Vietnam products attract Russian market

Recently, Vietnam – Russia Business Forum was organized in Ho Chi Minh City by Vietnam Chamber of Commerce and Industry. In this forum, both Vietnam and Russia express cooperative spirit to boost Vietnam products development in Russia and vice versa.

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It is believed that the opportunity of boosting Vietnam export of staples such as agricultural products, vegetables, and seafood... in Russian market is so high, especially when the two markets can complement each other. On October 8, 2014, Vietnam - Russia Business Forum was held by Vietnam Chamber of Commerce and Industry (VCCI) in Ho Chi Minh City. More than 20 businesses in fields of high technology, biology, supportive industry, banking and finance from Russia directly have talks with Vietnamese enterprises to seek cooperation and investment opportunities. Russian enterprises come to Vietnam with the desire of looking for partners to invest in the form of joint venture, contribute capital, or to be delivery partners of Russian products in Vietnam market.

At the forum, Mr. Golikov Maxim, Trade Representative of Russian Federation in Vietnam said that the incentive trade and investment forms between Vietnam and Russia need diversifying and expanding in many new fields, especially in high-tech projects, priority products with high benefit. According to the representative, Russia is intensively conducting many programs on commercial promotions and investment cooperation to increase the number of Vietnam exported goods to Russian market. In particular, such items as seafood, vegetables, fruits, and some canned and packed products... Mr. Golikov Maxim believed that steel export from Russia to Vietnam accounts for about 6% -7% of total steel production in Vietnam, which is much lower than other countries and territories as China, Taiwan, and Indonesia... If Russian steel exports double-fold increase when the FTA is signed with Vietnam, the proportion is only about 10% of the total indigenous steel industry. "Vietnam enterprises should not worry about the impacts of steel import on production, not to mention to the fact that the steel imported from Russia are high-tech products. Thus, there is few competitiveness. Vietnam enterprises should not worry". He said.

According to Mr. Vo Tan Thanh, Director of Vietnam Chamber of Commerce and Industry - Ho Chi Minh City branch, Vietnam and Russia are two market can complement each other. Vietnam has advantages in food production, especially tropical products, while Russia is an easy-going market, does not require too strictly about the quality of goods as American, EU, Japan market... "Vietnam good easily penetrates Russian market, but need to improve quality to compete with other countries' goods in the market" - he stressed.

In addition, one of cooperation catalogs is put as priority in 2014 and in the future, in order to raise trade turnover between Vietnam and Russia up to 7 billion dollars in 2015, and to promote the establishment of free trade area between the Customs Union (Russia, Belarus, and Kazakhstan) and Vietnam. The formation of the Customs Union will contribute to creating favorable conditions for developing economic and social cooperation between two parties, trade turnover, and investment, at the same time creating new opportunities for the business community.

As of September 2014, there are 20 investment projects of Russia in the city with a total capital of US$44.36 million. Bilateral trade turnover reached $US 190,000. Russia is also one of10 countries and territories having the highest number of visitors to the city. Ms. Nguyen Thi Hong, Vice Chairman of Ho Chi Minh City People's Committee said that the city always assesses Russia as a key and potential market in many fields such as investment, trade, tourism... With a desire to further strengthen activities of trade promotion and investment in Russia, Ho Chi Minh City authorities have implemented many programs surveying and connecting businesses to find out actual needs of the market and business environment.