Economists, managers and businesses proposed a number of practical measures to increase Vietnam’s investment and trade in Russia at a seminar hosted by the Ministry of Industry and Trade in Hanoi on September 12.
They emphasised the need to have specific plans in researching the market carefully and advertising products in the market.
According to Vice President of the Vietnam Association of Seafood Exporters and Producers (VASEP) Nguyen Hoai Nam, despite the progress made over the last few years, Vietnam’s businesses still face a number of difficulties in exporting to the Russian market, including competitions with exporters of similar products and tariff barriers on agricultural and fisheries products.
Nguyen Ton Quyen, President of the Vietnam Wood and Forestry Product Association, proposed the Government adopt policies to promote investment and trade between the two countries, creating opportunities for Vietnam ’s more competitive industries, such as textiles, footwear, wood products and seafood.
Furthermore, both sides should approve bilateral payment mechanisms that use local currencies in order to reduce risks and limitations to trade, and provide support for business transactions, he added.
Most importantly, Quyen pushed for the prompt establishment of the Association of Vietnam Investors in Russia (AVIR), a platform to help Vietnamese businesses find opportunities and expand their operations in Russia .
According to statistics from the ministry’s Import-Export Department, two-way trade between Vietnam and Russia doubled during the 2008-2012 period, with an average growth rate of 28 percent. In 2013 alone, it totalled 2.76 billion USD, a 12.61 percent increase compared to the previous year. Of which, Vietnam ’s export to Russia was worth 1.91 billion USD.