In the first 9 months of 2024, bilateral trade turnover between Vietnam and the Russian Federation reached 3.52 billion USD, an increase of 40.4% over the same period in 2023.
Vietnam's seafood exports to Russia in the first 9 months of 2024 reached 164.5 million USD (up 94.7% over the same period in 2023)
From October 23-24, 2024, the BRICS Leaders' Summit will take place in Kazan, Russia. This is an important summit within the framework of cooperation between BRICS and developing countries. The summit will be attended by leaders of BRICS members and leaders of more than 30 guest countries, including developing countries on the continents and a number of international organizations. At the invitation of Russian President Vladimir Putin, BRICS Chair in 2024, Vietnamese Prime Minister Pham Minh Chinh will attend the summit as a guest. Prime Minister Pham Minh Chinh's attendance at the BRICS Summit is expected to open up new prospects for cooperation between Vietnam and the BRICS bloc, providing Vietnam with the opportunity to promote extensive cooperation with BRICS member countries and partners, while allowing Vietnam to access BRICS mechanisms, abundant resources and large-scale markets to serve the country's development goals. Along with opening up prospects for cooperation between Vietnam and BRICS as well as BRICS member countries, the participation of the Vietnamese Government leaders at the expanded BRICS Summit in Russia also sends a message about the special relationship between Vietnam and Russia, continuing and effectively promoting the long-standing traditional friendship and multilateral cooperation based on the foundation of trust, sustainable cooperation and mutual respect. Russia is one of the top 5 trade partners of Vietnam in Europe. Currently, Vietnam is Russia's largest trade partner in Southeast Asia. Russia is one of the top 5 trade partners of Vietnam in Europe. The two countries also have mutual investment projects, including important fields and Russia's strengths such as energy, science and technology, education and training, etc. According to the leader of the European - American Market Department (Ministry of Industry and Trade), despite the impact of the unstable situation in the world and the region, trade turnover in 2023 still reached more than 3.6 billion USD, a slight increase of 2.3% over the same period in 2022. In the first 9 months of 2024, bilateral trade turnover between the two countries reached 3.52 billion USD, an increase of 40.4% over the same period in 2023. Of which, exports reached 1.78 billion USD, an increase of 50.1%; imports reached 1.74 billion USD, an increase of 31.6%. Also in the past 9 months, export groups with high growth rates include: seafood products reaching 164.5 million USD (up 94.7% over the same period in 2023); rice reaching 6.5 million USD (up 130.9%); confectionery and cereal products exports reaching 23.3 million USD (up 123.7%); textile and garment exports reaching 616.3 million USD (up 117.7%); machinery, equipment, tools and spare parts reaching 176.6 million USD (up 68.7%); rubber reaching 34.8 million USD (up 49%). Import groups with high growth rates include: fertilizers of all kinds, coal of all kinds, paper of all kinds, components and auto parts; Other means of transport and spare parts... Strategic cooperation in the field of energy - oil and gas Notably, according to the European - American Market Department, an important highlight in economic cooperation between the two countries is the strong development in the field of energy and oil and gas with large projects. In addition to the Vietsovpetro joint venture, which is the flagship in oil and gas cooperation, the two sides have other joint ventures that are actively operating in both countries. "Cooperation in the field of energy - oil and gas is the leading important pillar in the Comprehensive Strategic Partnership between Vietnam and Russia", the leader of the European - American Market Department emphasized. Currently, cooperation in the field of energy - oil and gas between the two countries does not only take place in the field of crude oil exploration and exploitation, but has gradually expanded to other prospective 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. Regarding cooperation in the industrial sector, in recent times, the two sides have promoted the import and export of raw materials for industrial production, and Vietnamese enterprises regularly import coal from Russian partners to serve domestic needs. Regarding cooperation in automobile production, the two sides signed a Protocol between the Government of the Socialist Republic of Vietnam and the Government of Russia on supporting the production of motor vehicles in Vietnam (Protocol). 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 energy projects, transportation projects, etc. Assessing the economic and trade cooperation between the two countries, Mr. Duong Hoang Minh, Trade Counselor of the Vietnam Trade Office in the Russian Federation, commented that in recent times, trade cooperation between the two countries has grown positively and has many driving forces. The biggest driving force is that both sides have gradually resolved difficulties in transporting goods; sea transport routes (Vladivostok - Hai Phong - Ho Chi Minh City route), railway transport (Vietnam - China - Russia international railway route) ... have been gradually resolved. In addition, from June 4, 2023, Russia's IAERO Airlines will operate direct flights between Russia (Irkutsk city) and Vietnam (Hanoi) by Russian aircraft 2 flights/week. Direct flights between Moscow and Ho Chi Minh City of the two countries have been resumed since the end of January 2024. Currently, Russia and Vietnam have relaxed visa regulations for each other's citizens (from August 1, 2023, Vietnamese citizens can apply for an electronic visa to Russia, from August 15, Russians can stay in Vietnam for up to 45 days visa-free)... These advantages have been creating opportunities for the two sides to promote trade, investment and tourism cooperation. In addition to the advantages, Commercial Counselor Duong Hoang Minh said that economic and trade cooperation between the two countries is facing great challenges in the context of many difficulties in the world economy. Although the authorities of both sides have made many efforts, import and export activities or the implementation of bilateral investment projects still face many barriers. Businesses of the two countries need to take better advantage of the advantages of the Vietnam - Eurasian Economic Union Free Trade Agreement (VN-EAEU FTA); In particular, Russian enterprises can increase investment in the production of Russian products with strengths in Vietnam for export back to Russia and CIS countries or to other markets with which Vietnam has FTAs. For domestic export enterprises, the Trade Office recommends that to learn about the market and find customers in the Russian Federation, enterprises should directly attend product displays or visit major specialized exhibitions in the Russian Federation.| Vietnam established diplomatic relations with the Soviet Union (now Russia) on January 30, 1950, paving the way for a strong friendship and good cooperation between the two countries. Over the past nearly 75 years, bilateral relations have developed comprehensively and extensively. The two countries signed the Agreement on Principles of Vietnam-Russia Friendship Relations on June 16, 1994, established a strategic partnership in 2001 and upgraded it to a comprehensive strategic partnership in 2012. In 2021, the two countries issued a Joint Statement on a common vision of a comprehensive strategic partnership until 2030. Within the framework of that relationship, Vietnam-Russia cooperation has witnessed strong development in all fields. |
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