Ample room for Vietnam, Russia to forge trade ties: Seminar
Despite global trade uncertainties and COVID-19, trade between Vietnam and Russia has grown significantly, heard an online seminar in Moscow on May 18.
Trade between Vietnam and Russia in the first 10 months of last year hit 10.34 billion USD, a year-on-year rise of 17.98 percent. (Photo: VNA)
Moscow (VNA) – Despite global tradeuncertainties and COVID-19, trade between Vietnam and Russia has grownsignificantly, heard an online seminar in Moscow on May 18.
The bilateral trade in the first 10 months of last yearhit 10.34 billion USD, a year-on-year rise of 17.98 percent, according to Dr.Vu Thuy Trang, Director of the Centre for Russian and CIS Studies at the Institutefor European Studies under the Vietnam Academy of Social Sciences.
The seminar, which brought together more than 20Vietnamese and Russian scholars, looked into trade and investment cooperationoutcomes between the two countries since the free trade agreement betweenVietnam and the Eurasian Economic Union (EAEU) came into force in October 2016.
The participants also pointed out limitations and proposedsolutions and recommendations for boosting the ties.
Many said Vietnam’s export revenue to the EAEU hasstill remained modest as compared with their potential.
Vietnam has signed an array of FTAs with countriesworldwide and posted marked economic growth, they said, noting that there are ampleroom for Vietnam and Russia to step up their economic and trade links. /.
Outgoing Russian Ambassador to Vietnam Konstantin Vnukov has expressed his positive impression of Vietnam and its people and shared his assessment of the prospects for developing the partnership between the two countries in the time to come.
Vietnam’s new leadership have recently been on the radar of Russian scholars and media, especially after Russian President Vladimir Putin had a phone call with the Party General Secretary Nguyen Phu Trong and sent his congratulations to newly-elected leaders of Vietnam.
The Vietnamese Veterans’ Association in Russia organised an ceremony in Moscow on April 30 to mark Vietnam’s 46th National Reunification Day and the association’s fifth founding anniversary.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
Trade between Vietnam and Russia in the first 10 months of last year hit 10.34 billion USD, a year-on-year rise of 17.98 percent. (Photo: VNA) 
