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VN's exports to Russia set to increase

Update: February, 06/2014 - 09:39
The country attracted US$397.1 million in foreign direct investment (FDI) during January 2014, down 22 per cent against the same period last year, the General Statistics Office reported.— Photo baocongthuong

HA NOI (VNS)  — Viet Nam is on the cusp of a sea of opportunities that will boost exports to Russia.

According to Vietnamese trade counsellor in Russia Pham Quang Niem, Russia's accession to the World Trade Organisation (WTO) in August 2012, and the free trade agreement with the Customs Union of Belarus, Kazakhstan and Russia that is expected to be completed by the end of this year, will bring opportunities to Viet Nam for penetrating a large market with preferential taxes.

After Russia accession to WTO, several Vietnamese exports to that country will attract lower taxes, with cuts between 30 per cent and 50 per cent.

Niem also said that the FTA between Viet Nam and the Customs Union would be a breakthrough for bilateral trade and investment. However, he urged enterprises to seek market information carefully, especially about tax reductions, before penetrating or expanding into Russia.

During the past three years, the turnover of Vietnamese exports to Russia grew 62 per cent, the latter being among the import markets with the fastest growth rates.

In 2013, the turnover of Vietnamese exports to Russia reached $1.9 billion, a rise of more than 20 per cent. These exports included phones and components, computers, garments and textile products, footwear, coffee, seafood, cashew and rice. — VNS

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