Vietnamese market offers attractive prospects for Russian exporters: Russian official

Budarina noted in her speech that Russia’s non-resource export to Vietnam grew by about 45% last year.

Also at the workshop that discussed prospects for import and export between the two nations, head of the Vietnam Commercial Affairs Office in Russia Duong Hoang Minh reviewed Vietnam’ growth in 2020 despite the COVID-19 pandemic.

The nation grew 2.9% last year and the number is projected to hit 7% this year.

According to Russia’s Federal Customs Service, in 2020, the two countries’ bilateral trade stood at US$5.7 billion, up 15% from 2019 and 50% from 2016. Russia’s export to Vietnam and Vietnam’s export to Russia hit US$1.6 billion and US$4 billion, increasing by 43% and 7% year-on-year, respectively.

Minh noted that with the implementation of the free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU), Russian firms are seeing an excellent chance for shipping goods to Vietnam as well as investing in production in the nation for exports to ASEAN member nations and to other markets that Vietnam has already secured FTAs with.