In the current context, Vietnam – Russia have many advantages and opportunities for economic and trade cooperation.

Vietnam and the Eurasian Economic Union, of which Russia is a member, signed a Free Trade Agreement in 2015. To date, most import and export goods between Vietnam and Russia have enjoyed 0% or very low import tax rates. This opens up huge opportunities for exporting goods.

Accordingly, in order to increase export turnover, it is necessary to study and have measures to encourage and support businesses to proactively promote trade. Businesses need to regularly update the situation, market trends, shopping and consumption habits of people, in order to deeply understand the local market, serving business development in Russia. For large businesses, with experience in doing business and having products with competitive advantages of Vietnam such as coffee, fruit, tea, pepper, etc., it is necessary to consider taking advantage of the incentives of the Free Trade Agreement, as well as investment incentives of Russia to invest in production in this market.

According to the General Department of Vietnam Customs, in the first two months of 2025, bilateral trade turnover between Vietnam and the Russian Federation reached 737.4 million USD, down 2% over the same period in 2024. Of which, exports reached 346.7 million USD, down 2%; imports reached 390.7 million USD, down 2%. The trade deficit with the Russian Federation reached about 44 million USD.

In the first two months of 2025, seafood products overcame the sharp decline in January and reached 29.4 million USD, a positive growth of 0.8%; tea reached 2.1 million USD (up 33.5%); wood and wood products reached 843 thousand USD (up nearly 60%); footwear of all kinds reached 2.06 million USD (up more than 304%)…

Notably, many items in the agricultural and raw agricultural products group continued to benefit from rising global prices, so although export volume decreased, the value decreased less, and in some cases increased. Typically, cashew nuts decreased by 52.6% in volume but decreased by 36% in value; rubber decreased by 32.7% in volume and 9.6% in value; pepper decreased by 16.2% in volume but increased by 53% in value; coffee decreased by 24.8% in volume but increased by 32% in value.