The 200 million population nation boast huge potential for Vietnam businesses to full tap, especially in the fields of consumer goods, handicrafts, garments and textiles and food.
Russian people prefer Vietnamese products to Chinese ones because of reasonable prices and higher quality. If Vietnam businesses have proper investment strategies, they will find easier to reap success on the lucrative market, the Vietnamese diplomat noted.
However, he said tax obstacles businesses are facing were basically removed after the signing of the free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EEU) in late May last year.
During the first Vietnam high quality product fair in Moscow late last year, numerous Vietnam businesses set up partnerships, paving the way for their efficient operations, Son said.
Annual trade the two countries is still far below their full potential, reaching merely US$6-7 billion and the figure is expected to hit US$10 billion by 2020.
At the event, 100 leaders from 50 businesses were also updated on the second Hanoi Goods Week in Moscow scheduled to take place on September 9-19.
Vietnam Airlines will offer discount return tickets for two business representatives while the Hanoi-Moscow Complex (Incentra) gives free rental charges for pavilion space and communications fees and 50% of accommodation fees.
The HCM City Goods Week is set to transpire on October 6-16 at Incentra, Moscow. For more information, plz contact hotline 0965 945 666.