Russian PM’s Vietnam visit to strengthen bilateral economic ties: Scholar
The upcoming visit of Russian Prime Minister Mikhail Mishustin to Vietnam will mark a significant step towards strengthening effective economic collaboration between the two nations.
Dr Ekaterina Koldunova, Director of the ASEAN Centre at the Moscow State Institute of International Relations (MGIMO) made the statement in an interview with Vietnam News Agency (VNA)’s correspondents in Moscow.
Assessing the outcomes of cooperation between Vietnam and Russia in recent years, Dr Koldunova, an Associate Professor of Oriental Studies, noted that both countries have worked tirelessly to restore trade volume to pre-2022 levels, achieving this goal by the end of 2024.
She highlighted that Vietnam and Russia are exploring new opportunities in finance, economics, and logistics to further promote bilateral trade. Several new logistical routes have been established, linking Russia’s Far East region with Vietnam, creating opportunities for Russian businesses to actively engage in trade activities.
On investment cooperation, Dr Koldunova pointed out that Vietnamese companies such as TH True Milk continue to operate successfully in Russia, while the energy sector has seen numerous joint investment projects and production collaborations being launched.
Regarding the potential for further cooperation, the expert emphasised that agriculture and agribusiness are key areas of mutual interest. Vietnamese products are gradually filling the gap left by Western companies' exit from the Russian market. Furthermore, energy remains a traditional sector for cooperation between the two countries, she added.
Dr Koldunova also underscored that Vietnam's rapid post-COVID-19 economic growth has driven a substantial demand for energy. Russian companies, that have traditionally invested in resource exploitation in Vietnam, are exploring new forms of collaboration, including production partnerships, and may consider relocating some production processes to Vietnam, similar to practices by American and Chinese firms. She suggested that Vietnam should focus on sectors left vacant by Western companies in Russia, particularly in creative industries, light industry, and fashion, which are areas with strong development potential in Vietnam.
She expressed her confidence that the recent decision by the Vietnamese National Assembly to revive the Ninh Thuan nuclear power project reflects both Vietnam and Russia’s commitment to achieving carbon neutrality and advancing towards a green economy.
Despite the Ninh Thuan nuclear power plant project being suspended 10 years ago, Dr Koldunova noted that Vietnam and Russia have maintained cooperation through the establishment of a scientific centre focused on nuclear technology. This provides a solid foundation for the project’s revival, she stated.
Dr Koldunova said she hopes that Vietnam and Russia will establish a major joint project that not only enhances bilateral cooperation in the years and decades to come, but also strengthens the long-standing, good relationship between the two countries.
