The Ministry of Industry and Trade held Vietnam-Eastern Europe Trade Forum in HCM City on May 8 to bolster Vietnam’s exports of farm produce, garments and textiles, and footwear to Eastern Europe in the time to come.
Many Russian garment and textile firms want to switch from China
At the event, Makarov said that the co-operation between Russian and Vietnamese businesses have been strengthened.
In 2017, just 2,200 Vietnamese importers and exporters co-operated with Russian partners. The figure increased to 3,500 in 2018. Last year, Vietnam stood the 23rd among Russia’s trade partners, an increase on previous years.
According to Makarov, Vietnamese products have good competitiveness in Russia and favoured by local consumers.
"Many Russian garment and textile companies want to shift their plants from China into Vietnam. This is also a good chance for Vietnam to boost the sale of apparel products into Russia,” he noted.
Deputy Minister of Industry and Trade Hoang Quoc Vuong said that Eastern Europe had been an important export market for Vietnam. The two sides have established institutions and solid legal frameworks to foster bilateral co-operation over time, including 14 inter-governmental committees, the Poland-Vietnam Economic Co-operation Consultation Mechanism, and the Eurasian Economic Union-Vietnam Free Trade Agreement.
In addition, the eight Eastern European nations which are members of the European Union (EU) have greatly contributed to Vietnam’s EU-related revenues.
However, trade revenues between Vietnam and East European countries remain modest, the official said. The figure stood at USD10.1 billion in 2018, accounting for only 2.65% of Vietnam’s total export values.
In the coming time, FTAs with the EU and EEU will remove trade barriers to bolster co-operation in trade, industry, and investment between Vietnam and European countries, and particularly those in the east.
Vietnamese businesses need to improve product quality and diversify their markets as well as export items, which will raise the competitiveness of domestic firms and labour productivity, he added.