SCO and BRICS: Russia-Vietnam: Export Potential Grows
4 December 2018

In Hanoi at the Russian-Vietnamese talks, with the participation of the Chairman of the Government of the Russian Federation, Dmitri Medvedev, in addition to projects in the energy sector, the topic for discussion was the acceleration of obtaining permits for the supply of agricultural products. The issue is more than relevant: earlier in Vietnam they announced their intention to introduce phytosanitary restrictions on the supply of wheat, one of the main Russian export goods to this country.

 

During the meeting with the Vietnamese Prime Minister, Dmitri Medvedev noted the need to diversify mutual trade, increase the share of high-tech products, and expand the use of national currencies in foreign trade operations between the two countries. Dmitri Medvedev pointed out the need to speed up the process of obtaining permits for the supply of agricultural products, and also said that both countries will create favorable conditions for new energy projects involving, on the Russian side, Gazprom, Rosneft, Zarubezhneft, and PetroVietnam from the Vietnamese side.

 

Vietnamese Prime Minister, Nguyen Suan Fook, in turn, announced his readiness to achieve a trade turnover of 10 billion dollars between Russia and Vietnam by 2020 by increasing the supply of agricultural products and seafood, as well as the implementation of major investment projects in the oil and gas industry, agriculture, and creation of transport infrastructure. Following the talks, a feasibility study was approved for the establishment in Vietnam, together with Rosatom, of the Center for Nuclear Science and Technology, in pursuance of the memorandum signed in June 2017.

 

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In 2017, the trade turnover between Russia and Vietnam amounted to $3.55 billion, which is 31% more than a year earlier. For 9 months of 2018, turnover increased to 3.45 billion dollars, which is 38% more compared to the same period last year.

 

It should also be noted that Vietnam has applied for participation in the SCO as an observer state.

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