Export turnover to Russia is showing signs of recovery after a sharp decline of 85 per cent year-on-year was posted last March. Russian businesses have recently shown interest in promoting trade and investment cooperation with Vietnam.
Figures from the General Department of Customs show that total two-way trade turnover between Vietnam and Russia reached $2 billion in the first half of 2022, down 18.6 per cent. The Russia - Ukraine conflict has had a negative impact on Vietnam’s exports to Russia, with many exporters facing major problems. Some said they left export orders to the country unfilled over concerns about transportation and payment.
During his official visit to Russia, State President Nguyen Xuan Phuc held talks with President Vladimir Putin on November 30 in Moscow. Both agreed that trade and investment cooperation between the two countries still has a lot of potential for development, with oil and gas being a main pillar of the Comprehensive Strategic Partnership. They also agreed to soon reopen direct flights between the two countries.
In a recorded speech at the 4th Russian Energy Week taking place in Moscow from October 13-15, Prime Minister Pham Minh Chinh affirmed that Vietnam will continue to improve institutions, policies, and laws to support the development of its energy sector. The country will also encourage the promotion of public-private cooperation mechanisms and continue to create favorable conditions for Russian enterprises to invest and do business in the sector.
At a meeting with Russian Foreign Minister Sergei Lavrov within the framework of his official visit to Russia, Minister of Foreign Affairs Bui Thanh Son suggested that the country give priority to providing vaccines and transferring production technology to Vietnam.
Vietnam is Russia’s largest supplier of coffee but its coffee brands are hard to find on the shelves of Russian supermarket chains because 99 per cent of exports are raw coffee. Vietnam’s rice exports to Russia have also fallen due to rising prices. Some agricultural products and processed agricultural products from Vietnam have reached Russia’s retail network, such as mangos, chili sauce, dipping sauce, pomelos, and dragon fruit, but in limited quantities.
