Vietnam-Russia economic, trade relations continue to thrive
Vietnam-Russia economic and trade relations have been growing continuously over the past years, according to the Ministry of Industry and Trade (MoIT).
Water filters manufactured by Russia-based Geyser Company are being sold in Vietnam (Photo: VNA)
Hanoi (VNA) – Vietnam-Russia economicand trade relations have been growing continuously over the past years,according to the Ministry of Industry and Trade (MoIT).
Vietnam and Russia established a strategicpartnership in 2001 and upgraded it to the level of comprehensive strategicpartnership in 2012.
Bilateral trade enjoyed a strong surge as the Eurasian Economic Union(EAEU)-Vietnam Free Trade Agreement (FTA) took effect in October 2016. Theeffective implementation of the FTA is expected to help the two nations realisethe target of 10 billion USD in two-way trade in the coming time.
In 2018, theVietnam-Russia trade value hit 4.57 billion USD, a year-on-year jump of 28.63percent, said Ta Hoang Linh, Director of the MoIT’s European-American MarketDepartment.
Vietnam’sexport turnover to Russia exceeded 2.44 billion USD, a rise of 12.81 percentagainst the same period last year, while Vietnam imported goods worth 2.1billion USD from the European nation in the year, up 53.38 percent.
In the firstfour months of 2019, Vietnam-Russia trade revenues reached 1.52 billion USD,rising 5.92 percent compared to the same period last year.
Russiacurrently accounts for more than 90 percent of EAEU-Vietnam trade revenues.Vietnam’s major export items to Russia included electronic products,garment-textiles, footwear, aquatic products and coffee, among others.
According tothe Vietnam Textile & Apparel Association, Russia is a promising market forVietnamese garment-textile exporters. However, Vietnamese firms should conductthorough market research to determine potential and demands of their partners,and frequently be in touch to maintain connections.
They are alsoadvised to prepare business methods that are suitable in the modern context andwork to ensure product quality and improvements, as well as brand building andtrademark registration in the market.
At present, Russia ranks 24th among 129countries and territories investing in Vietnam with 123 projects with total registeredcapital of over 932 million USD, mainly focusing on oil and gas, and energyindustries.
Vietnam has run more than 20 projects inRussia with total capital of nearly 3 billion USD, notably TH Group’s dairy farmswith registered capital of 2.7 billion USD.-VNA
The brilliant Vietnam-Russia relations is a vivid illustration for a time-honoured friendship which has been unceasingly developed for years, an expert from Russian Academy of Sciences said.
Prime Minister Nguyen Xuan Phuc’s official visit to Russia from May 20-23 demonstrates that Vietnam treasures the traditional friendship and comprehensive strategic partnership with Russia, and wishes to strengthen the all-round cooperation, especially in economy, trade and investment.
Vietnamese Ambassador to Russia Ngo Duc Manh has stated that the upcoming Russia visit by Prime Minister Nguyen Xuan Phuc will certainly contribute to lifting bilateral strategic partnership to a new height, especially in economy, trade, investment and people-to-people exchange.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
Water filters manufactured by Russia-based Geyser Company are being sold in Vietnam (Photo: VNA) 
