are up to speed with protocol on exchange of information between member states of the Eurasian Economic Union and Vietnam. However, that could be about to change.
The Head of the State Revenue Committee of Armenia, Davit Ananyan, has said that Armenia is interested in the exchange of information of the member states of the Eurasian Economic Union with Vietnam “Since we are talking about a country with one of the most rapidly growing markets in the world”.
Ananyan stated that in July 2016, Vietnam and the Eurasian Economic Union signed an agreement, one of the paragraphs of which concerned the exchange of information on products and the movement of vehicles.
“However, taking into consideration the fact that Armenia hasn’t implemented all the procedures for ratification of the protocol, there still hasn’t been an exchange of information. The protocol roughly regulates the information that is confidential and can only be provided to the customs houses of member states of the Eurasian Economic Union, without the right to provide the information to third parties.” Ananyan said.
The head of the Armenian State Revenue Committee said that it is very important for Armenia to have this document since it will allow Armenia to concentrate more on the Vietnamese market and take note of needs and consumer trends.
While the process is an Armenian administrative and partly political one, it does illustrate the growing attractiveness to EAEU members as concerns developing bilateral trade with Vietnam via the Vietnam-EAEU FTA.
We can expect to see Armenia get its protocols into line and see Armenian investors take a look at the potential for Vietnamese products to be sold onto the Armenian market in addition to Armenian products to be sold in Vietnam.
Author: Chris Devonshire-Ellis