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Moscow’s trade with Vietnam rises 36 percent last year

Moscow’s trade with Vietnam reached 3.9 billion USD in 2021, up 36 percent from the previous year, according to statistics released by the Russian capital’s portal on March 2.
Moscow’s trade with Vietnam rises 36 percent last year ảnh 1A factory of the Garment 10 Corporation in Hanoi (Photo: VNA)
Moscow (VNA) – Moscow’s trade with Vietnam reached3.9 billion USD in 2021, up 36 percent from the previous year, according tostatistics released by the Russian capital’s portal on March 2.

Moscow Deputy Mayor for economic policy Vladimir Efimovsaid his city’s non-energy and non-natural resource exports to Vietnam increased7 folds from 2020, accounting for 97 percent of the total shipments to the SoutheastAsian nation.

The non-fuel exports surged to 533.3 million USD in 2021 from76.79 million USD in 2020, with mechanical, electrical, and communicationequipment making up a large proportion.

Vietnam is one of the important partners of Russia in theAsia-Pacific, the official noted.

Alexander Prokhorov, Director of the Moscow Department for Investmentand Industrial Policy, pointed out that 93.3 percent of Moscow’s exports toVietnam is manufactured products, worth 497.76 million USD last year.

The export value of mechanical devices also shot up 21 folds to 94.53 million USD, electrical and communication equipment 7.8 to 29.05billion USD, and optical and medical products 2.5 to over 9 million USD.

The Russian capital’s agricultural exports to Vietnam have beenon the rise, up 9.1 percent year on year to 35.5 million USD in 2021, Prokhorovadded.

The portal cited experts from the Mosprom Centre at the city’sDepartment for Investment and Industrial Policy as forecasting that in the nextfive years, Vietnam will become one of the most dynamic markets in theAsia-Pacific. They also said the signing of the free trade agreement (FTA) betweenVietnam and the Eurasian Economic Union (EAEU), of which Russia is a member,has created favourable conditions for bilateral trade.

During a recent interview granted to the media, Vietnamese Ambassadorto Russia Dang Minh Khoi said the countries have recorded great strides in economic,trade, and investment links.

Five years after the Vietnam - EAEU FTA was signed, trade betweenthe two countries doubled to approximate 5 billion USD in 2020, with Vietnamposting a surplus of nearly 1 billion USD. The figure stood at 4.7 billion USDin the first nine months of 2021, rising over 16 percent year on year,according to the diplomat./.
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