MOSCOW: Two-way trade between Viet Nam and Russia hit $2.6 billion in 2014. However, it accounted for less than 1 percent of Viet Nam’s total import-export activity with the world, which was US$298.2 billion.
This means that economic potential between the two nations was not being fully exploited, according to the General Department of Viet Nam Customs.
Enterprises that trade with Russia said that it was difficult for them to expand their markets even though demand for Vietnamese products was high.
They said the main reasons were harsh import regulations and high taxes Russia imposed on some products.
Many goods exported to Russia have to go through a third country in Europe, instead of going directly from Viet Nam to Russia, like wood products.
Vietnamese wood product exports to Russia remain slow despite interest from the Russian market.
Tran Quoc Manh from the HCM City Handicraft and Wood Industry Association (HAWA) said that Russia applied a tax for imported wood products based on weight, and wood products are heavy so the taxes are high.
Seafood enterprises also face difficulties. Although up to 400 Vietnamese seafood enterprises are allowed to export to the European market, only about 30 are licensed to export to Russia.
For better and more sustainable export results, experts urged Vietnamese enterprises to develop a strategy for production and exports.
Vietnamese enterprises have high expectations on opportunities to exploit the Russian market when the free trade agreement (FTA) between Viet Nam and the Customs Union of Russia, Belarus and Kazakhstan is signed.
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