Vietnam-Russia trade value skyrockets 52% in 5M

Two-way trade turnover between Vietnam and Russia in the first five months of 2024 is estimated at nearly $2 billion, a remarkable increase of 52% year-on-year, according to Vietnamese Ambassador to Russia Dang Minh Khoi.

Many key products of Vietnam such as farm produce, seafood, garments and textiles and equipment continued recording high growth in exports to Russia, he said in an interview granted to the press ahead of the State visit to Vietnam by Russian President Vladimir Putin on June 19-20.

He stressed that the Russian leader’s visit will provide a chance for leaders of the two countries to discuss and seek specific measures to further promote bilateral economic and trade cooperation.

The bilateral economic-trade cooperation has developed positively with two-way trade rising 10-15% per year in some periods, resulting from the Vietnam- Eurasian Economic Union (EAEU) Free Trade Agreement (FTA).

Despite impacts from the instability in the world and the regional situation, the two-way trade between Vietnam and Russia in 2023 still reached $3.6 billion.

Russia has invested in nearly 200 projects in Vietnam with a total capital of nearly $1 billion, while Vietnam's investment in Russia totaled $3 billion in 2023.

Apart from traditional fields, Vietnamese enterprises have many opportunities to boost cooperation with Russian partners in fields of high technology, information technology, e-commerce and pharmaceutical industry, the diplomat said.

Regarding the significance of President Vladimir Putin’s visit to the realisation of the Joint Statement on 2030 Vision for Development of Vietnam – Russia relations, Ambassador Khoi said that the event has an important meaning, especially in the context that the two sides are working hard to implement the document.

The visit is not only an important diplomatic event but also a demonstration of Russia's high evaluation of and commitment to the multifaceted cooperative relationship with Vietnam. This will contribute to reinforcing the friendship and mutual trust between the two countries, creating a firm foundation for the comprehensive growth of bilateral ties in the future, he said.