Russia has recognised Vietnam as a market economy and Vietnamese goods exported to Russia will enjoy a tariff reduction of between 3-5 percent, says Vietnamese commercial counsellor in Russia Vu Van Quang. 

Talking with Thoi Bao Kinh Te Vietnam (Vietnam Economic Times), the trade official said with these advantages, the value of Vietnam’s exports to Russia is expected to rise from US$1.5 billion in 2011 to around US$2.5 billion in 2012 and more than US$3 billion the following year.  The consumption of Vietnamese electronic goods in Russia experienced spectacular growth last year, at about US$400 million. Seafood is another key Vietnamese export to Russia, standing at around 60,000 tonnes annually, he said.  However, Counsellor Quang said Vietnamese businesses should be aware of Russia’s legal system  regarding exports, which is being completed according to a market-oriented economy.  Vietnamese firms must find suitable partners and ensure payments will be made and guarantee that goods will be delivered when signing contracts to avoid potential losses and disputes, he added.  The two countries will negotiate a free trade agreement (FTA) within the framework of the current FTA between Vietnam and the Customs Alliance of Russia, Belarus and Kazakhstan, said Mr Quang.

(VOV)