Russian Prime Minister concludes official visit to Vietnam

On the afternoon of January 15, Russian Prime Minister Federation M.V. Mishustin left Hanoi, successfully ending his official visit to Vietnam at the invitation of Prime Minister Pham Minh Chinh.

Overview of Russian Prime Minister Mishustin’s visit to Vietnam

In response to an invitation extended by the Prime Minister of the Socialist Republic of Vietnam, M. V. Mishustin, the Prime Minister of the Russian Federation, undertook an official visit to the Socialist Republic of Vietnam from January 14 to 15, 2025. This visit occurred as both nations geared up to commemorate the 75th anniversary of their diplomatic relations, which were established on January 30, 1950.

In Hanoi, Prime Minister M. V. Mishustin conducted a courtesy visit to the General Secretary of the Central Committee of the Communist Party of Vietnam, To Lam, and President Luong Cuong. He engaged in discussions with Prime Minister Pham Minh Chinh and met with the Chairman of the National Assembly, Tran Thanh Man. Additionally, Prime Minister M. V. Mishustin paid tribute by laying flowers at the Monument to Heroes and Martyrs and visited the Mausoleum of President Ho Chi Minh.

The Prime Minister of Vietnam, Pham Minh Chinh, and the Prime Minister of Russia, M. V. Mishustin, presided over a meeting with representative enterprises from both nations.

Bilateral cooperation between Vietnam and Russia

As of November 2024, Russia has 199 investment projects in Vietnam with a total capital of about US$990 million, ranking 26th among the 147 countries and regions investing in Vietnam.

Vietnam has 16 effective investment projects in Russia with a total capital of US$1.6 billion, ranking fourth among the 81 countries and regions investing in Russia. Bilateral trade volume increased from US$3.63 billion in 2023 to US$4.57 billion last year.

Vietnam’s main exports to Russia include seafood, vegetables, fruits, nuts, coffee, tea, pepper, rice, handicrafts, rubber, wooden furniture, shoes, and electronic products. It imports a large amount of wheat, fertilizers, oil and chemicals, pharmaceutical products, steel, and heavy machinery from Russia.

Vladimir Ilichev, Deputy Minister of Economic Development of the Russian Federation and Vice Chairman of the Russian Subcommittee of the Vietnam-Russia Intergovernmental Commission on Economic-Trade and Scientific-Technical Cooperation expressed strong confidence in the successful adaptation to new circumstances and the revival of robust trade and economic relations between Russia and Vietnam. In terms of specific goods, Russia continues to be a leading source of imports into Vietnam; notably, it ranks as the second largest supplier of pork to Vietnam, following Brazil. As reported for the first eleven months of 2024, Russian pork constituted 29.8% of Vietnam’s total pork imports.

Furthermore, newly established multimodal logistics routes have been initiated between Russia and Vietnam, with ongoing enhancements through the introduction of additional services. The ports of Ho Chi Minh City and Hanoi have emerged as pivotal transport hubs for Russian firms seeking to distribute goods to other Southeast Asian nations, such as Malaysia and Thailand. Additionally, there is a growing proportion of transactions conducted in local currencies. The Vietnam-Russia Joint Venture Bank plays an active role in promoting bilateral trade using rubles and VND. Concurrently, enterprises from both Russia and Vietnam are exploring and implementing innovative, more resilient payment channels that remain unaffected by sanctions.

Also, the joint ventures between Vietnam and Russia continue to function successfully within Vietnam. A notable instance is the Vietsovpetro joint venture, which marked the extraction of 250 million tons of oil in 2024. Despite the challenges faced in 2022, the GAZ Group commenced the mass assembly of vehicles in Vietnam. Presently, cars produced through joint ventures in Vietnam are not only available for domestic sale but are also exported to adjacent nations, particularly Laos.

Lastly, numerous projects are currently underway in both Vietnam and Russia. For instance, the establishment of a Nuclear Science Center in Vietnam is proceeding according to schedule. In Russia, the TH True Milk dairy enterprise is in the process of constructing factories across three significant regions: Moscow, Kaluga, and Primorsky. Additionally, various initiatives within the energy sector are actively being implemented.

Results of the Russian Prime Minister’s visit to Vietnam

During his visit, Prime Minister Mishustin engaged in discussions with Vietnamese President Pham Minh Chinh and held meetings with prominent Vietnamese officials, including General Secretary of the Communist Party of Vietnam To Lin, President Luong Cuong, and Chairman of the National Assembly Tran Thanh Manh. Both parties reached a consensus to enhance the longstanding friendship and comprehensive strategic partnership between Vietnam and Russia. They emphasized the importance of strengthening exchanges and establishing a robust foundation for extensive collaboration across various sectors, particularly in economy, trade, investment, energy and oil, education, culture, tourism, science and technology, and local partnerships.

Both parties recognized the positive growth of bilateral trade in recent years; however, significant potential remains for further advancement. They concurred that it is essential to implement breakthrough measures aimed at enhancing two-way trade by utilizing the free trade agreement established between Vietnam and the Eurasian Economic Union, of which Russia is a member. Additionally, both sides emphasized the necessity of fostering favorable conditions that would allow common goods, including agricultural products and medicines, to access each other’s markets.

The leaders of both nations presented an overview of their respective countries and established several significant pathways to enhance the longstanding friendship and comprehensive strategic partnership between Vietnam and Russia. Notably, the two parties concurred on the importance of intensifying dialogue, reinforcing political mutual trust, and fostering interactions and exchanges among delegations across all levels and channels. This will serve as a foundation for the robust development of bilateral cooperation, particularly in the areas of economy and trade, investment, energy and oil, education and training, culture, tourism, science and technology, and local collaboration.

The leaders of both nations presented an overview of their respective countries and established several significant pathways to enhance the longstanding friendship and comprehensive strategic partnership between Vietnam and Russia. Notably, the two parties concurred on the importance of intensifying dialogue, reinforcing political mutual trust, and fostering interactions and exchanges among delegations across all levels and channels. This will serve as a foundation for the robust development of bilateral cooperation, particularly in the areas of economy and trade, investment, energy and oil, education and training, culture, tourism, science and technology, and local collaboration.

Recent trends indicate a positive growth in trade volume between the two parties; however, significant opportunities for enhancement remain. Both sides have reached an agreement to pursue innovative solutions aimed at fostering reciprocal trade. This includes the effective implementation of the free trade agreement between Vietnam and the Eurasian Economic Union, of which Russia is a member. Furthermore, they will continue to explore opportunities and establish conditions that facilitate access to each other’s goods, particularly in the sectors of agricultural products and pharmaceuticals.

The two prime ministers executed a joint communiqué detailing the outcomes of Russia’s official visit to Vietnam and observed the signing of several cooperation agreements across various sectors, including science, information and communication, and culture. Both parties actively engaged in the Vietnam-Russia High-level Economic Dialogue, which included representatives from prominent Vietnamese and Russian enterprises.

Sources: Various sources