Making news

Russian firms interested in Vietnamese market

Moscow, June 26 (VNA) – Russian firms are intrigued by the Vietnamese market, given that the ruble is falling and Russian manufacturers are eyeing international markets, said Olga Koshev, President of the Inter-Regional Organisation for Support and Protection of Small and Medium-sized Enterprises. 

In a recent interview with Vietnam News Agency, Koshev said Vietnam plays an important role in Russia’s policy of a “pivot” to Asia-Pacific, adding that successful market penetration in Vietnam - a key member of ASEAN, will help Russia gain a foothold in the 600-million people market. 

According to Koshew, many Vietnamese businesses have succeeded in Russia, mostly in markets and trade centres. Meanwhile, Russia needs products from Vietnam such as fisheries, coffee, vegetables, garment and wooden furniture. 

However, Vietnamese exporters still have difficulties regarding payment, exchange rates, legal matters and geographical distance when exporting to Russia, she said, suggesting that they also need to renovate technology to improve quality and reduce prices and to promote marketing. 

She noted that her organisation is ready to offer free consultancy and support to Vietnamese firms wishing to enter Russia. 

In her opinion, both countries should strengthen ties between small and medium-sized enterprises, aiming to realise the goal of lifting two-way trade to 10 billion USD by 2020. 

Commenting on the upcoming visit by President Tran Dai Quang from June 28 – July 2, Koshev said it will deepen the bilateral comprehensive strategic partnership.