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Companies urged to open branch offices in Russia
Establishing representative offices in Russia would be a good way for Vietnamese companies to effectively penetrate the market and reduce business costs, said Viet Nam Chamber of Commerce and Industry (VCCI) Vice Chairman Pham Gia Tuc during a conference on Wednesday.
Several Vietnamese corporations have already opened representative offices in Russia, but the number was still modest, said Tuc, adding that more and more domestic firms wanted to do business in Russia.
Bilateral co-operation between Vietnamese and Russian businesses were enjoying new advantages due to increasing attention from both countries' leaders, Tuc said.
Attending the conference on helping Vietnamese companies open offices in Russia, Deputy Head of the Russian Justice Ministry's National Registration Bureau Vladimir Vorobiev said Russia was willing to create the most favourable conditions for Vietnamese businesses to speed up bilateral co-ordination.
Vietnamese enterprises still encountered challenges in doing business in Russia, and so we were here in Viet Nam to help these firms solve the difficulties, he said.
During the event, the delegation introduced legal procedures on representative offices in Russia and services to assist foreign businesses to obtain visas and labour licences.
In September, 2010, VCCI inked a co-operation agreement with the bureau in a move aimed at better supporting domestic businesses in launching operations in Russia.
To date, 60 firms have received assistance from the chamber in fulfilling necessary procedures and were awaiting approval from Russian authorities.
Vietnamese businesses last year carried out 20 projects in Russia with capital totalling US$1.6 billion.
Noodle and fast food production by Vietnamese firms made up 60 to 70 per cent of market share in Russia while textiles, garments and footwear also enjoyed a strong market presence in terms of reputation for quality, said vice chairman of the Viet Nam-Russia Business Council Nguyen Van Pham.
Bilateral trade ties have developed significantly, rising from $350 million to $400 million in the mid-1990s to $2.4 billion last year.
Viet Nam exported garments, footwear, tropical agricultural products, seafood and handicrafts to Russia, while importing petroleum, fertiliser, chemicals and machinery.
Two-way trade is expected to reach $3 billion by 2012, according to the Viet Nam-Russia medium-term action plan on trade and investment.
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