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Vietnam, Russia expect $3 bln in trade in 2012
Two-way trade between Vietnam and Russia is expected to reach US$3 billion by 2012, according to the Vietnam-Russia medium-term action plan in trade and investment.
Annual average bilateral trade has reached $1.8 billion over the past three years.
Vietnam exported garment, footwear, tropical agricultural products, seafood and handicrafts to Russia while importing petroleum, fertilizer, chemicals, machines and equipment from this European market.
Speaking at a workshop on supporting exporters to the Russian market held in Ho Chi Minh City on Thursday, many businesses said that when entering Russia, an open market with many hidden risks, businesses have to face competition in both goods and investment.
Nguyen Quoc Thang, a representative from the Constrexim Trading Investment & Construction Joint Stock Company, said while exporting goods to the Russian market, his company has met obstacles in payment mechanisms as well as tariff and non-tariff barriers.
Sharing views with businesses, Nguyen Ngoc Quan from the European Market Department under the Ministry of Industry and Trade said that to support businesses which conduct import-export activities with Russia, the ministry will strengthen the organization of seminars, dialogues and information exchange between the two countries’ localities and businesses as well as build financial support policies for trade promotion program in Russia.
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