MOSCOW TIME: 05.12.2019 23:35:03

Export/Import

Vietnam-Russia Bilateral Ties Deepen, Boost Investment

Vietnam-Russia Bilateral Ties Deepen, Boost Investment

Russia was one of the first countries to establish diplomatic relations with Vietnam, laying the groundwork for a strong bilateral and economic relationship between the countries.

Vietnam and Russia set up a strategic partnership back in 2001 and elevated this relationship to a comprehensive strategic partnership in 2012 paving the way for increasing economic ties.

The Vietnam-Eurasian Economic Union Free Trade Agreement (EAEU) which took effect in October 2016 lifted trade and economic ties to a new level. Last year, the trade turnover between the two countries increased by 28.6 percent year-on-year while exports from Russia to Vietnam more than doubled.

The total export value to Vietnam reached US$2.1 billion while Vietnam’s exports to Russia topped US$2.44 billion – up 12.8 percent year-on-year.

In the first four months of this year, the trade turnover was worth US$1.52 billion up by 5.92 percent year-on-year.Leaders in both countries are aiming to achieve US$10 billion in bilateral trade by 2020.

While Vietnam and Russia are far apart geographically, there are increasing business opportunities between the two.

More: www.vietnam-briefing.com

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Russia Vietnam Trade Turnover

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