Ukrainian-Vietnamese trade sees bright prospects

Trade opportunities between Ukraine and Vietnam remain huge

Trade turnover between the two countries reached US$340 million in 2015, including US$250 million from Vietnam’s exports. This figure was lower than the US$600 million recorded in 2013 and US$420 million in 2014.

Thanh said that a strong reduction in export turnover between the two countries was due to economic and political fluctuations in Ukraine. Economic growth of the country has fallen, while the domestic currency has halved in valuation, leading to a drop in purchasing power.

“Ukrainian import turnover with large trade partners such as the US and the EU has also recorded a fall,” Thanh emphasized.

However the Vietnamese Trade Office in Ukraine noted that trade opportunities between Ukraine and Vietnam remained huge thanks to the signing of the comprehensive partnership in numerous fields such as shipbuilding, oil and gas exploitation.

The Ukrainian government has paid attention to the Southeast Asian market, including Vietnam. The Ukrainian-Vietnamese Intergovernmental Commission meeting is expected to be organized this year to promote economic development. Ukrainian businesses have seen Vietnamese companies as potential partners and they are willing to further tighten trade and investment relations, especially in agricultural and food processing.

“More than 100 Vietnamese businesses are operating in Ukraine and more than 10,000 people live here. Together with efforts of Vietnamese agencies in Ukraine, it will be a big opportunity to help Vietnamese goods enter the market,” Thanh said.

The Vietnamese Trade Office in Ukraine has received proposals in providing market information and Vietnamese products for Ukrainian agencies and organizations. In the coming time, the office will continue providing information for the two business communities, organizing seminars and workshops to introduce Vietnam’s potential and advantages to Ukrainian businesses in order to promote trade and investment between the two countries.

However Thanh recommended that Vietnamese businesses understand the economic and political situation and new policies issued by the Ukrainian government in order to avoid risks. In particular, Vietnamese businesses must fully comply with regulations in terms of goods and services in exports to Ukraine.

Nguyen Hoa