Three year ago, squid and octopus exports to Russia unexpectedly dropped over the span of a few months. The market began to rebound in June 2013 and exports ever since have steadily edged up, experiencing exponential growth of between 163% and 966% over the previous year.
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Vietnamese businesses have outdone their opponents from Portugal, China, Spain, Tunisia, Thailand, India, and Indonesia to get the lion’s share in Russia.
However, Vietnam will still face stiff price competition if the country wants to massively expand exports and penetrate deeper into the Russian market, VASEP cautions.
In 2013, Vietnam was Russia’s second biggest frozen squid supplier after China while it was the biggest frozen octopus exporter to the market.