The Evolution of Trade Figures Between Vietnam and Russia

Many businesses have successfully taken their brands global, serving as a testament to Vietnam’s national branding. VOV’s correspondent in Russia interviewed Mr. Duong Hoang Minh, Commercial Counsellor at the Embassy of Vietnam in the Russian Federation, on this topic.

VOV: Sir, since the beginning of the year, Vietnam-Russia trade cooperation and Vietnam’s export situation to the Russian market have shown positive signals. Could you please provide specific information about this?

Mr. Duong Hoang Minh: It can be said that in this year, 2024, Vietnam-Russia trade cooperation has witnessed very positive developments. The trade turnover between Vietnam and Russia in the first three quarters reached USD 3.52 billion, up 41% over the same period last year. This is an impressive figure, with Vietnam’s exports to Russia reaching USD 1.78 billion, up 51% compared to the first nine months of last year. Conversely, Russia’s exports to Vietnam also reached USD 1.74 billion, up 32% year-on-year.

Among these, several Vietnamese export items with high turnover include textiles and garments, which reached USD 616 million in the past nine months, up 120% year-on-year; coffee, which reached USD 236 million, up 29%; and seafood, which reached USD 165 million, doubling that of the same period last year. These contribute to the overall economic and trade cooperation between the two countries. Agricultural, forestry, and aquatic products, as well as textiles and garments, account for over 70% of Vietnam’s exports to Russia.

VOV: Could you please share the factors that have contributed to the growth in trade turnover between Vietnam and Russia since the beginning of the year?

Mr. Duong Hoang Minh: There are several reasons for this. Firstly, the previous challenges we faced regarding payments and transportation are now being gradually resolved. Secondly, an essential factor is that Vietnamese businesses are focusing on and boosting trade promotion activities in the Russian market. Since last year, when the Embassy of Vietnam collaborated with the Trade Promotion Agency of the Ministry of Industry and Trade to organize the “High-Quality Vietnamese Goods” exhibition at the Hanoi-Moscow Trade Complex, a very positive effect has been created. This year, numerous Vietnamese delegations have visited Russia to explore the market.

Especially in September, a delegation of 50 Vietnamese businesses participated in the International Food and Beverage Exhibition in Russia. In parallel, a delegation of enterprises carried out trade exchanges with Russian enterprises. This November, a delegation of enterprises from the Vietnam Consumer Association and the Hanoi Business Association will also organize a trade promotion delegation to Russia. These factors have significantly contributed to promoting trade between the two countries, thereby increasing the import and export turnover between Vietnam and Russia in the past time.

VOV: Thus, the Russian market has a certain attraction for Vietnamese enterprises. Many Vietnamese businesses have tried to build their brands over time. Building a brand is already challenging, but protecting and maintaining it is even more difficult. Taking the brand global is a testament to Vietnam’s national branding. Unfortunately, some enterprises have encountered issues with counterfeiting and imitation when introducing their products abroad. Do you have any advice for businesses in this regard?

Mr. Duong Hoang Minh: Firstly, enterprises must register for trademark protection in foreign markets. Secondly, it is advisable to have a presence, either by establishing a company or a representative office, to manage business activities in the market, thereby preventing or combating counterfeiting and imitation of products in the local market. Thirdly, if any problems arise, enterprises should closely coordinate with the Embassy and the Commercial Office of Vietnam in foreign countries to jointly protect Vietnamese branded products in the foreign market.

VOV: Thank you, sir.