A free trade agreement between the Eurasian Economic Union (EEU) and Vietnam is taking effect on Wednesday, October 5. The deal opens the EEU's market of 181 million to Vietnam, RT reports.

The EEU member states – Armenia, Russia, Belarus, Kazakhstan and Kyrgyzstan – get the opportunity to sell goods in Vietnam on a preferential basis.

The free trade deal covers more than 90 percent of all goods traded between the EEU and Vietnam. It will enable the EEU exporters to save about $40-60 million in the first year. Vietnamese companies can expect savings of up to $5-$10 million a year.

Under the deal, Hanoi expects to significantly boost its foreign trade. Trade with Russia is expected to double to some $10 billion by 2020.

"Specific conditions will be created for Russia in order to increase the supply of its products to the Vietnamese market. It concerns not only high value products, but also agricultural produce, consumer goods to name a few," said the Russian Trade Mission in Vietnam.

Russia’s main exports to Vietnam include nuclear reactors, mineral fuels, oil and distillation products and fertilizers. Electrical machinery, boilers and knitwear are imported from Vietnam.