Trade between Russia and Vietnam has risen by 32%

In the first four months of 2018, the export-import turnover between the two countries reached $1.43 billion (31.83% over the same period of 2017), in which Vietnam’s exports to and imports from Russia stood around $756 million (up 23.54%), and $681 million (up 42.5%) respectively.

Vietnam mainly exports to Russia phones, garments, agro-aquatic products, and seafood while importing petroleum, steel, fertiliser, machines and other devices.

Trade between the two countries has grown strongly, especially under the context of the Vietnam -Eurasian Economic Union (EAEU) Free Trade Agreement (FTA) which took effect in October 2016. The implementation of the agreement is expected to create breakthroughs and make it possible for the bilateral trade to reach US$10 billion in 2020. The figure rose 31 per cent year-on-year to $3.55 billion in 2017.

Russia ranks the 22th among 177 countries and territories making investments in Vietnam, with 116 projects being effective and with total registered capital of around $990 million. Russia’s investment mostly focuses on the areas of petroleum, industry, manufacturing, energy, mining, transport, aquaculture and fishing.

Vietnam’s investment in Russia has made remarkable progress with investment capital increasing from over $100 million in 2008 to nearly $3 billion at present. The 23 investment projects concentrate in the areas of petroleum, commerce and agriculture, among others.

Read more: vietnamnews.vn