Vietnam feels garment and textile exports to Russia can grow manifold. At present, Vietnam’s apparel exports to Russia make up roughly two per cent of the country’s total exports. The figure is expected to reach ten per cent in the next few years. To begin with, Russia has a cold climate, so demand for jackets and jeans is high. Vietnam’s garment and textile exports to Russia have increased by over 30 per cent year-on-year.

The free trade agreement between Vietnam and the Eurasian Economic Union came into force in October 2016. However, there are problems. Vietnam has to offer products at competitive prices since Russia still faces economic difficulties and sales of apparel in the market are not as strong as those in the European Union. Basically the Russian market has to be thoroughly explored. Regular contact has to be made with partners for long-term cooperation.

Vietnamese enterprises should have business strategies to cope with fierce competition on quality and price in the market. It is necessary to create high-quality products, improve designs, and build brand names. Additionally the geographical distance between Vietnam and Russia will make it difficult for businesses to complete payment. More bank branches in Russia will facilitate direct payment between businesses.