With the population of 143 million people, a GDP per capita approximating US$17,000 a year and the increasingly developing middle class which accounts for 10-25 percent, lots of Vietnamese firms have estimated that Russia is a highly lucrative, potential market for Vietnamese agricultural, forestry and fishery products, so they have been planning penetration into this market.
Firms like the Dakao Vietnam Company, that have stated that Russia is a new market in the cashew production and processing field. Formerly, Vietnamese firms majorly sold their products in the US, China and the Middle East. The company has been paying attention to market expansion and hopes that Russia will become a big market of the company.
Since the Vietnam - Eurasian Economic Union (EAEU) Free Trade Agreement took effect in 2016, the tariff rates imposed on many items have reduced to 0 percent, facilitating Vietnamese goods export to the Russian market which has a high demand for garments, textiles and footwear items, as well as agricultural-forestry-fishery products, including fish and shrimp.
Mr. Dmirtriy Makarov from the HCMC branch of the Office of Trade Representation of the Russian Federation in Vietnam said that Russians do like mangoes. In comparison with mangoes from other countries, Vietnamese mangoes are much more delicious. So Vietnamese firms should increase exports of the fruit to Russia.
In an article on sggpnews.org.vn , Mr. Vu Ba Phuc, head of the Trade Promotion Agency under the Ministry of Industry and Trade, said Vietnamese firms need to ensure product quality in the long term and pay attention to payment terms to promote exports to Russia.