Vietnam - Russia towards 10 billion USD in agricultural trade

Russia

Vietnam

Published Nov 24, 2021

Tridge summary

This is a meaningful activity to promote cooperation in agriculture and welcome the official visit of President Nguyen Xuan Phuc to the Russian Federation in the near future; At the same time, it aims to connect businesses of the two countries, promote trade and increase agricultural turnover, towards the goal of total turnover of 10 billion USD that the two countries are striving for. According to the Ministry of Agriculture and Rural Development, the value of two-way trade between Vietnam and Russia before 2018 usually reached around 500 million USD/year.

Original content

However, from 2018 to now, it has grown strongly, always reaching around 900 million USD/year and is quite balanced between the two countries. At the forum, experts made an assessment that, although Vietnam is ranked No. 1 in Southeast Asia in terms of trade turnover with the Russian Federation, the trade in agricultural products between the two sides is still low compared to that of the Russian Federation. expected. In order to improve bilateral agricultural trade turnover in the coming time, it is necessary to further promote trade in agriculture, forestry and fishery to take advantage of comparative advantages and products that are strengths of each side. According to Vietnamese Ambassador to the Russian Federation Dang Minh Khoi, businesses of the two countries need to be more proactive in trade promotion activities, understand the market as well as find business partners, actively participate in trade promotion activities. specialized exhibitions and fairs; continue to ...

Source: Sggp