The Free Trade Agreement between Vietnam and the Eurasian Economic Union (EEU) will take effect at the beginning of next year. Vietnamese firms have started their market research efforts, and Russia is likely to be the first place in EEU that Vietnamese businesses will concentrate on.
This Vietnamese firm has developed its first contract to export handicrafts to Russia. The products are reasonably priced so should be able to find a consumer market.
Nguyen Dinh Thang, Director, Lien Thang Rattan & Wicker Furniture Company said: I’ve contacted lots of Vietnamese wholesalers and retailers in Russia. They helped me to research popular trends in terms of colours or materials. The weather and climate also need to be taken into account to ensure that our products are well-received.
This Vietnamese pharmaceutical firm has also sent samples to Russia as part of market research efforts and more detailed consultancy from their Russian partners.
Tran Van Tam, CEO, Tue Minh Herbal Medicine JSC said: We sent free samples to our Russian partners. By doing this, we know which type of product that they prefer and how to improve the products to meet customer demand. I hope with these valuable insights, our products will reach a wider market in Russia.
According to a Russian trade expert, Vietnamese firms should also prepare action plans to develop their brand in the market.
Maksim Golikov, Official, Russian Trade Representative Agency to Vietnam said: Products from Asian countries including China or Turkey are quite popular in Russian market now. Therefore, Vietnamese firms should pay attention to branding to maintain competitiveness. Vietnamese products are regarded as being high-quality but pretty much unknown in Russia.
The high-quality Vietnamese goods fair 2015 will take place this November in Moscow. Vietnamese firms expected to meet and strengthen ties with Russian partners.
