Often international businesses fail in Russia due to the reason they are not fully aware of the unique challenges and the difficulties the market presents and the entry strategy plays a pivotal role in ferreting out the hidden obstacles.
That was the message from those in attendance at a workshop on December 21 in Moscow that aimed to dialogue on the opportunities, potential and advantages of Vietnamese SMEs doing business in Russia.
Speaking at the event, Vietnam Ambassador to Russia Nguyen Thanh Son applauded the Vietnam Business Association in Russia for organizing the workshop, which provides Vietnamese entrepreneurs much needed support to successfully manage their SMEs.
The participants talked about the problems they have encountered and offered practical solutions to overcome them. Many suggested simplified administrative procedures were needed while other focused more on technical matters aimed at making the business climate more conducive to their needs.
As a result, there was general consensus that the seminar was a success and came up with a number of effective recommendations that if implemented would strengthen trade and investment between the two countries.
Russia is also a potential market for Vietnamese goods and services because it has been one of the country's traditional markets, and a huge community of overseas Vietnamese (OVs) who are living and studying there, many attendees said.
