Firms told to better prepare for increased trade with Russia
The targeted US$10 billion two-way trade between Vietnam and Russia by 2020 will be feasible if domestic businesses work out thorough market research and marketing strategies.
The local firms were warned of the market’s inaccessible distribution network, particularly big supermarket chains, the fierce competition from other countries, the tough negotiation on means of payment, and time-consuming goods transport.
They were advised to update their technology so as to improve product quality and enhance brand and product promotion and take part in more fairs and exhibitions to seek trustworthy partners and distributors. The two countries’ trade turnover hit US$3 billion for the first time in 2014, data from the Vietnamese Ministry of Industry and Trade (MoIT) show.
The MoIT’s Europe Market Department said Russia is a traditional market of Vietnam, buying mainly agro-products like seafood, coffee, pepper, tea, vegetables, cashew, and rice.
However, bilateral trade accounts for only a small proportion in both sides’ total trade revenue while their direct investment into each other remains modest.
Vietnam and Russia had reached an agreement on building the first nuclear power plant in Vietnam. Besides, their oil and gas production affiliation has been productive.
The bilateral economic and trade relations will be fostered with the conclusion of the negation on a free trade agreement between Vietnam and the Eurasian Union, which groups Russia, Belarus and Kazakhstan. The deal is expected to be signed this year.
They were advised to update their technology so as to improve product quality and enhance brand and product promotion and take part in more fairs and exhibitions to seek trustworthy partners and distributors. The two countries’ trade turnover hit US$3 billion for the first time in 2014, data from the Vietnamese Ministry of Industry and Trade (MoIT) show.
The MoIT’s Europe Market Department said Russia is a traditional market of Vietnam, buying mainly agro-products like seafood, coffee, pepper, tea, vegetables, cashew, and rice.
However, bilateral trade accounts for only a small proportion in both sides’ total trade revenue while their direct investment into each other remains modest.
Vietnam and Russia had reached an agreement on building the first nuclear power plant in Vietnam. Besides, their oil and gas production affiliation has been productive.
The bilateral economic and trade relations will be fostered with the conclusion of the negation on a free trade agreement between Vietnam and the Eurasian Union, which groups Russia, Belarus and Kazakhstan. The deal is expected to be signed this year.