Vietnam seeks to expand exports to Russia

The Ho Chi Minh City Branch of the Vietnam Chamber of Commerce and Industry (VCCI) held a seminar on August 24 to discuss ways to promote Vietnamese exports to Russia .

Vo Tan Thanh, Director of the VCCI-HCMC branch, said measures have been implemented to support more Vietnamese businesses to approach the Russian market, with focus on the exchange of information, explanation about the possible barriers such as tariff regulations, standard norms for food security, modes of payment and support for credit in trading.

Dang Hoang Hai, Head of the European Market Department under the Ministry of Industry and Trade, introduced trade and investment cooperation between Vietnam and the Russia-Belarus-Kazakhstan Customs Alliance.

He stressed the significance of the signing of the free trade agreement (FTA) reached by the two sides, which, said, is expected to open up more opportunities for Vietnamese businesses.
Kardo Sysoev Alexander, a representative of the Russian trade office in Vietnam , confirmed that Russia ‘s consumer goods and food – foodstuff markets would attract Vietnamese businesses. Meanwhile, Russian companies are much interested in importing Vietnamese tropical products such as fruits, coffee, tea, cashew, rice, seafood, ingredients and sauces.

The establishment of processing joint ventures in Vietnam will help raise efficiency of Vietnamese exporters’ trading, he said, adding that private businesses from both sides should join hands in promoting Vietnamese exports by building more goods stores in Russia .

According to VCCI, Russia is one among Vietnam ‘s key markets. In 2010, two-way trade turnover exceeded $1.82 billion, up 1.29 per cent, including $829 million from the exports and $999 million from the imports.

In the first half of 2011, bilateral trade revenues reached $984 million, of which $628 million came from the exports, and $356 million from the imports.

The two countries have set targets of $3 billion in two-way trade by 2012 and $10 billion by 2020, reported VCCI.

Tags: Vietnam exports to Russia