Vietnam-Russia trade value skyrockets nearly 50% in seven months

According to the Vietnamese Trade Office in Russia, the reviewed period witnessed Vietnamese exports to Russia reach US$1.36 billion, rising by 46% compared to the same period last year.

Many key Vietnamese products continued recording high export growth, with iron and steel products soaring by 166% to US$697.9 million. They were followed by confectionery and cereal products (US$18.1 million, up 116%); seafood (US$116.7 million, up 105%); and textiles and garments (US$458.9 million, up 95.7%).

Vietnamese imports from the Russian market totaled US$1.38 billion during the January - July period, marking an annual increase of 45%. Fertilizers topped the list with import value of US$165.5 million, up 325%.

Coal, chemicals, paper, and automobile spare parts and components saw rises of 46.4%, 83.8%, 173.6%, 162% to US$657 million, US$54.1 million, US$6.6 million, and US$16.7 million, respectively.

Bilateral economic-trade ties have developed positively, largely owing to the enforcement of the Vietnam- Eurasian Economic Union (EAEU) Free Trade Agreement (VN-EAEU FTA), many experts said.

To boost trade with Russia, the Vietnamese Trade Office has helped hold regular exchanges connecting Vietnamese and Russian businesses, providing them with up-to-date information about market trends and consumer tastes, supporting them in tackling obstacles, and participating in exhibitions in Russia.