Fifty Vietnamese enterprises participated in the Worldfood Moscow 2024 Expo (International Food and Beverage Fair) held from September 17-20, 2024, at the Crocus Expo Center in Moscow, Russia. They also joined the trade delegation in Russia from September 15-23, 2024.
VIETNAMESE AGRICULTURAL PRODUCTS GAINING PRESENCE IN THE RUSSIAN MARKET
Renowned Vietnamese products such as coffee, cinnamon, anise, cashew nuts, rice and rice products, food ingredients, pepper, and beverages were showcased at the expo.
The participation in the expo aimed to promote the country’s image, Vietnamese businesses, and brands. It also sought to boost the export of Vietnam’s strength and potential food products in the Russian market and its neighboring markets, fostering a wider consumption network.
According to the Vietnam Trade Office in the Russian Federation, on the first day of the expo, the Vietnamese pavilion attracted a large number of Russian customers and importers from various other countries worldwide.
Ms. Meshcheryakova Elena, Head of Strategic Development at Food City Trade Center, remarked that Vietnamese agricultural products have been gaining a stronger presence in the Russian market lately. Furthermore, some commodities have solidified their position in the market, indicating the good quality and preference of Vietnamese goods among Russian consumers.
Imported products from Vietnam always garner the interest of wholesale and retail traders in Russia. As one of the largest trade centers specializing in importing and distributing agricultural and food products in Moscow, Food City is eager to collaborate with Vietnamese businesses to bring their quality products to the Russian market, emphasized Ms. Meshcheryakova Elena.
Ms. Olga Volkova, Deputy Director of Public Relations and Government Relations at X5 Group – North-West Federal District, Russia, shared that the group is keen on diversifying its Asian supply sources, including Vietnam. X5 Group focuses on direct imports, bypassing intermediaries, and contracting directly with agricultural product suppliers. This presents a valuable opportunity for Vietnamese products to penetrate deeper into the Russian market.
Given the positive trade signals, Commercial Counselor of Vietnam in Russia, Duong Hoang Minh, emphasized the importance of organizing trade promotion delegations to facilitate collaboration between the two countries’ enterprises and provide more opportunities for direct exchanges and contract signings.
In addition to Vietnam’s strong suits in agriculture and processed food exhibited at major fairs, Mr. Minh mentioned that participating in specialized fairs in the auxiliary industry (also Vietnam’s forte) would bring practical benefits to Vietnamese enterprises in this field.
TAKING ADVANTAGE OF THE VIETNAM – EAEU FTA BOOST
However, to ensure successful trade outcomes in the form of contracts, Mr. Minh underscored the importance of maintaining the quality and supply quantity for partners in the Russian Federation.
According to data from the General Department of Vietnam Customs, in the first seven months of 2024, two-way trade turnover between Vietnam and Russia reached US$2.74 billion, up 45.5% compared to the same period in 2023. Exports reached US$1.36 billion, a 46.4% increase. Many groups of Vietnamese food products exported to Russia continued to maintain high growth rates, including seafood, rice, confectionery, and pepper…
Mr. Vu Ba Phu, Director of the Trade Promotion Agency (Ministry of Industry and Trade), attributed the rapid growth in trade turnover between Vietnam and Russia mainly to the Free Trade Agreement between Vietnam and the Eurasian Economic Union (VN-EAEU FTA). This agreement has positively impacted bilateral trade, with the Russian Federation and Vietnam being active members.
The agreement has significantly boosted Vietnam’s exports, helping diversify export markets and products, especially in agriculture, aquaculture, food, and other competitive sectors.
To take advantage of the benefits of the VN-EAEU FTA and maintain the high growth rate of bilateral trade this year and in the future, Mr. Phu said that the Ministry of Industry and Trade would intensify trade promotion activities, particularly by participating in specialized exhibitions in Russia.
Exhibition participation is an effective trade promotion measure for businesses to explore the market and seek Russian partners.
Sure, I can help you with that!
Title: Market Rebounds: Agricultural Exports and Processed Goods Soar.
The Ministry of Industry and Trade is actively promoting trade facilitation, focusing on new and potential markets that individual enterprises have not yet had direct access to.
“Vietnamese Fruit and Vegetable Exports Soar: On the Verge of Joining the Billion-Dollar Club”
In just a matter of weeks, Vietnamese agricultural produce has received a string of good news with a range of commodities granted official export status to major markets. Notably, with the fresh coconut price surging, the signing of the protocol with China is expected to boost fresh coconut exports to $250 million and propel the coconut industry to a potential billion-dollar valuation this year.
The Year-End Wood Export Conundrum: Navigating Uncertain Times
In the first seven months of 2024, foreign-invested enterprises (FIEs) exported $3.99 billion worth of wood and wood products, a remarkable 22.3% increase. Meanwhile, domestic enterprises achieved an equally impressive feat, exporting $5.371 billion, a 19.2% surge compared to the same period last year.
