The Port of Vladivostok in the Far East region of Russia. (Photo: AFP/VNA)

Although the Far East is not a large market with a population of about 8.2 million, its trade turnover with the world is high, Thanh said, suggesting Vietnamese businesses consider increasing the export volume of key products to that market, such as farm produce, processed food, consumer goods, garment and textiles, footwear, electrical and electronic products, equipment and machinery.

In the last ten years, bilateral trade between Vietnam and the Far East has grown significantly, from less than 60 million USD in 2015 to nearly 300 million USD in 2023, he said.

He attributed the growth to efforts of the both sides' import-export business community, plus with the effectiveness of the Vietnam - Eurasian Economic Union (EAEU) Free Trade Agreement and maritime transport routes connecting Vladivostok port to Vietnam's ports, intermodal railway route from Vietnam's Gia Lam station to Chita station in Zabaykalsky Krai, Russia, via China.

Regarding economic and investment cooperation, Vietnam’s TH True Milk Group is building a grass growing farm and a milk processing plant in Yakovlev district in Primorie. With a total investment of up to 270 million USD, it is a symbol of economic and investment cooperation between the two sides.

TH True Milk’s project has been granted 15,000 ha and recognised as a member of the Mikhailovski priority development area.

Thanh said his office has been supporting Vietnamese businesses in seeking cooperation opportunities in the Far East in such fields as civil construction and industrial construction in major cities in the Far East, coal mining in South Sakhalin, fish and fishmeal processing in Kamchatka, wood processing in Khabarovsk, shipbuilding and ship repair in Bolsoi Kamen.

He said he expects that those cooperation projects will soon be realised, and more Vietnamese businesses will see the Far East as a potential investment destination and expand their operations in Russia and the Asia-Pacific region.

He hoped that the coming visit to Vietnam by Russian President Vladimir Putin will open connection channels on information between the two sides' enterprises, travel for businessmen and tourists, especially air routes linking the countries' localities, and help remove difficulties in payment – a pending barrier in promoting Vietnam-Far East economic, trade and investment ties.