MOSCOW TIME: 17.04.2024 00:43:07
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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