With implementation of new regulation, foreigners will not be allowed to do the business in retail market after January 15, 2007.
The new regulation has affected Vietnamese the most. According to experts, there are nearly 1,00,000 Vietnamese people in the Russian Federation and 80 percent of them work in retail markets.
In Ufa (Republic of Bashkorstan), about two Vietnamese markets were closed down with the announcement of new law. Many retail shops in the area sold their goods at reduced prices to clear the stock.
Last month, retail shops sold goods at half of the original prices. Vietnamese owners were selling fur coats, jeans, sweaters, sport pants, and T-shirts.
Experts are of the opinion that by closing so many retail markets at once would lead to increase in the price of commodities.
The new regulation also empowers the Government to impose quotas on foreign labuorers.
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-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
