Vietnam and Russia Seek Stronger Shift in Economic and Trade Cooperation

Vietnam and Russia are seeking a stronger shift in economic and trade cooperation, with both sides saying their economies have complementary potential and strengths.

General Secretary and President To Lam met Russian Prime Minister Mikhail Mishustin in Moscow on Sept. 8 during To Lam’s state visit. Vietnam’s Foreign Ministry described the talks as taking place in a friendly, sincere and trusting atmosphere. Mishustin said he believed the visit would create a turning point in bilateral cooperation in the period ahead.

The two sides reviewed progress in trade, investment, science and technology, education and training, people-to-people exchanges and tourism. They said difficulties previously raised by their leaders had begun to be addressed and agreed to make better use of existing bilateral mechanisms while studying new mechanisms and specialized working groups.

To Lam and Mishustin agreed that economic and trade cooperation needed a stronger transformation. They called for conditions that would allow companies from both countries to do business and invest more easily, while promoting business-to-business connections. To Lam urged stronger and more balanced two-way investment. Vietnam encouraged companies to invest in Russian agriculture, following the success of the TH Group, while Russian companies were encouraged to invest in Vietnamese industry.

To Lam asked the Russian government to direct relevant agencies to continue resolving problems affecting trade, investment and business cooperation. He specifically cited tariffs, quotas, transport, logistics and market access, as well as the need to expand Vietnam’s commercial presence in Russia. He also asked Russia to encourage other members of the Eurasian Economic Union to open their markets, remove trade barriers and eliminate threshold-based trade-defense measures against Vietnamese goods. Vietnam was the first country in the world to sign a free trade agreement with the EAEU, of which Russia is a member.

Mishustin stressed the importance of transport and logistics connections. He said the two sides should study ways to improve maritime, rail and multimodal transport, build stable supply chains and create conditions for expanded trade. The talks also included broader energy cooperation.