Under the project, the centre will work as an industrial and logistical zone which receives goods from Vietnam, then processes and distributes them to outlets in Russia.

The head of the SNG’s European Marketing Department Pham Quang Niem said that Russia is a huge potential export market for Vietnam and the centre will contribute greatly to helping Vietnamese goods penetrate deeper into this market. 

According to ministry’s statistics, two-way trade value between the countries reached US$1.83 billion in 2009, a year on year increase of 11.5 percent and Russia now ranks 24th among Vietnam’s largest export markets. 

The two countries are striving to reach a two-way trade value of US$3 billion in 2012 and US$10 billion in 2020.