VN, Russia seek to expand modern industrial cooperation

VN, Russia seek to expand modern industrial cooperation

The free trade agreement between Việt Nam and the Eurasian Economic Union has helped boost bilateral trade to around US$6 billion in 2025, with both sides aiming to raise the figure to $15 billion in the coming years.

Business representatives at the Sverdlovsk Region (Russia) – Vietnam Business Forum. — Photo baochinhphu.vn

Businesses from Việt Nam and Russia are seeking to expand cooperation in modern industry, with Russia’s Sverdlovsk region emerging as a potential partner for deeper economic collaboration.

The prospects were discussed at the Sverdlovsk Region (Russia) – Vietnam Business Forum on trends in modern industrial cooperation, held in Hà Nội on April 8.

Speaking at the forum, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Hoàng Quang Phòng said Việt Nam is currently Russia’s only comprehensive strategic partner in Southeast Asia. The strong political relationship between the two countries provides a favourable foundation for expanding trade and investment ties.

However, he noted that bilateral economic relations have yet to fully reflect their potential. Although trade turnover has increased in recent years, the scale of economic cooperation remains below the expectations of both governments despite the free trade agreement between Việt Nam and the Eurasian Economic Union (VN–EAEU FTA), which took effect on October 5, 2016.

According to Phòng, businesses from both sides have not fully taken advantage of the opportunities offered by the agreement. As a result, significant room remains to expand cooperation, particularly in manufacturing, processing industries, high technology and logistics.

He said both sides should make better use of their positions as gateways to major economic regions. Việt Nam can serve as a gateway to ASEAN markets, while Russia connects to the Eurasian Economic Union, creating opportunities for businesses to expand trade and investment.

Phòng also called on enterprises to take a more proactive role in seeking business partnerships through forums and networking activities while making greater use of the VN–EAEU FTA to boost cooperation in 2026 and beyond.

He reaffirmed that VCCI will continue to act as a bridge supporting cooperation between Vietnamese and international businesses, including those from Russia, and expressed confidence that bilateral economic relations will expand further with stronger coordination among relevant agencies.

From the Russian side, Kharinov Vyacheslav Nikolaevich, Russia’s trade representative in Việt Nam, said industrial cooperation between the two countries has developed on the basis of long-standing relations built on trust and mutual respect.

He noted that regional cooperation is playing an increasingly important role in strengthening economic ties, with Russian industrial regions such as Sverdlovsk able to serve as key drivers for bilateral industrial collaboration.

In the current context, economic and trade cooperation between Russia and Southeast Asia is becoming increasingly significant, he said, adding that Việt Nam remains a key partner in the region.

Potential areas for cooperation include machinery manufacturing, industrial equipment production, high technology, chemicals and digital transformation.

However, Nikolaevich said further improvements in financial and payment mechanisms will be needed to facilitate business cooperation and fully tap the opportunities offered by the agreement.

He also highlighted the role of regional linkages, noting that Sverdlovsk region has the potential to contribute significantly to the implementation of joint projects with Việt Nam. 

Bizhub