Bilateral trade between Vietnam and Russia has stably grown and taken a lot of opportunities for Vietnamese goods to enter Russian market, said director of the Vietnam Chamber of Commerce and Industry in Ho Chi Minh City Vo Tan Thanh at a forum hosted on October 8.
In the first nine months, the total bilateral trade between the two countries exceeded US$1.8 billion. Of these, Vietnam exports to Russia topped US$1.1 billion and imports hit US$700 million.
Vietnam with strengths in food production especially tropical products and Russia with strengths in machines, fertilizer and oil and gas can complement each other, which is advantageous for their trade development, pointed out Mr. Thanh.
The under-negotiation Free Trade Agreement between Vietnam and the Customs Union of Russia, Belarus and Kazakhstan is expected to finish by the end of this year to further increase the bilateral trade.
However, Mr. Thanh advised Vietnamese businesses to improve their product quality in order to compete with commodities from other nations in the Russian market.
Stating at the forum, Deputy Chairwoman of HCMC People’s Committee Nguyen Thi Hong, said that HCMC always considers Russia as one of key and potential markets.
By the end of September, Russian businesses invested in 20 projects in HCMC at a total capital of US$44.37 million. The bilateral trade between HCMC and Russia approximates US$190,000.
In tourism, Russia is among the top ten nations and territories with most visitors to HCMC.