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THE commercial exchanges between the Vietnam and the Russia have intensified significantly in recent years, illustrating a dynamic and expanding partnership. With trade volume continuing to grow despite global economic challenges, this relationship is characterized by enhanced cooperation in various sectors. The efforts of the two countries to establish new logistics routes and multiply the investments underline the growing importance of this collaboration on the international scene.
The economic partnership between the Vietnam and the Russia has experienced remarkable momentum in recent years. Despite global challenges, trade between the two nations shows strong growth, supported by strategic initiatives and political interactions. This article explores highlights of this expanding collaboration, highlighting key sectors, new opportunities and the impact on mutual economic development.
Constant growth in bilateral trade
The figures bear it out: trade between Vietnam and Russia has increased by 8.3% in 2023 compared to the previous year and the trend continues with an increase of 23.9% in the first ten months of 2024. These data, reported by Russian Deputy Minister of Economic Development Vladimir Ilichev, underline the resilience and potential of this partnership. This development is all the more significant in the face of current global economic challenges.
Evolution of cooperation sectors
The partnership goes beyond traditional trade. New multimodal logistics routes have been established, directly connecting Vietnam with other Southeast Asian countries, such as Malaysia and Thailand . The cities ofHanoi and Ho Chi Minh City have become key hubs for Russian companies looking to expand in the region. A booming services sector Trade in the
services sector is also showing a marked improvement, with Russian tourist arrivals
in Vietnam surging by 84.9% by the end of 2024. Meanwhile, the number of Vietnamese people traveling to Russia has increased significantly thanks to the introduction of an e-visa system in 2023. Progress in joint ventures and joint projects Joint ventures continue to play a major role in the development of this relationship. Vietsovpetro recently celebrated its 250 millionth ton of oil extraction, marking a significant milestone. Meanwhile, GAZ Group has been assembling vehicles in Vietnam since 2022, and a nuclear science center project is progressing as planned, demonstrating the breadth of the partnership. New investment opportunities In the future, several promising sectors are attracting increasing interest from Russian investors, including the pharmaceutical, cosmetic and confectionery industries in Vietnam. Russian national brands, meanwhile, have established themselves on leading Vietnamese e-commerce platforms, such as Shopee, Lazada and Tiki.
Collaboration in renewable energy
Russian companies are showing a willingness to support Vietnam in its development of green energy and transportation initiatives. This includes projects in nuclear, wind and hydropower, as well as digitalization solutions where Russia has recognized expertise, whether in satellite technologies or in the creation of smart cities. The potential of the creative economy One innovative area to highlight is the creative economy, which could become a key vector of cooperation between these two nations. Russia plans to increase the contribution of this sector to its GDP from 3.5% to 6% by 2030, indicating its openness to sharing its experience and creative products, particularly in the field of animation. Harmonization of standards and support for joint projects To further strengthen economic ties, proposals have been made to harmonize standards and reduce non-tariff barriers. New working groups on IT cooperationand healthcare have been established, promoting joint initiatives to maximize development outcomes.
This expansion of Vietnam-Russia trade demonstrates a mutual commitment to building a strong and sustainable relationship that benefits both countries and enables them to jointly address challenges in the global economic environment.
FAQs on Vietnam-Russia trade What has been the impact of bilateral trade between Vietnam and Russia recently?Bilateral trade increased by 8.3% in 2023 compared to 2022, and continued to grow by 23.9% in the first ten months of 2024. What are the new dynamics of the economic partnership? The economic partnership has expanded beyond traditional trade, with the establishment of
new multimodal logistics routes
connecting Hanoi and Ho Chi Minh City to other Southeast Asian markets.How has the tourism sector evolved between Vietnam and Russia? The arrivals of Russian tourists in Vietnamhave increased by 84.9%end of 2024, and the number of Vietnamese visitors to Russia has also increased thanks to a system of electronic visa established in 2023. What are the current projects that highlight cooperation between the two countries?Joint ventures like Vietsovpetro and the assembly of vehicles by the group GASillustrate the success of collaborations, while a project of
nuclear science center
is also moving forward. Which sectors are of particular interest to Russian investors in Vietnam?The sectors pharmaceutical,
organic cosmetics
and of confectioneryarouse growing interest, as does the presence of Russian brands on online platforms. e-commerce Vietnamese. What role does Russia want to play in the development of green energy in Vietnam? Russian companies ready to support Vietnam in construction projects
nuclear energy
,
wind energy And hydroelectricity . How does Russia envisage the creative economy in cooperation with Vietnam? Russia aims to increase the contribution of the creative economy to its GDP by
3.5% has 6% by 2030 and wishes to share its expertise in this industry with Vietnam.
What initiatives are underway to strengthen economic ties between the two countries? Efforts to harmonize standards , reduce non-tariff barriers and create working groups on topics such as IT cooperation and the health care are already underway.