Vietnamese businesses will find it easier to export agricultural products to the Russian market as the average import taxes on these products will drop to 10.8 percent from the current 13.2 percent.
Deputy Minister of Industry and Trade (MoIT) Hoang Quoc Vuong says the traditional Russian market, with its large consumer base, has great potential for Vietnamese businesses to make a profit. Russia is not a demanding market for staples imported from Vietnam such as garments and textiles, footwear, farm products and seafood. tea, coffee, fruit, vegetables, rice and other agricultural products.
The Vietnamese MoIT says the unstable farming caused by less government subsidies and fuel price hikes has left its agricultural sector in the lurch to meet domestic consumer demands because Russia depends heavily on imports.
Russia is considered an open and important market among the 150 nations and territories which import farm products from Vietnam. Its main imports items in the first half of this year were seafood, rubber, coffee and cashew nuts.
Russia’s agricultural sector offers a wealth of opportunities for foreign exporters and investors because it has a high demand for milk cows, livestock, seeds and agricultural services.
However, the country’s strict legal regulations on certifying the origins of animals and plants pose huge challenges for exporters.
Complicated payment mechanisms, a lack of market information and tariff and non-tariff barriers, in addition to convoluted legal formalities, have prevented some Vietnamese goods from entering the Russian market.
The bottom line is that a legal corridor should be created to facilitate the exchange of goods between the two countries, particularly agricultural and aquatic products.
To boost the export of farm products to Russia, it is essential to diversify processed products, ensure food hygiene and safety, offer reasonable prices and enhance the exchange of information between State management agencies, Vietnamese exporters and Russian importers.
Deputy Foreign Minister Bui Thanh Son emphasizes the need to introduce new Vietnamese products to the Russian market and focus heavily on trade promotion in order to compete with similar products from other countries.
Vietnamese businesses need to pay more attention to promoting trade through fairs, exhibitions and representative offices in Russia and creating import-export links.
The Vietnamese Ministry of Agriculture and Rural Development (MARD) and its Russian counterpart should work towards signing a Vietnam-Russia Free Trade Agreement (FTA) ahead of schedule, as well as a Vietnam-Russia-Kazakhstan-Belarus FTA later on to establish a legal foundation for Vietnam to boost exports to Russia and reduce its future import surplus.
Vietnamese businesses must also ensure the quality of their products from the production to processing and packaging chains to meet Russia’s strict consumer demand for a wide range of imported products.
According to Vietnam Customs, the export of value-added pangasius in the first eight months of 2024 has been evaluated as quite positive, with continuous growth in many major markets such as the United States, CPTPP, and the Netherlands...
(seafood.vasep.com.vn) The Department of Fisheries of Ca Mau province coordinated with the School of Fisheries under Can Tho University to organize training courses on high-tech shrimp farming for 120 people in processors, cooperatives and families that are raising intensive and super-intensive shrimp in the province.
(seafood.vasep.com.vn) Currently, Soc Trang province plans to expand its shrimp farming area from over 50,000 hectares to 57,000 hectares by 2025, aiming for a production of 233,800 tons and maintaining a $1 billion export value. The project will establish 45 climate-resilient shrimp farming models and ensure all farms meet aquaculture standards for traceability.
(seafood.vasep.com.vn) In July 2024, Vietnam's fish cake and surimi exports declined. The export value reached just over 24 million USD, down 3% over the same period. In the first 7 months of 2024, the cumulative export of this product group reached 152 million USD, down 13%.
(seafood.vasep.com.vn) Dong Thap is a key region for pangasius farming, boasting the largest production in the Mekong Delta. In the first seven months of 2024, the estimated aquaculture area reached 4,778 hectares, with a harvest yield of 307,336 tons. Of this, the intensive pangasius farming area covered 2,042 hectares, with a harvest of 252,670 tons.
(seafood.vasep.com.vn) According to Vietnam Customs, in the first half of August 2024, Vietnam's pangasius exports to the EU reached nearly 8 million USD, up 57% over the same period. Cumulative pangasius exports to this market as of August 15, 2024, reached 107 million USD, up 0.5% over the same period last year.
(seafood.vasep.com.vn) The Board of Directors of International Development & Investment Corporation (IDI) is confident of completing this year's profit plan in the context of gradually recovering demand for pangasius in China and Mexico.
(seafood.vasep.com.vn) Some farmers in Soc Trang province have successfully applied a balanced biological shrimp farming technique, which eliminates the use of chemicals to minimize environmental impacts. This is a model of farming that adapts to climate change.
8 finalists have been named in the best new seafood product competition to be awarded at Seafood Expo Asia, taking place 4 to 6 September at the Sands Expo and Convention Centre in Singapore.
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