Enterprises should pay more attention to Ukraine to increase trade and investment between the two countries, according to Vietnam’s Ministry of Industry and Trade (MoIT).
The MoIT says Ukraine is an emerging market with a high and diverse consumer demand, but Vietnamese enterprises have failed to capitalise on this potential market.
Enterprises should actively promote trade with Ukraine to gain further access to this market in the future, the ministry says.
Two-way trade between the two countries increased year-on-year by 68.1 percent to $194.5 million in 2011, and in the first half of this year, it gained 47 percent to $96.6 million.
Vietnam mainly exports farm products, footwear, and textiles and garments to Ukraine.
Another advantage is that about 10,000 Vietnamese nationals live and work in Ukraine, bridging gaps between the two countries.
Vietnam and Ukraine have signed 20 economic and trade cooperation agreements which lay a great foundation for the development of bilateral trade and investment ties in the future.
However, many enterprises from Vietnam and Ukraine are struggling to gain a foothold in their respective markets. Language barriers, cultural understanding, legal information, consumer demand and the physical distance between the two countries have pushed costs up and turnover down.
To support local enterprises’ trade activities in Ukraine, the MoIT plans to carry out trade promotion programmes and market research, organise exhibitions and trade fairs, and open branches and representative offices in the country.
An international trade exhibition to be held in Kiev from September 16-22 will be a good chance for Vietnamese enterprises to find trade opportunities.
Businesses from several countries in Asia and Eastern Europe, including Vietnam and Ukraine, are expected to participate in the exhibition at the Rainbow Trade Centre.
The fair will showcase a wide range of goods including agricultural products like tea, coffee, seafood and processed foods, consumer goods, textiles and garments, furniture, cosmetics, medicine, electrical goods, household appliances, and construction materials.