New Opportunities for Vietnam-Russia Trade
The upcoming official visit to Vietnam by Russian President Vladimir Putin is anticipated to unlock new opportunities in bilateral relations, fostering prosperous development for both nations.
Vietnam and Russia established diplomatic relations in 1950 and elevated their ties to a comprehensive strategic partnership in 2012. Additionally, Vietnam has signed a free trade agreement with the Eurasian Economic Union (EAEU), comprising Belarus, Kazakhstan, Russia, Armenia, and Kyrgyzstan.
In the first five months of 2024 alone, trade between Vietnam and Russia reached $1.96 billion, a 51.4% year-on-year increase. Vietnam’s exports to Russia totaled $955.6 million, while imports from Russia amounted to $1 billion, reflecting annual increases of 44.7% and 58.4%, respectively.
Significantly, the export values of Vietnamese seafood, cashew nuts, peppercorns, textile-garments, and machinery-equipment to Russia surged between 87% and over 100%, reaching $76.4 million, $28 million, $12.5 million, $320.8 million, and $90.1 million, respectively.
The Vietnamese Trade Office in Russia highlighted recent efforts to connect Vietnamese agricultural exporters with suppliers for Russian supermarket chains. However, for sustainable market penetration, Vietnamese businesses need strategic planning to develop robust supply systems. Proactive participation in thematic exhibitions and trade fairs is also crucial for understanding the market and forming partnerships.
Last year, during the Russian Energy Week Forum, Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Russian Minister of Energy Nikolai Shulginov signed memoranda amending the government-to-government agreement on the operation of joint ventures Vietsovpetro and Rusvietpetro. This reflects the strong bilateral support for cooperation in the energy and oil sectors.
Additionally, on the forum’s sidelines, the Vietnamese Minister engaged with representatives from major Russian oil and gas companies, including Zarubezhneft, Gazprom, and Novatek, focusing on project implementation to enhance collaboration between the two countries and their businesses.
To further boost trade with Russia, the Vietnamese Ministry of Industry and Trade announced plans to study measures supporting businesses in organizing their trade promotion activities. Local authorities, associations, and enterprises are encouraged to send delegations to specific sectoral exhibitions in Russia to foster market penetration and achieve sustainable commercial growth.
