Hanoi (VNA) – Vietnam-Russia economicand trade relations have been growing continuously over the past years,according to the Ministry of Industry and Trade (MoIT).

Vietnam and Russia established a strategicpartnership in 2001 and upgraded it to the level of comprehensive strategicpartnership in 2012.

Bilateral trade enjoyed a strong surge as the Eurasian Economic Union(EAEU)-Vietnam Free Trade Agreement (FTA) took effect in October 2016. Theeffective implementation of the FTA is expected to help the two nations realisethe target of 10 billion USD in two-way trade in the coming time.

In 2018, theVietnam-Russia trade value hit 4.57 billion USD, a year-on-year jump of 28.63percent, said Ta Hoang Linh, Director of the MoIT’s European-American MarketDepartment.

Vietnam’sexport turnover to Russia exceeded 2.44 billion USD, a rise of 12.81 percentagainst the same period last year, while Vietnam imported goods worth 2.1billion USD from the European nation in the year, up 53.38 percent.

In the firstfour months of 2019, Vietnam-Russia trade revenues reached 1.52 billion USD,rising 5.92 percent compared to the same period last year.

Russiacurrently accounts for more than 90 percent of EAEU-Vietnam trade revenues.Vietnam’s major export items to Russia included electronic products,garment-textiles, footwear, aquatic products and coffee, among others.

According tothe Vietnam Textile & Apparel Association, Russia is a promising market forVietnamese garment-textile exporters. However, Vietnamese firms should conductthorough market research to determine potential and demands of their partners,and frequently be in touch to maintain connections.

They are alsoadvised to prepare business methods that are suitable in the modern context andwork to ensure product quality and improvements, as well as brand building andtrademark registration in the market.

At present, Russia ranks 24th among 129countries and territories investing in Vietnam with 123 projects with total registeredcapital of over 932 million USD, mainly focusing on oil and gas, and energyindustries.

Vietnam has run more than 20 projects inRussia with total capital of nearly 3 billion USD, notably TH Group’s dairy farmswith registered capital of 2.7 billion USD.-VNA