Encouraging rise in relations with Russia

Russia has ventures in Vietnam across oil and gas, agriculture, and more

- By Hara Nguyen

Russia has ventures in Vietnam across oil and gas, agriculture, and more

Vietnam and Russia are entering a new phase of economic cooperation, with energy emerging once again as the central pillar while broader industrial partnerships gain traction.

At the Vietnam-Russia Business Forum held in Hanoi last week, fresh momentum was building for bilateral cooperation, with energy once again taking centre stage while broader industrial collaboration is gaining renewed attention.

Officials and business leaders from both sides highlighted not only longstanding ties but also concrete plans to unlock new investment opportunities, particularly by better leveraging the Vietnam-Eurasian Economic Union (EAEU) Free Trade Agreement.

Aleksandrin Oleg Sergeevich, Deputy Minister of International and Foreign Economic Relations of Sverdlovsk Region, stated that Russian enterprises in the energy and oil and gas sectors are ready to move forward with specific cooperation proposals for Vietnam.

"Energy continues to be a pillar of bilateral cooperation, and Vietnam and Russia share a longstanding traditional friendship built over generations," he said.

Cooperation between Sverdlovsk and Vietnam has continued to deepen, particularly in industry, energy and technology. With annual exports exceeding $9 billion and trade links spanning more than 140 countries, the Russian region holds strong potential to become a strategic partner for Vietnamese businesses.