Opportunities to boost exports to Russia
(vasep.com.vn) Vietnam is on the process of free trade agreement (FTA) negotiation with the Customs Union of Russia - Belarus – Kazakhstan. Negotiations finished in this year are expected to enable Vietnam exporters to penetrate the lucrative market, the Vietnamese embassy’s trade counselor Pham Quang Niem said.
Russia’s recent WTO membership will facilitate exports of Vietnam goods in 2014 thanks to more tax incentives.
Although global economic growth remains sluggish, Russia’s demand for goods like textile, footwear, tea, coffee, seafood is forecasted to post a sharp increase.
Vietnam’s export earnings from Russia are expected to hit US$7 billion in 2015 and US$10 billion in 2020.