Vietnam is the sixth largest provider of processed fruits and vegetables for Russia, according to the Federal Customs Service of Russia.
However, the Southeast Asian nation’s shipments accounted for only 5% of Russia’s total imports, it said.
In the first seven months of this year, Vietnam's processed vegetables and fruits imported to Russia reached 30,000 tonnes, valued more than US$ 30 million, up 13.8% in volume and 51.2% in value.
The value of processed vegetables and fruits imported from Vietnam to Russia rose sharply and had a much higher increase pace than the growth in volume thanks to a surge in import prices.
In the 7-month period, the average import price of processed fruits and vegetables from Vietnam to Russia was US$ 1,011.2 per tonne, up 32.8% over the same period in 2020.
According to the Department of Imports and Exports under the Ministry of Industry and Trade, Vietnam is the first partner to sign the Free Trade Agreement with the Eurasian Economic Union. Under this agreement, nearly 90 percent of tariff lines are cut or reduced, of which 59,3% are removed.
This is a good opportunity for Vietnamese exports, including processed fruits and vegetables, which are Vietnam's strong products shipped to Russia.