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.
A factory of the Garment 10 Corporation in Hanoi (Photo: VNA)Moscow Deputy Mayor for economic policy Vladimir Efimov said his city’s non-energy and non-natural resource exports to Vietnam increased 7 folds from 2020, accounting for 97 percent of the total shipments to the Southeast Asian nation.
The non-fuel exports surged to 533.3 million USD in 2021 from 76.79 million USD in 2020, with mechanical, electrical, and communication equipment making up a large proportion.
Vietnam is one of the important partners of Russia in the Asia-Pacific, the official noted.
Alexander Prokhorov, Director of the Moscow Department for Investment and Industrial Policy, pointed out that 93.3 percent of Moscow’s exports to Vietnam 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 29.05 billion USD, and optical and medical products 2.5 to over 9 million USD.
The Russian capital’s agricultural exports to Vietnam have been on the rise, up 9.1 percent year on year to 35.5 million USD in 2021, Prokhorov added.
The portal cited experts from the Mosprom Centre at the city’s Department for Investment and Industrial Policy as forecasting that in the next five years, Vietnam will become one of the most dynamic markets in the Asia-Pacific. They also said the signing of the free trade agreement (FTA) between Vietnam 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 Ambassador to 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 between the two countries doubled to approximate 5 billion USD in 2020, with Vietnam posting a surplus of nearly 1 billion USD. The figure stood at 4.7 billion USD in the first nine months of 2021, rising over 16 percent year on year, according to the diplomat./.
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