Vietnam clothing exports to Russia look to soar

Last year, Head Trade Representative Maxim Golikov said official trade statistics show the Russian market imported US$350 million of clothing and textiles from Vietnam, which is an inconsequential 2% market share.

However, with the recently concluded free trade agreement between Vietnam and Eurasia, there is an opportunity to greatly expand exports, he said on March 15 at a meeting with representatives of the Vietnam National Textile and Garment Group (Vinatex).

Le Tien Truong, general director of Vinatex said if the stars line up it is not unrealistic to think that Vietnam might see its market penetration rise to 10%, which would translate to in excess of US$1.3 billion in exports.