Ho Chi Minh City Promotes Effective Vietnam-Russia Economic Cooperation Projects
	Russia and Vietnam: Soulmates From Across Borders

Unforgettable milestones

The event considered the first milestone in the development of bilateral relations was President Putin's official visit to Vietnam (March 2001) with the Joint Declaration on the Vietnam-Russia Strategic Partnership. Russia is the first country with which Vietnam signed a declaration to establish a strategic partnership.

More than a decade later, Vietnam-Russia relations have developed more comprehensively, creating a foundation for the two countries to elevate their relationship by establishing the Comprehensive Strategic Partnership framework in July 2012.

General Secretary Nguyen Phu Trong had a phone call with Russian President Vladimir Putin on March 26. Photo: VNA

This cooperation framework has created new momentum for Vietnam-Russia relations to increasingly develop in all fields Moreover, the vision of the Comprehensive Strategic Partnership to 2030 announced by the two countries on November 30, 2021, has important significance, creating new momentum for stronger cooperation.

In recent years, from politics, defense, security, trade and investment, energy to science and technology, education and health, all fields of cooperation have good development prospects. The two sides have similar views on many international and regional issues.

Most recently, on the sidelines of the Belt and Road Forum for International Cooperation (BRF) in October 2023, President Putin once again affirmed that Vietnam is one of the most important partners of the Russian Federation in the Asia region - Pacific.

Last March, in a phone call with President Putin, General Secretary Nguyen Phu Trong emphasized that Vietnam determines the comprehensive strategic partnership with the Russian Federation as one of the top priorities in its foreign policy.

Strengthening cooperation

For many years, the energy and oil and gas sectors have been considered a symbol of economic cooperation between Vietnam and the Russian Federation.

The potential for cooperation between the two countries in these fields is promising. Vietnam is in the stage of industrialization and modernization of the country.

The need for investment, construction and development of infrastructure, energy and electricity is huge. Recently, during a meeting on the sidelines of the 27th Saint-Petersburg International Economic Forum in Russia, representatives of the two countries continued to emphasize the "pillar" in oil, gas and energy cooperation with directions for green energy conversion, and sustainable development.

Despite the general difficulties of the world economic situation, over time, trade and investment cooperation between the two countries has continued to be strengthened.

The 24th meeting of the Vietnam-Russia Inter-governmental Committee on economic-trade, and scientific-technical cooperation, took place in April in Hanoi, gave many directions and solutions to overcome difficulties and seize opportunities in bilateral economic cooperation.

With the determination and efforts of the two countries, trade turnover in 2023 reached US$3.63 billion, an increase of 2.3% compared to 2022, aiming to recover as before Covid-19.

Party General Secretary Nguyen Phu Trong and President Vladimir Putin (Illustrative image)

In particular, joining the current general development trend of the world, green transformation, renewable energy, and digital economy are areas of interest and great demand for both countries.

Vietnam and the Russian Federation both focus on developing the digital economy, aiming to make it one of the main growth drivers, opening up great cooperation opportunities for the two countries in general and businesses in particular.

Recently, at a conference on the prospects of Vietnam-Russia digital economic cooperation held in Moscow, Vietnam Trade Counselor to the Russian Federation Duong Hoang Minh highlighted the opportunities of both nations.

"In recent years, the digital economy in Vietnam and the Russian Federation has developed strongly. The potential for cooperation between the two countries is also great. The two countries have a legal foundation, creating favorable conditions for developing the digital economy in the coming time," said the counselor.

The two countries always work together to overcome difficulties and challenges, take advantage of every opportunity and make efforts to develop economic cooperation.

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