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Statistics from Vietnam Customs show that bilateral import-export turnover between Vietnam and the Russian Federation in 2018 was estimated at USD4.57 billion, an increase of 28.6% compared to 2017. Russian mainly exports food, automobiles, machines, steel and iron products to Vietnam.
In effect since October 2017, the EAEU Agreement is expected to be “catalysis” for the breakthrough of the Vietnam - Russia trade relationship. The two sides are working closely with each other to more efficiently implement the agreement, in order to increase the two-way trade turnover to USD10 billion by 2020. At present, Russia, as well as EAEU, is actively expanding trade and investment relations with the ASEAN Community in enhancing relationships in the Asia - Pacific region. Meanwhile, Vietnam is developing chains of production and consumption goods in this region.
According to the Foreign Investment Agency, in 2018, Russia had 8 new projects, one with increasing capital and 40 projects sharing capital with domestic businesses, with a registered capital of USD42.63 million, ranking 28 of 112 countries and territories with large amount of registered capital investing in Vietnam. So far, there have been 123 valid projects in Vietnam with registered capital of over USD932 million, the 24th highest among 130 countries and territories investing in Vietnam.
Meanwhile, Vietnam has invested 23 projects worth some USD2.9 billion in Russia, focusing on gas and oil, telecommunications, trade centers, agriculture, cow breeding and dairy products.
Over the past years, the two sides have put forth new projects relating to the building of a subway in Ho Chi Minh city and railway in Vietnam, and hotels in both countries. Meanwhile, TH Group is successfully realizing the huge project on raising cows and processing dairy products in Moscow, Kaluga and some Russian regions./.