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Russian companies strengthen business ties in Vietnam

March 14, 2019

    On March 14, a business mission led by the President of the Russian Chamber of Commerce and Industry Sergey Katyrin arrived in Vietnam.

    The members of the Russian delegation held a business meeting with representatives of the Vietnamese-Russian Bank (VRB). In the framework of the meeting, the leadership of VRB spoke about the opportunities that the bank provides through bilateral trade for Russian and Vietnamese companies. An interbank payment channel was introduced that allows for export and import operations in national currencies.

    At the Russian-Vietnamese business meeting, Sergey Katyrin and Vice President of the Chamber of Commerce and Industry of Vietnam Hoang Quang Fong mentioned the traditionally favorable trade and economic relations that had developed between Russia and Vietnam. The parties expressed their intention to continue and expand cooperation between the business circles of the countries. It was noted that in 2018 mutual trade increased by 16.4% and reached $ 6.1 billion. The main task was formulated as the most efficient use of the potential of the EEU-Vietnam Free Trade Agreement.

    In continuation of the meeting, speeches were held by Russian companies, territorial Chambers of Commerce and Industry and the Vietnamese-Russian Bank.

    Representatives of Global Rus Trade made two presentations. Executive Director Irina Ipatova presented a marketplace with which Russian and foreign companies can quickly and with minimal costs find partners, promote their products, services, negotiate deals in their native language. Analyst Anna Solovyova told about the Russia-ASEAN Dialogue Partnership Project “Market Cross-Border B2B Trade for SMEs from ASEAN and Russia”. The project aims to simplify the entry of small and medium-sized companies in Russia and ASEAN countries to foreign markets through e-commerce channels.

    At the meeting, the signing ceremony of the Agreement on Cooperation between the Russian Chamber of Commerce and Industry and the Vietnamese Chamber of Commerce and Industry took place

    The event continued with B2B meetings. In the course of free communication, Vietnamese companies expressed a desire to participate in the Global Rus Trade project. The team interviewed exporters and importers of Vietnam, during which it was discovered that many companies already use e-commerce channels, but not all of them provide an opportunity to enter the Russian market and interact with Russian enterprises. In addition, many existing marketplaces have a complex interface and functionality, which makes it difficult to use them. Improving the marketplace aims to take into account the views of foreign partners.