Russia becoming major market for Vietnam’s textile & garment trade
According to the Ministry of Industry and Trade, Vietnam, economic and trade relations between Vietnam and Russia is consistently growing. In 2001, the two countries established a strategic partnership and in 2012 they came under comprehensive strategic partnership.
After the Eurasian Economic Union (EAEU)-Vietnam Free Trade Agreement took effect in 2016. The effective implementation of the trade deal is expected to help the two nations achieve their trade target of US$10 billion. Last year it was worth $4.57 billion after rising 28.6 percent.
Vietnam majorly exports garments and textiles, footwear to Russia besides other products. As per Vietnam’s Textile & Apparel Association, Russia is a promising market for garment and textiles. According to the association, Vietnam’s textile and garment manufacturers need to understand the Russian market in depth and they should adopt modern business modules, produce quality products, and try to build own brands and sell branded garments in the Russian market.
News Textile Value Chain Vietnam