Promising prospects for Vietnam's agro and seafood exports to Ukraine

Judging from Ukraine's great potential for agricultural and industrial development, Vietnamese businesses need to achieve deeper penetration into this market, said Nguyen Tien Tiep, Vice President of the Vietnam-Ukraine Friendship Association.

Promising prospects for Vietnam's agro and seafood exports to Ukraine

In recent years, Ukraine's demand for imported consumer goods, especially agricultural and seafood products has risen sharply.

Following the signing of more than 20 agreements on economic and trade cooperation between the two sides the volume of seafood, garment and textiles, footwear, hats and handicrafts products exported to Ukraine has grown considerably and two-way trade turnover is estimated at around USD2.4 billion.

Since early this year, Ukraine's investment in Vietnam has reached nearly USD400 million and is expected to hit USD600 million soon. Ukraine has 12 valid investment projects in Vietnam with a total capitalization of more than USD27 million, ranking 60 th among 98 nations and territories investing in Vietnam.

The Ukraine ambassador to Vietnam, Oleksiv Shovkoplias, says Vietnam remains a reliable partner of Ukraine businesses despite its geographical distance.

The exchange of goods and services between the two nations rise from USD324.5 million in 2011 to USD456 million in 2012, but its turnover almost doubled in both sectors.

In the context of global economic downturn, Ukraine and Vietnam are yet to iron out certain snags in updating forecasts on market trends.

Duong Hoang Minh, Deputy Head of the European Market Department under the Ministry of Industry and Trade, admits that Vietnamese businesses are not fully aware Ukraine's import-export policy due and its local consumer tastes.

Minh insists that domestic businesses get advice from the Vietnam trade office in Russia and the website of the Vietnam Chamber of Commerce and Industry to seek proper partners./.