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Vietnam to expand exports to Russia

(Xinhua)

16:06, August 24, 2011

HANOI, Aug. 24 (Xinhua) -- The Vietnam Chamber of Commerce and Industry (VCCI) held a seminar in southern Ho Chi Minh City (HCMC) on Wednesday to discuss ways for promoting the Vietnamese exports to Russia.

Addressing the meeting, Vo Tan Thanh, Director of the VCCI-HCMC branch, said that 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.

According to VCCI, Russia is one among Vietnam's target markets. In 2010, the two-way trade turnover reached 1.827 billion U.S. dollars, up 1.29 percent, including 829 million U.S. dollars from the exports and 999 million U.S. dollars from the imports.

In the first six months of 2011, two-way trade turnover reached 984 million U.S. dollars, of which 628 million U.S. dollars came from the exports, and 356 million U.S. dollars from the imports.

The two sides set targets to reach three billion U.S. dollars by 2012 and 10 billion U.S. dollars by 2020, reported VCCI.

Kardo Sysoev Alexander, 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 for the Vietnamese exporters' trading. Also, private businesses from both sides should join hands in promoting Vietnamese exports by building more goods stores in Russia, Alexander said.

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