Will Russia’s clothing industry benefit Vietnam?

The first quarter of 2015 was also very negative as sales declined by 42 per cent in terms of volume and 19 per cent in value terms. Many international clothing brands left the Russian market like Italy’s OVS, British New Look and River Island, and Esprit. Looking at this situation, Vietnam is expected at the forefront with Moscow no longer levying high tariffs on Vietnamese apparel products, its exports to Russia will increase. Experts feel that creating a free trade zone will benefit Vietnam whose export-oriented economy has been already showing good growth rates since 2011. It will provide Vietnam with some logistic advantages over its Asian peers, for example Bangladesh.