The Vietnam - EAEU FTA is a strong boost for Vietnam's exports, helping to diversify markets and export products, especially agricultural, aquatic and food products...
Driving force for bilateral trade
Vietnam and the Russian Federation established diplomatic relations in 1950. Over the past 75 years, the relationship between the two countries has been developing positively in both breadth and depth in all areas such as economy, trade, culture, education, and people-to-people diplomacy.
Notably, in recent years, economic and trade cooperation has always been an important pillar in the relationship between the two countries. Currently, the Russian Federation is one of the top 5 trade partners of Vietnam in Europe. In turn, Vietnam is Russia's largest trade partner in Southeast Asia. The two countries also have investment projects in each other, including important areas and Russia's strengths such as energy, science and technology, education and training, etc.
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| The VN-EAEU FTA is a huge boost for Vietnam's exports, helping to diversify markets and export products. Photo: Chien Thang |
Regarding the economic and trade cooperation between the two countries last year, Mr. Duong Hoang Minh - Commercial Counselor, Vietnam Trade Office in the Russian Federation said that in 2024, trade between the two countries had very positive and comprehensive developments. In the first 3 quarters of the year alone, the total import-export turnover between the two countries reached 3.52 billion USD, an increase of 41% over the same period; this is a very impressive figure in the context of global trade facing many unpredictable fluctuations last year.
The most exported goods from Vietnam to the Russian Federation are seafood, textiles, phones and components, coffee... In contrast, Vietnam imports from the Russian Federation goods such as fertilizers, coal, chemicals, components, auto parts, other means of transport and spare parts...
Analyzing more clearly the driving forces for promoting economic and trade cooperation between Vietnam and the Russian Federation, Mr. Vu Ba Phu - Director of the Trade Promotion Department, Ministry of Industry and Trade said that the Vietnam - Eurasian Economic Union Free Trade Agreement (FTA VN - EAEU) which took effect in 2016 has strongly promoted bilateral cooperation between the two countries.
Director Vu Ba Phu emphasized that the VN-EAEU FTA is having a positive effect on bilateral trade, in which the Russian Federation and Vietnam are two active members. The agreement is a strong boost for Vietnam's exports, helping to diversify markets and export products, especially agricultural and aquatic products, food as well as Vietnamese products with many competitive advantages.
Specifically, according to statistics from the European - American Market Department, Ministry of Industry and Trade, in the period 2016-2021, trade growth between the two countries reached an average of over 15%/year. In the period 2022-2023, despite the impact of Western sanctions and some unfavorable factors, trade in goods between the two sides has also flexibly adapted and achieved positive changes. Import and export turnover between the two sides has begun to recover in 2023, reaching 3.63 billion USD (a slight increase of 2.3% over the same period in 2022).
In the 11 months of 2024, bilateral trade turnover between Vietnam and the Russian Federation reached 4.1 billion USD, up 27.4% over the same period in 2023. Of which, exports reached 2.1 billion USD, up 35.7%; imports reached 2 billion USD, up 29.2%.
To achieve the above impressive growth results, in recent years, the two sides have implemented many cooperation and trade connection activities. Accordingly, in the import and export of raw materials for industrial production, Vietnamese enterprises still regularly maintain coal imports from Russian partners to serve domestic needs; in automobile production cooperation, the two sides signed a Protocol on supporting the production of motor vehicles in Vietnam.
In addition, the two sides are also studying to promote cooperation in a number of potential fields such as mechanics, metallurgy, chemicals, mineral processing, supply and production of equipment for renewable energy projects, transportation projects, etc.
Besides the industrial sector, energy is one of the pillars of cooperation in the Vietnam - Russia Comprehensive Strategic Partnership. The two sides have been effectively implementing many large-scale projects in both Vietnam and Russia.
“ Currently, cooperation in the energy sector between Vietnam and the Russian Federation is not only taking place in the field of crude oil exploration and exploitation, but has gradually expanded to other promising fields such as the construction of gas-fired power plants, the supply of liquefied natural gas to Vietnam, and the construction of infrastructure and the development of renewable energy, the production of motor fuel, as well as the modernization of Vietnam's energy facilities...” - The European - American Market Department informed.
Effective trade promotion solutions
In the coming time, to take advantage of incentives from the Vietnam - EAEU FTA, as well as continue to maintain a high bilateral trade growth rate, the Ministry of Industry and Trade determined that participating in specialized trade fairs and exhibitions in Russia is an effective trade promotion measure for businesses to learn about the market and find customers in Russia.
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| Businesses from Vietnam and the Russian Federation explore cooperation opportunities and trade connections. Photo: Vietnam Trade Office in the Russian Federation |
Commercial Counselor Duong Hoang Minh also affirmed that participating in specialized fairs will bring many cooperation and investment opportunities for Vietnamese enterprises in the Russian Federation. As evidence, in September 2024, the Vietnamese delegation participated in the Worldfood Moscow 2024 Fair held in Russia, with 50 enterprises, displaying goods on an area of 250m2 with items: coffee, cinnamon, star anise, cashew, rice and rice products, food ingredients, pepper, beverages... to promote the national image, the image of Vietnamese enterprises and brands; increase the export of Vietnamese food products with strengths and development potential in the Russian market and neighboring markets; promote the consumption network in this large market.
At the fair, Ms. Meshcheryakova Elena - Head of Strategic Development Department, Food City Trade Center also said that recently, Vietnamese agricultural products have increased in the Russian market, moreover, some products have also consolidated their position in the market. That proves that goods from Vietnam are of good quality and are favored by Russian consumers.
“ Imported products and goods from Vietnam always attract the attention of wholesalers and retailers in Russia. Food City is ready to cooperate with Vietnamese enterprises to bring quality Vietnamese products to be distributed here, ” Ms. Meshcheryakova Elena committed.
Thus, it can be affirmed that through participation in fairs and exhibitions in the Russian Federation, Vietnamese goods have conquered Russian consumers and have a firm foothold in this market.
At the invitation of Prime Minister Pham Minh Chinh, Russian Prime Minister Mikhail Mishustin will pay an official visit to Vietnam from January 14-15. This is Prime Minister Mikhail Mishustin's first visit to Vietnam. The visit is meant to strengthen the Vietnam - Russian Federation Comprehensive Strategic Partnership, preparing for important activities of the bilateral relationship in 2025. |
Source: https://congthuong.vn/fta-viet-nam-eaeu-cu-huych-xuat-khau-viet-nam-lien-bang-nga-369404.html
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