Vietnam ’s goods will enjoy a tariff reduction of between 3-5 percent on exports to Russia , which has recognised Vietnam as a market economy, Vietnamese commercial counsellor in Russia Vu Van Quang said.

Talking with Thoi Bao Kinh Te Vietnam (Vietnam Economic Times), the trade official said with these advantages, Vietnam ’s export value to Russia is expected to rise from 1.5 billion USD from 2011 to around 2.5 billion USD in 2012 and more than 3 billion USD the following year.

The consumption of Vietnam ’s electronic goods experienced spectacular growth in Russia last year, at about 400 million USD. Seafood is another key Vietnamese export to Pussia, which stands at around 60,000 tonnes each year, he said.

However, the counsellor said when exporting to Russia , Vietnamese businesses should be aware of Russia ’s legal system which is being completed under the market-oriented economy.

Vietnamese firms must find prestigious partners and ensure that payments will be made when signing contracts and goods delivery guaranteed to avoid possible losses and disputes, he added.

The two countries will negotiate a free trade agreement (FTA) within the framework of a FTA between Vietnam and the Customs Alliance of Russia, Belarus and Kazakhstan , said the commercial counsellor./.