Vietnam completed negotiations with Russia and Belarus on vehicles industrial assembly in its territory, Vietnam’s ministry of industry and trade said on Wednesday. "Following six months of intensive work negotiations were completed and two protocols on cooperation with Russia and Belarus in production of automobiles were initialed,"

the ministry said. These documents provide for establishment of joint ventures between Russian and Belarus companies on the one part and Vietnamese partners on the other part for manufacturing of trucks and certain types of special purpose vehicles in Vietnam. The vehicles industrial assembly agreement will be part of the package of agreements on establishing the free trade zone between the Eurasian Economic Union and Vietnam signed last year.

Russia’s Kamaz, GAZ Group and UAZ and Belarus’ Minsk Motor Works show interests in cooperating with Vietnamese partners. Imported components for assembly in Vietnam will be exempted from the import tax. Automobile producers undertake to reach the automobiles production localization degree of 35% by 2020 and 45% by 2026.

TASS Russian News Agency - January 27, 2016