Vietnam considers joining Customs Union?

Vietnamese President Truong Tan Sang said about it on Sunday during his visit to Russia.

Asked if Vietnam wanted to join the trade body, Vietnamese leader said that “if there is a political will from our country’s authorities, as well as Belarusian and Kazakh partners, we will soon be able to start this process [joining to the Customs Union].”

Truong, who arrived in Russia on Thursday on the invitation from President Vladimir Putin, said that Vietnam’s membership in the Union would boost the import-export relationship between two countries.

Russia-Vietnamese trade turnover in 2011 reached $3.06 billion, up 55 percent from 2010. A total of 78 projects with Russian investment worth over $1 billion are being implemented in Vietnam. Russia is implementing 14 projects with Vietnamese investment worth $78 million, without account for the oil and gas industry, the Kremlin said.

The countries also cooperate in the tourism sphere.

Last week Kyrgyz Prime Minister Omurbek Babanov said that Kyrgyzstan had filed an application to join the Customs Union, a move that was supported by Russia.

In November 2011, the Russian, Belarusian and Kazakh presidents signed a declaration on Eurasian economic integration, a roadmap of integration processes aimed at creating the Eurasian Economic Union, which will be based on the Customs Union and common economic space among the three countries.