The Sverdlovsk Region (Russian Federation) – Vietnam Business Forum on modern industrial cooperation trends. Photo: Tuan Hung

The Sverdlovsk Region, one of Russia’s leading industrial centers, is expected to become a promising partner, contributing to the development of concrete and substantive cooperation projects between the two economies.

Speaking at the forum, Vice President of the Vietnam Chamber of Commerce and Industry, Mr. Hoang Quang Phong, emphasized: “Vietnam is currently the only comprehensive strategic partner of the Russian Federation in Southeast Asia. This high level of political and diplomatic trust provides a solid foundation and favorable conditions for the strong development of trade and investment relations between the two countries.”

According to him, bilateral economic relations have yet to fully match their potential. Although trade turnover has shown steady growth in recent years, it still falls short of the expectations of both governments, despite the Vietnam–EAEU Free Trade Agreement having been in force since October 5, 2016.

Mr. Hoang Quang Phong, Vice President of VCCI, speaks at the forum. Photo: Tuan Hung

He also noted that enterprises on both sides have not fully leveraged the advantages offered by the agreement to expand business activities. From this perspective, there remains significant room for cooperation, particularly in industry, processing, high technology, and logistics.

To enhance cooperation effectiveness, he suggested that both sides should capitalize on their roles as “gateways” to major regions. Vietnam and Russia can leverage their positions as entry points to Association of Southeast Asian Nations and the Eurasian Economic Union, respectively, while making better use of opportunities provided by the free trade agreement.

From a business perspective, he stressed that enterprises should be more proactive in seeking partnership opportunities through forums and actively utilizing the VN–EAEU FTA to achieve stronger results in 2026 and beyond.

He reaffirmed that VCCI will continue to act as a proactive bridge supporting the Vietnamese and international business communities, including Russia, and expressed confidence that with coordinated efforts from relevant authorities, bilateral economic cooperation will continue to expand.

Mr. Kharinov Vyacheslav Nikolaevich, Trade Representative of the Russian Federation in Vietnam, speaks at the forum. Photo: Tuan Hung

From the Russian side, Mr. Kharinov Vyacheslav Nikolaevich highlighted that industrial cooperation between the two countries is developing on a long-standing foundation of trust and mutual respect, and continues to be strengthened within the framework of their comprehensive strategic partnership.

He emphasized that inter-regional cooperation is playing an increasingly important role in advancing economic relations. Industrial regions in Russia, including Sverdlovsk, can serve as key drivers of industrial cooperation between the two sides.

In the current context, he noted, trade and economic cooperation between Russia and Southeast Asia is becoming increasingly significant, with Vietnam serving as a key partner in the region.

Potential areas of cooperation now extend beyond machinery manufacturing and industrial equipment production to include high technology, chemicals, and digital transformation.

Delegates attend the business forum. Photo: Tuan Hung

Notably, the VN–EAEU Free Trade Agreement has helped boost bilateral trade turnover to approximately USD 6 billion in 2025, with a target of reaching USD 15 billion in the coming years.

However, to fully capitalize on these opportunities, Mr. Nikolaevich suggested that both sides need to further improve financial and payment mechanisms to facilitate business cooperation.

Vietnamese enterprises and Sverdlovsk companies engage in B2B networking at the forum. Photo: Tuan Hung

From a regional cooperation perspective, he stated: “The Sverdlovsk Region has the potential to make significant contributions to the implementation of joint projects with Vietnam.”

With a solid political foundation, an established cooperation framework, and growing demand for collaboration in modern industrial sectors, enhanced connectivity between localities such as Sverdlovsk and Vietnam is expected to create new momentum, contributing to more substantive and effective bilateral economic relations in the coming period.

Vietnamese and Sverdlovsk enterprises exchange at B2B sessions during the forum. Photo: Tuan Hung