A thematic session and the launch of a comprehensive report on Vietnam-Russia economic and trade ties took place at the St. Petersburg Chamber of Commerce and Industry on October 16, within the framework of the second Russia-Vietnam people-to-people diplomacy forum, the Vietnam News Agency reported from Moscow.
The report was jointly compiled by the Vietnam-Russia Knowledge Network, ANO Coordination Laboratory and the St. Petersburg Committee for External Relations. It examines the current state and prospects of economic and trade cooperation between the two countries.
The report focuses on how businesses operate rather than relying only on diplomatic assessments. Its authors seek ways to turn the two countries’ political goodwill and longstanding trust into practical economic cooperation. Beyond traditional sectors, Vietnam and Russia are seeking to expand cooperation in technology, clean energy and logistics as they adapt to changes in the global economy.
According to the report, the free trade agreement between Vietnam and the Eurasian Economic Union has provided an important impetus for bilateral trade growth. Despite volatility in international markets, goods flows between the two countries have remained relatively stable. The report notes positive results in agricultural products, food and processed industries.
To achieve more ambitious trade targets, the authors recommend that relevant authorities continue reviewing and removing technical barriers and harmonising technical standards. This would make it easier for businesses to access each other’s markets.
The report identifies major national-scale infrastructure projects as one driver of future economic cooperation. The two countries are advancing energy initiatives involving clean energy, civilian nuclear technology and liquefied natural gas supply infrastructure. The authors say these projects should strengthen energy security and support Vietnam’s digital economy.
Direct maritime routes linking major Vietnamese seaports with Russia’s Far East are already delivering positive results. Increased investment in warehouses and integrated logistics services is helping shorten transport times, reduce costs and make import-export operations more predictable.
Against the backdrop of rapid digital transformation in Southeast Asia, the report urges businesses to update their market access strategies in advance. The authors identify product localisation, centralised project management with locally based staff and deeper integration into domestic e-commerce ecosystems as factors that can strengthen competitiveness and support sustainable growth.
Speaking to Vietnam News Agency correspondents in Moscow, Anna Sitnyk, managing director and co-founder of ANO Coordination Laboratory, said the report shows a gap between the two countries’ trade ambitions and their current results.
Vietnam and Russia aim to raise bilateral trade to 15 billion USD by 2030. Current turnover stands at around 5 billion USD. Sitnyk said reaching the target would require annual trade growth of approximately 25%, which would be a serious challenge.
The report therefore examines the main obstacles in detail, including difficult issues that may require frank discussion, she added.
Sources: VietnamPlus / Vietnam News Agency
