Positive growth

According to the Department of Foreign Market Development under the Ministry of Industry and Trade (MoIT), Russia remains one of Vietnam’s key economic partners, particularly in industry and energy. Despite global economic and geopolitical uncertainties, bilateral trade has maintained a positive growth trend.

Statistics from the Department of Customs show that two-way trade reached US$4.77 billion in 2025, up 4% compared with 2024. Textiles and garments accounted for Vietnam’s largest export turnover to Russia, valued at US$504 million, followed by coffee at US$462.3 million, and seafood at US$214.5 million.

Vietnam primarily imports production inputs from Russia. Also last year, coal accounted for the largest share of such imports at US$875 million (35%), followed by fertilisers US$315.2 million and plastic materials at US$130 million.

In the first two months of 2026, bilateral trade reached US$700 million, down 5.1% year-on-year. However, this decline is regarded as short-term, with the overall long-term trajectory remaining stable growth.

By the end of 2025, Russia had 213 investment projects in Vietnam with total registered capital of nearly US$996 million, ranking 28th among 153 countries and territories investing in the Southeast Asian country. Major sectors include mining, accommodation and food services, and manufacturing.

Conversely, Vietnam currently has around 18 investment projects in Russia worth approximately US$1.64 billion. Russia ranks fourth among the 85 countries and territories receiving Vietnamese outward investment, mainly in mining, industry and real estate.

At the 14th session of the industry cooperation subcommittee under the Vietnam–Russia intergovernmental committee on economic, trade, and sci-tech cooperation, the two sides reached important agreements in areas including transport manufacturing, railway industry, mechanical engineering, pharmaceuticals and medical equipment, mining, chemicals and metallurgy.

Seven priority cooperation areas were identified, notably the automotive industry, electrical engineering and renewable-energy equipment, chemicals, metallurgy, radio electronics and digital technology, and railway engineering.

Broadening cooperation space

The MoIT noted that bilateral energy and oil-and-gas cooperation has expanded beyond exploration and crude extraction into high-technology, high-value fields. These include gas-fired power plants in Vietnam, liquefied natural gas (LNG) supply, renewable-energy infrastructure development, fuel production and modernisation of existing energy facilities.

Speaking at a Vietnam–Russia scientific forum on industrial, technological and innovation promotion, Trinh Minh Anh of the Vietnam Institute of Strategy and Policy for Industry and Trade highlighted renewable energy, particularly offshore wind, as a clear indicator of evolving bilateral relations. This cooperation carries not only economic significance but also symbolic value, demonstrating continuity of traditional friendship while opening a new chapter focused on global frontier sectors, he said.

Experts noted that Vietnam is at a pivotal stage in its energy transition, where renewable energy is no longer optional but strategically essential. With abundant resources, favourable geography and an improving investment climate, Vietnam is becoming an attractive destination for large-scale energy projects. Russia, meanwhile, possesses strong technological capabilities in core industries such as oil and gas, engineering, energy and science. This complementarity provides an ideal basis for deeper cooperation.

As both countries seek to restructure growth models and transition towards green, sustainable industries, Vietnam–Russia energy cooperation faces a rare window of opportunity.

Vietnam’s institutional reforms, logistics development, digital transformation and commitment to net-zero emissions are improving the investment environment. Meanwhile, Russia’s technological strengths and industrial experience further enhance the potential for high-quality collaboration.

To further boost bilateral trade, the ministry plans to refine and expand cooperation mechanisms, fully utilise existing agreements, particularly the Eurasian Economic Union (EAEU)-Vietnam FTA, and balance trade structures in line with each side’s needs and potential.

Priority will be given to flexible joint-venture models that maximise economic complementarity, alongside intensified trade promotion and business connectivity. An annual Vietnam–Russia trade and investment forum will serve as a stable dialogue channel for enterprises, trade-promotion bodies, chambers of commerce and official representatives.

The ministry will also organise specialised trade and investment missions to Russia, support participation in fairs, exhibitions and seminars, and help Vietnamese firms connect with major distribution networks, especially supermarket chains and large e-commerce platforms. Major domestic promotion events such as Vietnam Expo and FoodExpo will continue to be widely publicised to attract Russian businesses seeking partnerships, investment opportunities and supply sources in Vietnam.

Russian Ambassador highlights priority areas to deepen Vietnam–Russia cooperation

Russian Ambassador to Vietnam Gennady Bezdetko has expressed his confidence that Prime Minister Pham Minh Chinh's upcoming official visit to Russia will further consolidate bilateral cooperation in priority areas while granting an interview to the Vietnam News Agency (VNA)'s reporter ahead of the trip.