Vietnamese firms should increase direct contact with prospective partners and make use of all opportunities available to increase awareness and acceptance of their products in the Russian market, a senior official has said.
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In the first two months of this year, Viet Nam shipped goods worth $316 million to Russia, up 11 per cent year-on-year. — Photo hoidoanhnghiep.ru
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A VnEconomy report yesterday quoted the Vietnamese Trade Counsellor in Russia, Pham Quang Niem, as saying domestic firms should take the initiative and participate in trade fairs and exhibitions held in Russia because businesses in that country preferred direct communication with partners over other modes of contact like the Internet.
Niem said that in order to effectively conquer the market that has great potential, Vietnamese businesses should join hands with Russian firms to establish join ventures in each other's country so as to produce high-quality goods for re-export to Russia.
The Russians, whose incomes have improved significantly in recent years, favoured high quality goods with attractive designs, he noted, adding that Vietnamese firms should respond accordingly.
They should therefore ensure product quality, diversify designs and register trademarks for products which already enjoyed a good presence in Russia, he said.
Besides farm produce like coffee, seafood and cashew nuts, Russia should also be considered an important market for other Vietnamese items such as mobile phones and its components, computers, electronic items, footwear and garments.
Citing figure compiled by the Ministry of Industry and Trade, the report said Viet Nam's exports to Russia have experienced a significant growth of over 62 per cent in 2010-13 period.
In the first two months of this year, Viet Nam shipped goods worth $316 million to Russia, up 11 per cent year-on-year, it said.
A free trade agreement with the Customs Union of Belarus, Kazakhstan and Russia, which is expected to be completed by the end of this year, would present Viet Nam with fresh opportunities to penetrate a large market through preferential taxes, Niem said.
The report cited other experts as saying Russia's strict legal regulations on certifying the origins of animal and plant products were a huge challenge for Vietnamese exporters.
They also said that complicated payment mechanisms, a lack of market information including tariff and non-tariff barriers and convoluted legal formalities had prevented some Vietnamese goods with potential from entering the Russian market./.