EAEU no longer offers GSP incentives for Viet Nam from October

EAEU members include Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan. EAEU GSP is an import tariff preferences system that EAEU unilaterally grants to a number of developing and least developed countries, including Viet Nam.

Accordingly, the EAEU removed 75 developing countries and the two least developed countries from the list of countries entitled to GSP incentives because they are no longer in line with the criteria for enjoying economic assistance from the EAEU.

For Viet Nam, the EAEU GSP mechanism should have ended as soon as Free Trade Agreement between Viet Nam and the EAEU came into effect in 2016. However, the EAEU approved a 5-year extension for Viet Nam to continue enjoying GSP after the entry into force of this Agreement.

Despite the impact of the COVID-19 pandemic, the two-way trade revenue between Viet Nam and Russia, the largest trade partner of Viet Nam in the EAEU, reached US$4.6 billion in the first 10 months of 2020, a year-on-year increase of 11.5 percent.

By Thuy Dung

https://vneconomy.vn/lien-minh-kinh-te-a-au-dua-viet-nam-ra-khoi-danh-sach-gsp.htm