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Russia Exports RUB86bn Worth of Goods to Vietnam with Support from REC

14 january 2025 года
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Exports to Vietnam with the support of the Russian Export Center Group (REC, part of the VEB.RF Group) have exceeded 86 billion roubles since 2020. However, REC believes that trade between the two countries has the potential for growth and notes that Russian companies can meet the Vietnamese demand for a wide range of products.

“Thanks to their high quality, consumer confidence in Russian goods has already become high in B2B and, importantly, B2C. We do, however, see opportunities to increase our industrial and agricultural exports, including high value-added products. To do so, we work on developing our own infrastructure and distribution channels in Vietnam, strengthening partnerships with the business community and the government, and offering support to businesses at all stages of export,” said Veronika Nikishina, CEO, Russian Export Center.

There is also a big demand for chemicals and timber in Vietnam. Russia and Vietnam are working on large projects in nuclear energy, medicine and mineral deposit development.

Given growing digitalisation in Vietnam, Russia’s exports of IT solutions are also a high-potential area. In addition, there is a demand for technology and equipment for the oil refining industry.

“The VEB.RF Group operates a versatile system of export support, which encompasses a wide range of financial and non-financial instruments. We see the great potential of expanding cooperation between Russia and Vietnam in trade and investment. About 2,000 Russian exporting companies have already received support from REC. We are optimistic about support for industries such as oil and gas, transport and infrastructure, agribusiness, and machine building,” said VEB.RF Chairman Igor Shuvalov.

Based in Ho Chi Minh City, REC’s representative office helps companies at any stage of export, from initial advice, enabling businesses to understand the special features of the Vietnamese market, to a targeted search for partners to support for transactions. Exporters have access to services provided by the REC Group’s entities, such as credit guarantees from EXIMBANK OF RUSSIA and insurance from EXIAR.

REC helps manufacturers to gain entry into Vietnam’s major e-commerce websites. Five Russian merchants branded as Made in Russia, for example, have already begun with support from REC to offer Russian goods in Vietnamese online marketplaces.

In addition, a Russian permanent booth showcases agricultural products in Hanoi. The booth operates under a joint programme of Russian Export Center and the Russian Ministry of Agriculture. Under the programme, the participating companies are assisted in finding partners and buyers in Vietnam, doing product promotions in-store and online etc.
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