Businesses seek to penetrate deep into Russian market
VOV.VN - Vietnamese enterprises have been advised to conduct thorough market research through trade promotion activities ahead of introducing their products to Russia, according to industry insiders.
Statistics released by the Ministry of Industry and Trade indicate that the two-way trade turnover between Vietnam and Russia during the 2018 - 2020 period reached US$4.5 billion annually, of which agricultural products account for between 18% and 20% of the total.
Despite being hit by the adverse impact caused by the COVID-19 pandemic, agro-forestry-aquatic exports to the Russian market during the initial seven months of the year surged by 34.2% to US$323.26 million, of which seafood, fruit and vegetables, cashew nuts, pepper and rubber exports increased by 66%, 47.6%, 59.76%, 71.3%, and 230.8%, respectively.
Deputy Minister of Industry and Trade Do Thang Hai says Vietnam is currently the largest supplier of coffee to the Russian market, accounting for 31.2% of their imported coffee market share.
Nguyen Thi Mai Anh, deputy director of the Hanoi Investment, Trade and Tourism Promotion Center, emphasised that several local farm produce such as mangoes, pomelos, and dragon fruit have penetrated Russia’s retail chain, adding that the move has created fresh opportunities for other advantageous Vietnamese products to enter the European market in the near future.
Although local goods have been able to access the Russian market, economic experts say that in order to increase the export turnover of advantageous products, Vietnamese firms need to carefully study the market through promotion.
Regina Budarina, vice chairwoman of the Russia - Vietnam Friendship Association (RVFA), has recommended that local firms ramp up trade promotion activities by regularly organising trade fairs and seminars to introduce Vietnamese brands to Russian consumers, while simultaneously limiting the export of raw materials to this market.
She went on to emphasise the need to set up additional commercial offices for businesses from both sides in order to share their respective experiences.
A representative of Russia’s X5 Group Tatiana Aptel reveals that with more than 17,352 convenience stores across the Russian market, the group is now keen on stocking Vietnamese products, such as fresh food, tropical fruit, dried fruit, and seafood.
Nguyen Thi Thanh, a representative from Vietnam Private Business Association, states that the association will host additional trade exchanges as it strive to help businesses of both sides gain greater insights into each other’s market moving forward.
