Vietnamese Exporters Pfer Target

Because Vietnam's traditional export market demand is decreasing, Vietnamese exporters are looking for new markets with huge potential for development. Many of them are turning their eyes to Russia.

Statistics released by the Ministry of Commerce and industry showed that Vietnam exported $672 million to Russia in 2008, an increase of 67% over the same period last year.

The main products of Vietnam's exports to Russia are leather shoes, clothing, wooden furniture, and agricultural products such as rice, tea, coffee and honey.

Earlier this month, a delegation of Russian entrepreneurs visited Hu Zhiming and signed a large supply agreement with Gia Dinh textile and garment company (Giditex).

Giddies is expected to sign a $1 million T T-shirt export contract, which totals about $5 million and exports to Russia in the first half of this year.

In addition, Khang Thong and Sai Gon 3 garment and textile company also obtained contracts for exporting large quantities of quality products to Russia this year.

In order to help Vietnamese exporters, the Ministry of industry and Commerce recently proposed the government to approve the 50 billion Vietnamese shield to help garment textiles and Footwear Association expand exports to Africa, Eastern Europe and South America.

Enterprises that carry out export contracts with loans will enjoy a 50% interest subsidy.

Recently, Vietnam's economic and trade relations with Russia have developed rapidly, and bilateral trade volume has reached a record high of 1 billion 500 million US dollars in 2008.

According to the export targets of the leaders of the two countries when they visited Russia in October last year, bilateral trade is expected to increase to $3 billion in 2010 and to 10 billion US dollars in 5 years.