Positive outlook for Vietnam-Russia economic cooperation

Vladimir Yefimov, the deputy mayor for economic policy and property and land relations, stated that Moscow's exports of nonrenewable energy resources to Vietnam last year surged seven times compared to the previous year, accounting for 97% of the structure of export items to the nation.

He went on to highlight the country as one of the key Russian partners in the Asia-Pacific region.

According to Yefimov, 2020 saw the export turnover of non-fuel products increase from US$76.79 million to US$533.3 million in 2021, 14 times higher than the figure in 2019, with the group of mechanical electrical and communication equipment accounting for a high proportion.

Alexander Prokhorov, head of the Investment and Industrial Policy Department, analysed the export structure of the Russian capital's products to the Vietnamese market, with 93.3% being manufactured goods. Indeed, in 2021 Moscow exporters supplied products of this type with a value of US$497.76 million.

The Moscow portal citeed experts from the Mosprom Center under the Investment and Industrial Policy Department as saying that the nation will be one of the most dynamic developing markets in the Asia-Pacific region over the next five years.

Mosprom experts assessed that the signing of a Free Trade Agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU) has served to create favourable conditions in which trade promotion between Russia and Vietnam can flourish. This is in addition to concretizing co-operation areas in the field of e-commerce, public procurement, the protection of competition, and the intellectual property of exporters.         

Previously, Russia's Interfax news agency had reported that during a meeting with Vietnamese Ambassador to Russia Dang Minh Khoi and Anton Kobyakov, advisor to the Russian President had expressed his belief that economic, trade, and investment co-operation between the two countries boasts huge potential with stronger growth anticipated moving forward.
Kobyakov went on to say that both sides are working in unison to launch a  business dialogue at the St.Petersburg International Economic Forum 2022 (SPIEF-2022) and a cultural event in the lead up to the 10th anniversary of the strategic partnership between the two sides.

In the context of the ongoing COVID-19 pandemic, Vietnam has opened its doors to Russian tourists and recognised the Sputnik V vaccine. This policy sees travel priority given to Russian citizens who have been fully vaccinated or  have recovered from the disease, the adviser to the Russian President noted.

In a recent media interview, Vietnamese Ambassador to Russia Dang Minh Khoi also emphasized that economic, trade, and investment co-operation between the two countries has made great strides. Five years on from the Vietnamese signing of the FTA in the form of the EAEU, the bilateral trade turnover has doubled to reach nearly US$5 billion in 2020, of which the nation recorded a trade surplus of nearly US$1 billion.

Most notably, the initial nine months of 2021 saw joint trade turnover reach US$4.7 billion, up more than 16% over the same period from 2020.

Ambassador Khoi assessed that oil and gas cooperation projects between the two countries are of long-term strategic significance in both political and economic terms, with these being carried out effectively. This can be seen through oil and gas co-operation, with Russia becoming a key economic sector for Vietnam, accounting for approximately 85% of the nation's total oil and gas production.      

The Vietsovpetro joint venture celebrated its 40th anniversary in 2021 and continues to be a symbol of mutual co-operation, whilst being a pillar of Vietnamese oil, gas exploration, and the production industry, the Vietnamese diplomat added.