Vietnam – a promising market for many Russian businesses

Robert Kurilo, chief representative of the Russian Export Centre in Hanoi, said bilateral trade has increased significantly since the Vietnam- Eurasian Economic Union Free Trade Agreement, of which the two countries are members, came into force in 2016. Many of Russia’s agricultural products have found a market in Vietnam, and likewise, a number of Vietnamese products have made their presence in Russia.

He surmised that the two countries can further enhance cooperation in tourism, agriculture, and oil and gas. In terms of tourism, Russia has many beautiful landscapes home to many unique cultures, while most Vietnamese tourists have not yet discovered Russia as a travel destination. Therefore, Russian businesses are exploring ways to cooperate with Vietnamese partners in developing joint tourism products to take advantage of the country’s hospitality sector. 

Russia imports many kinds of fruit from Southeast Asian countries, which offers a good opportunity for Vietnamese businesses to increase their exports to the market, said Mr Kurilo.

Nguyen Viet An from Nafoods Vietnam said Russia has a vast consumption market, especially for tropical fruits and farm produce, but not many Vietnamese businesses focus on the market.

In addition to their demands for agricultural produce and seafood imports, Russian businesses are looking at ways to introduce their food products to Vietnamese customers. Gostevskikh Mikhail, a representative of Siberia Company, said the Southeast Asian country is considered an attractive destination for Russian firms who want to implement new business development strategies.

Russian businesses said that despite the huge opportunities present, the most recent results of cooperation have fallen short of their potential. Thus, trade promotion organizations should implement programs to connect businesses and set up long-term and effective partnerships for the development of both countries.