Russia remains large potential market for Vietnamese exports

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Báo QĐND English - 31 month(s) ago 8 readings

Russia remains large potential market for Vietnamese exports

Vietnam-Russia trade will gain benefits since Russia joined the World Trade Organisation in December 2011, according to Doctor Nguyen Chi Tam, Minister-Counsellor of the Vietnamese Embassy to Russia.

A number of Vietnamese exports to Russia will enjoy tariff cuts by 30-50 per cent in 3-4 years’ time, he said at a Vietnam-Russia trade promotion seminar held in Hanoi on May 11 th .

As many as 200 representatives of Vietnamese businesses attended the seminar to discuss current difficulties and obstacles to exporting Vietnamese products to Russia and find out solutions to boost Vietnamese exports to the market.

Although Vietnamese exports to Russia have seen a sharp rise over the past years, for instance the turnover reached US$ 1.38 billion in 2011, up by 66.2 per cent year on year, and in the first two months of 2012 valued at US$ 223.7 million, up by 35.82 per cent against the same time last year, Vietnamese exports make up only nearly 0.5 per cent of Russia’s total imports.

The Deputy-Minister of Trade and Industry, Hoan Quoc Vuong, said that Russia is a large market with a huge purchasing power and it is a traditional market for Vietnam.

The country has a large potential market with a high demand for garments, footwear, agricultural produce and fishery products, and it can bring high profits for Vietnamese businesses, he added.

The Vice-Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), Pham Gia Tuc, pointed to some limitations of Vietnamese exporters when entering the market.

Most Vietnamese businesses do not have their representative offices or trade representatives in the country to update local new import regulations, changes in local customers’ tastes and to sort out any problems during the exporting process, so the styles, forms and quality of many Vietnamese products are not suitable in the market.

At the seminar, Incentra Company also introduced its project to build a complex of cultural and trade centre in Hanoi and Moscow in Russia, which will cost some US$ 200 million and is expected to be finished by the end of 2013.

Source: DDDN

Translated by Thu Nguyen

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