Many potentials to promote economic and trade cooperation between Russia and Vietnam

In the first 10 months of 2024, the growth momentum continued to be maintained with an increase of 23.9% over the same period last year; both exports and imports from Vietnam grew.

Nam Dinh Vu Port. (Photo: Quoc Khanh/VNA)

Deputy Minister of Economic Development of the Russian Federation, Vice Chairman of the Russian Subcommittee of the Vietnam-Russia Intergovernmental Commission on Economic -Trade and Scientific-Technical Cooperation, Mr. Vladimir Ilichev, affirmed that the trade and economic relations between the two countries are confident in adapting and restoring development momentum.

In an interview with a VNA reporter in Moscow ahead of Russian Prime Minister Mikhail Mishustin's official visit to Vietnam, Deputy Minister Ilichev said that by the end of 2023, Vietnam and Russia recorded an increase in bilateral trade, with a growth rate of 8.3% compared to 2022.

In the first 10 months of 2024, the growth momentum continued to be maintained with an increase of 23.9% over the same period last year; both exports and imports from Vietnam grew.

In addition, new multimodal logistics routes have been launched between Russia and Vietnam and new services are regularly added.

Hanoi and Ho Chi Minh City ports become transport hubs for Russian companies to continue delivering goods to other countries in Southeast Asia such as Malaysia and Thailand.

He also highlighted the steady recovery of service trade between the two countries. The number of tourists from Russia to Vietnam increased by 84.9% by the end of 2024.

At the same time, after Russia implemented the electronic visa mechanism in 2023, the number of tourists from Vietnam to Russia has increased steadily.

According to Deputy Minister Ilichev, Vietnamese-Russian joint ventures continue to operate effectively in Vietnam. Vietsovpetro celebrated the production of its 250 millionth ton of oil in 2024, while GAZ Group began mass-assembling cars in Vietnam from 2022.

In addition, there are many projects being implemented in both Vietnam and Russia. In Vietnam, the project to build a Nuclear Science Center is being implemented as planned.

TH True Milk is building factories in three major regions of Russia (Moscow, Kaluga, Primorsky). Many projects in the energy sector are in active development.

Assessing the potential for cooperation between the two countries, Deputy Minister Ilichev said that there will be many fields and industries attracting Russian investors such as pharmaceuticals, organic cosmetics and confectionery for Vietnam.

National brands Made in Russia are currently operating on the main online commerce platforms in Vietnam (Shopee, Lazada, Tiki, TikTok Shop and Sendo).

Russian companies are also ready to support Vietnam in developing green energy and green transport, including projects in the fields of nuclear energy, wind and hydropower...

In addition, Russia is ready to strengthen cooperation with Vietnam in the field of digitalization. Russia has high capabilities in this field and is ready to share expertise and experience in the fields of satellites, smart and safe cities, cloud solutions, cybersecurity, artificial intelligence (AI).

According to Deputy Minister Ilichev, the creative economy can also become a promising area of cooperation. Russia has set a target of increasing the share of this sector from the current 3.5% to 6% of GDP by 2030.

He affirmed that Russia is ready to share experience and advances in industry management, as well as provide Vietnam with Russian creative products, such as Russian animation and cartoon products...

Finally, Deputy Minister Ilichev proposed mechanisms and policies to enhance economic cooperation, including harmonizing standards, reducing non-tariff barriers and supporting joint projects.

New working groups such as the working group on cooperation in the fields of information technology and health care have also been established within the framework of the Intergovernmental Committee to promote joint initiatives./.

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