According to the representative of Phu Cuong Group exporting to Russia is a mater of high concern regarding the payment. It is said that currently number of enterprises export to Russia using L/C payment term takes only 5 – 7 percent in the whole, most of exporters using defer payment, which contains high risks.
It is no doubt that Russian market has huge potential but payment is the concern of enterprises when export to Russia. Nguyen Chi Tam, Head of Department of policy for Europe, was answering many questions at the conference “improving competitiveness of Vietnamese products in Russian market” held in Ho Chi Minh City. Most of the enterprises raises concerned at the conference about the insufficient of specific and detail information about this market such as regulations, quota as well as information about Russian partners.
According to Tam the Ministry of Industry and Trade is proceeding building a special folder on website of ministry, this is a channel of information especially for export companies. He further said that in order to limit risk of payment as well as when accessing Russian market, enterprises can seek for help from reliable banks.
Record shows that Vietnam’s export to Russia reached USD 671.9 million in 2008, however from the end 2008 export of Vietnam to this market was suspended due to the effect of economic recession and the ban of Russian market on Vietnamese seafood.
