Vietnam’s trade surplus with Russia hit US$191 million for the first quarter of this year with exports and imports valued at US$319 million and US$128.4 million, respectively.
The country’s main exports included, machinery, electronic equipment and components and agricultural products.
In the reviewed period, telephones and telephone accessories accounted for 47% of total export value at US$150.1 million, down 13.38% from last year’s same period.
Meanwhile agricultural products obtained high export growth- rice (45.47%), rubber (101.8%) and cassava and cassava products (178.02%).
New prospects are predicted for seafood exports after the free trade agreement between Vietnam and the Customs Union of Russia, Belarus and Kazakhstan (VCUFTA) is signed, which will help Vietnamese products have easier access to the huge market thanks to a number of agreements on technical trade barriers and tax.
According to the Vietnam Association of Seafood Exporters and Producers, in the context of Russia banning import seafood from the US, Canada, Norway and Australia for one year, local businesses should take full advantage of their strengths and potential to compete with other exporters.
The Industry and Trade Information Centre under the Ministry of Industry and Trade described Russia as a highly lucrative market for Vietnamese products because of strong consumption demand with around US$250-312 billion worth of products imported annually.
Source: VOV Online