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Positive Outlook for Viet Nam's Seafood to Russia

Lucy Towers
23 January 2014, at 12:00am

VIET NAM - Viet Nam is in the process of negotiating a free trade agreement (FTA) with the Customs Unions of Russia, Belarus and Kazakhstan.

Negotiations are expected to enable Vietnamese exporters to penetrate the lucrative market, the Vietnamese embassy’s trade counselor Pham Quang Niem said.

Russia’s recent WTO membership will facilitate exports of Vietnamese goods in 2014 thanks to more tax incentives, reports VASEP.

Although global economic growth remains sluggish, Russia’s demand for goods like textiles, footwear, tea, coffee and seafood is forecast to post a sharp increase.

Viet Nam’s export earnings from Russia are expected to hit $7 billion in 2015 and $10 billion in 2020.