There is huge potential for increasing Vietnamese clothing exports to Russia, the Vietnam National Textile and Garment Group (Vinatex) said on its website.
Russia has the 5th largest economy in the world, and with a population of nearly 143 million people, the country provides a big opportunity for Vietnamese garments, according to Vinatex.
In 2012, Russia’s GDP reached US$ 2,015 billion, resulting in per capita income of US$ 12,000 per year, making it the most promising market for Vietnamese textiles in the Nordic region.
From January to August 2013, Vietnamese textile and apparel exports to Russia increased by 5.48 percent year-on-year. The exports mainly consisted of jackets, children’s clothing, shirts, T-shirts, trousers, shorts, skirts, etc.
Kidswear exports from Vietnam to Russia increased at a faster pace and accounted for 11.8 percent of Vietnam’s total textile and apparel exports to the Russian market during the eight-month period.
To further tap the Russian market, Vietnamese export firms would have to do thorough market research to determine the potential and develop long-term cooperation with Russian buyers through regular contact.
Vietnamese textile and garment enterprises entering the Russian market would also have to face more intense competition in quality and price.
In recent years, young people in Russia have started the habit of spending more money for their shopping. High quality clothing with beautiful designs are usually preferred and consumed more quickly, and low quality, low priced products are not liked anymore in Russia.
Hence, businesses must ensure good quality, innovative designs, and registered trademarks to compete with the prestigious items that are already available in the Russian market, Vinatex said.
