Vietnam, Russia seek stronger industrial cooperation to achieve $10bn trade target

The Vietnam-Russia Trade Connectivity Conference 2026 brought together hundreds of businesses and trade promotion organizations from both countries.

The event was jointly organized by the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, the Moscow Export Center, and the Moscow Industrial Export Support and Development Center.

During the conference, Moscow introduced its investment incentives, high-tech industrial clusters, and one-stop support mechanism to encourage Vietnamese companies to expand into the Russian market.

Addressing the conference, Hoang Minh Chien, deputy director of the Vietnam Trade Promotion Agency, said 2025 marked the 75th anniversary of diplomatic relations between Vietnam and Russia.

Since the two countries established their comprehensive strategic partnership, bilateral economic and trade cooperation has continued to expand.

Bilateral trade reached $4.77 billion in 2025, up four percent from the previous year.

In the January-April period of 2026, two-way trade totaled $1.72 billion, soaring 92 percent year on year.

However, with bilateral trade still below $5 billion, these results have yet to match the potential of the relationship and cooperation between the two countries, Chien said.

He noted that the conference provided an opportunity for businesses from both countries to showcase their capabilities, exchange business needs, and identify new areas for cooperation.

Vo Thanh Tuan, vice-chairman of the Ho Chi Minh City Supporting Industries Association, said Vietnam and Russia are working toward a bilateral trade target of $10 billion.

As of early 2026, Russia had 220 investment projects in Vietnam with total registered capital of nearly $996 million, while Vietnam had around 18 investment projects in Russia worth approximately $1.64 billion.

According to Tuan, future cooperation should extend beyond import and export activities to include supply chain development, technology transfer, and manufacturing investment.

The Ho Chi Minh City Supporting Industries Association hopes to work with the Moscow Industrial Export Support and Development Center to develop suppliers for the supporting industries, promote cooperation in machinery, automation, digital transformation, food processing equipment, logistics, and help businesses from both sides integrate more deeply into each other's value chains, he said.

Speaking at the conference, Olga Vladimirovna Starikova, general director of the Moscow Industrial Export Support and Development Center, said the Moscow administration is focusing on attracting investment by encouraging foreign companies to localize production and establish joint ventures.

She said Moscow is particularly interested in expanding cooperation with Vietnam in pharmaceuticals and medical equipment and invited Vietnamese businesses to attend the Moscow Industrial Forum in October this year to explore partnership opportunities.

"One of our key priorities is to develop the investment potential of the capital. We therefore hope to attract Vietnamese companies to localize production in Moscow and establish joint ventures with international partners," Starikova said.

She added that the center currently operates a one-stop support mechanism offering preferential loans, investment credit, and export development assistance for both domestic and foreign businesses.

Priority sectors include pharmaceuticals, medical devices, electric vehicles, energy storage technologies, microelectronics, radio electronics, and the food industry.