Minister of Industry and Trade Nguyen Hong Dien received Ambassador of the Russian Federation to Vietnam Gennady Bezdetko

At the meeting, Minister Nguyen Hong Dien highly appreciated the traditional friendship and comprehensive strategic partnership between Vietnam and the Russian Federation, especially in the fields of economy - trade, energy and investment cooperation. The two sides had a frank and substantive exchange on the bilateral cooperation situation and measures to remove difficulties, further promote bilateral trade turnover, towards the target of 10 - 15 billion USD as set by the two countries' senior leaders.

According to the General Department of Vietnam Customs, in 2024, the import-export turnover of goods between the two countries will reach 4.58 billion USD, an increase of 26.1% compared to 2023. Of which, Vietnam's exports to Russia will reach 2.34 billion USD (up 34%) and imports will reach 2.24 billion USD (up 18.9%). However, in the first two months of 2025, the two-way turnover reached 737.3 million USD, down slightly by 2% over the same period. Coffee, textiles and machinery are Vietnam's main export items, while coal, fertilizer and wheat are the main import items from Russia.

Minister Nguyen Hong Dien proposed that Russia continue to promote its leading role in the Eurasian Economic Union (EAEU), promote the removal of threshold defense measures currently applied to a number of Vietnamese textile and footwear products within the framework of the Vietnam - EAEU FTA, in order to improve the effectiveness of trade cooperation between the two sides.

Regarding agricultural cooperation, the Minister suggested that Russia create more favorable conditions for Vietnamese enterprises to access the Russian market, contributing to creating a balance in agricultural trade between the two countries.

In the energy sector, the two sides affirmed that they will continue to expand oil and gas cooperation in Vietnam and the Russian Federation. At the same time, Minister Nguyen Hong Dien introduced Vietnam's potential for renewable energy development, especially wind power and LNG. Vietnam has great natural advantages to develop onshore, nearshore and offshore wind power, with the goal of reaching 26,000 - 38,000 MW of wind power by 2030, and 6,000 - 17,000 MW of offshore wind power by 2035. The Ministry of Industry and Trade is urgently completing the legal basis for new types of energy. The Minister recommended that Russian enterprises pay attention, carefully study investment regulations and select suitable projects to participate in bidding in Vietnam.

In addition, the two sides also had initial discussions on the possibility of restarting the Ninh Thuan 1 Nuclear Power Plant Project in the context that Vietnam is researching the development of green, clean and sustainable energy to serve the goal of carbon neutrality by 2050.

Concluding the meeting, Minister Nguyen Hong Dien and Ambassador Gennady Bezdetko affirmed their determination to strengthen coordination and create substantial changes in the fields of economic-trade cooperation, energy, investment and agriculture. The two sides agreed to closely coordinate in preparation for upcoming high-level visits and events, contributing to strengthening and deepening the Vietnam-Russia Comprehensive Strategic Partnership.

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Source: Foreign Market Development Department

Source: https://moit.gov.vn/tin-tuc/hoat-dong/bo-truong-bo-cong-thuong-nguyen-hong-dien-tiep-dai-su-lien-bang-nga-tai-viet-nam-gennady-bezdetko.html