Vietnam, Russia firms look to unlock untapped trade potential
VOV.VN - Vietnamese and Russian businesses are stepping up efforts to explore new partnership opportunities as bilateral trade, currently valued at nearly US$5 billion, is well below the potential of the two complementary economies.
The assessment was made at a Russia–Vietnam business forum held in Ho Chi Minh City on August 5 by the Trade Promotion Agency under Vietnam's Ministry of Industry and Trade.
Russian businesses eye broader presence in Vietnam
Participants noted that despite strong complementarities between the two economies, bilateral trade has yet to fully reflect the scope for cooperation, underscoring the need for closer business connections and expanded investment, trade and supply chain partnerships.
Representatives of Russian companies said they view Ho Chi Minh City as an attractive market thanks to its large consumer base and growth potential.
Several companies shared that they have already introduced their products into Vietnamese supermarket chains, but acknowledged that the highly competitive market requires more adaptive business strategies.
Russian businesses also expressed interest in expanding cooperation with Vietnamese partners, particularly in industry, technology and manufacturing.
Expanding industrial cooperation
According to the Ho Chi Minh City Supporting Industries Association, it has connected nearly 300 buyers and suppliers from both countries, helping establish shared supply chains.
The association held that there is considerable room for cooperation in precision engineering, mould manufacturing, electrical and electronic components, engineering plastics, industrial rubber and related manufacturing services.
Businesses from both countries could also strengthen collaboration in machinery manufacturing, industrial automation, smart factory technologies and digital transformation.
Russian companies have strengths in industrial equipment, sensors, software and manufacturing solutions, while Vietnamese firms could contribute through system integration, component manufacturing, installation, localisation and after-sales services.
Food processing equipment, packaging, cold-chain logistics and industrial logistics were also identified as promising areas for cooperation.
The participation of Russian companies in the upcoming Vietfood & Beverage exhibition later this month is expected to create additional opportunities not only in food trade but also in packaging machinery, traceability technologies and refrigerated transport.
The association pledged to help Russian companies access Vietnam's market, manufacturing capabilities and potential partners. It expressed hope that Russian counterparts would support Vietnamese businesses seeking greater access to the Russian market and the Eurasian Economic Union.
Supporting business connectivity
Hoang Minh Chien, deputy director of the Trade Promotion Agency, said the Ministry of Industry and Trade would continue supporting businesses from both countries by facilitating partnerships, helping address obstacles and proposing policies to create a more favourable environment for trade and investment.
“We are committed to accompanying businesses, including our Russian partners, by strengthening business connections, resolving difficulties and proposing appropriate mechanisms to facilitate bilateral trade and investment,” he said.
Vietnam and Russia are widely regarded as highly complementary economies with significant room to expand cooperation. Vietnam is currently Russia's largest trading partner in ASEAN. Bilateral trade reached approximately US$4.77 billion in 2025, up 4% from the previous year, while trade totalled around US$2.16 billion in the first five months of 2026, an increase of 6.6% year on year. The two countries have set a target of raising two-way trade to US$10 billion in the coming years.
Trade between the two countries is largely complementary. Vietnam exports coffee, seafood, cashew nuts, garments, footwear, mobile phones and processed food to Russia, while importing oil and gas, coal, fertilisers, metals, machinery and industrial equipment. Beyond trade, Hanoi and Moscow are also stepping up cooperation in strategic sectors including energy, oil and gas, manufacturing, high technology, logistics, digital transformation and innovation to better tap the potential of their bilateral partnership.
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