Vietnam is increasingly regarded by Russian businesses as a key market in their strategy to expand their presence in Southeast Asia, with a focus not only on boosting exports but also on seeking investment opportunities, production cooperation, and the development of long-term projects.

This shift in strategy was highlighted at the Vietnam–Russia Business Networking Conference held on August 5 in Ho Chi Minh City.

The event was co-organized by the Vietnam Trade Promotion Agency (VIETRADE) under the Ministry of Industry and Trade, the Moscow Export Center (MEC), and the Moscow Industrial Export Support and Development Center (Mosprom).

According to Mr. Hoang Minh Chien, Deputy Director General of VIETRADE, bilateral trade turnover reached $4.77 billion in 2025, a 4% increase over the previous year. In the first four months of 2026 alone, two-way trade hit $1.72 billion, marking a significant 92% surge compared to the same period in 2025.

However, he noted that a trade volume of under $5 billion does not yet reflect the full potential of the relationship or the framework of the Comprehensive Strategic Partnership between the two nations.

The conference provided a platform for businesses to exchange needs, identify partners, and gradually establish specific cooperation projects through B2B matching sessions.

While previous promotion programs primarily focused on bringing Russian goods to foreign markets, Mosprom indicated that future efforts will shift toward promoting investment cooperation and production development with international partners like Vietnam.

Ms. Olga Vladimirovna Starikova, General Director of Mosprom, stated that Moscow is currently home to nearly 4,700 industrial enterprises. these firms operate in diverse sectors such as pharmaceuticals, medical equipment, electric vehicles, energy storage technology, e-wallets, radio electronics, and the food industry. These industries are prioritized in the city’s strategy to introduce industrial products to the global market.

"Trade and exports can only grow when the industrial sector develops. Therefore, we always consider industrial development as the foundation for trade growth," Ms. Starikova emphasized.

In addition to promoting exports, Mosprom supports attracting investment into Moscow through a "one-stop-shop" mechanism. This includes accompanying businesses through every stage, from site selection and production localization to support for international market expansion.

Enhanced market approach in Vietnam

According to Mr. Ilya Olegovich Koltygin, Chief Representative of the Russian Export Center (REC) in Vietnam, the country is a market of immense potential due to the growing scale and quality of its goods and services. However, he noted that it is also a highly competitive environment.

"Vietnam is developing rapidly and serves as a hub for numerous international brands. Russian companies must compete with brands from Asia, Europe, and many other nations here. The opportunities are vast, but success will depend on the adaptability of each individual Russian enterprise," he emphasized.

Mr. Ilya recommended that Russian businesses gain a deep understanding of local business culture and maintain maximum flexibility during negotiations with Vietnamese partners.

"Many Russian firms still apply business models familiar to their domestic market when working with Vietnam. While those methods aren't necessarily wrong, they are not the most effective way to build cooperative relationships here," he said.

Healthcare a promising sector

According to Mr. Ivan Sergeevich Gumnikov, Head of the Branch of the Trade Representation of the Russian Federation in HCM City, an increasing number of Russian companies are choosing Vietnam as a long-term base and a gateway for expansion into ASEAN.

"Many Russian enterprises are already operating in Ho Chi Minh City across sectors such as energy, aviation, logistics, agriculture, and industry, with the presence of firms like Zarubezhneft, Aeroflot, and Miratorg, along with various other transport and manufacturing groups," Mr. Gumnikov stated.

This indicates that the Russian business community views the city only as a location for long-term investment and development but also as a strategic gateway to the entire Southeast Asian region. He expressed hope that the list of Russian companies operating in the city will continue to grow following the conference, including the participants of the current event.

A new highlight of this working visit is the growing interest in pharmaceuticals and medical equipment. According to the General Director of Mosprom, following a meeting with the city's Department of Health, Moscow representatives identified this as a sector with significant cooperation potential.