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Russia: A promising market for Vietnamese products

VGP - According to Vietnamese associations of textile, footwear and furniture, Russia is a great potential market with no-so-hard requirements, very appropriate for the current technological conditions of Vietnamese enterprises.

February 17, 2009 4:06 PM GMT+7

In recent year, when the Việt Nam-Russia Joint-venture Bank came into operation, the trade exchange between the two countries has vigorously flourished.

In early 2009, while touring Hồ Chí Minh City to search for partners and business chances, many Russian enterprises inked contracts with Vietnamese companies, including Gia Định Textile & Garment Corporation (Giditex), Khang Thông Company, and Sài Gòn 3 Textile & Garment Company, to import big volumes of high-quality clothing and agro-produce (rice, tea, coffee and honey, seafood).

It is reported that Giditex agreed to provide its Russian partners with 1 million T-shirts valuing US $5 million in the first six months. The Hòa Bình Garment Joint-stock Company pledged to ship 45% of its exports to Russia and acquire more new orders from this market.

Enterprises engaging in leather, footwear, furniture and fine arts products are planning to channel their goods to Russia.

However, the tax rate imposed on imports into Russia is quite high. So Vietnamese enterprises are advised to shake hand with Russian partners to bring semi-finished products in the market. Many Russian enterprises showed their willingness to establish joint-ventures with Vietnamese partners and help the latter open their representative offices, distribution networks or organize exhibitions in Russia.

The Department of Light Industry (Ministry of Industry and Trade) has proposed that the Government allocates VND 50 billion for garment and footwear associations to carry out export promotion programs in Africa, Japan, Eastern Europe and South America. The Department also asked the Government to subsidize 50% of interest rates of mobile loans for exporters.

By Ngọc Vân