A webinar aiming to bolster trade between Vietnam and Russia was held on October 15.

The event was jointly organised by the Department of Trade Promotion (Vietrade) at the Ministry of Industry and Trade, the Trade Office at the Embassy of Vietnam in Russia in collaboration with the Russian Embassy in Vietnam, the Chambers of Commerce and Industry of Saint-Petersburg and Primorsky Krai.

It drew representatives of more than 30 Vietnamese firms and nearly 80 Russian ones in industrial-agriculture, pharmaceutical industry and cosmetics, exports-imports, transport-logistics, e-commerce and legal consultancy, among others.

In his remarks, Vietrade Deputy Director General Le Hoang Tai affirmed that cooperation in economy, trade and investment between Vietnam and Russia has made strides over the years.

Vietnam is an important partner of Russia in Southeast Asia as bilateral trade makes up about one third of the total ASEAN-Russia trade value.

Vietnam has poured nearly US$3 billion in 22 projects in Russia, especially those in oil and gas, dairy farming and the Hanoi-Moscow multipurpose trade centre. More than 200 small- and medium-sized enterprises are operating in the East Asian nation.

Meanwhile, Russia ranks 24th among 129 countries and territories investing in Vietnam. Russia had channelled close to US$1 billion into Vietnam as of last October.

Given that the two economies are supplementary, bilateral trade value still remains modest compared to the countries’ potential, Tai noted.

In the face of the negative impact brought by COVID-19 to global economic cooperation and trade, Vietnam has emerged as a destination for foreign businesses and investors. Therefore, enhancing economic cooperation, trade and investment between Vietnam and Russia in such context holds significant meaning, together with incentives on technology transfer, in helping raise Vietnam’s technology level and production capacity, he added.

During the webinar, the Russian side spoke highly of the Vietnamese market’s potential and the implementation of the Vietnam-Eurasian Economic Union Free Trade Agreement.

Vietnam earned US$2.2 billion from exports to Russia in the first nine months of this year, up 3.8%. Shipments of fisheries, fruits and electronic components expanded in the period.

Vietnam imported goods worth US$1.5 billion from Russia in nine months, a rise of 14%.