(VOVWORLD) -Vietnam and Russia still have significant potential for economic and trade cooperation, according to Russia’s Deputy Minister of Economic Development Vladimir Ilichev.
 The Central Technology Platform No. 3 of Bach Ho oil rig belonging to the Oil and Gas Exploitation Enterprise, a member unit of the Vietnam-Russia Joint Stock Company Vietsovpetro, was put into operation in 2003. Photo: Huy Hung /VNA
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In an interview on the eve of Russian Prime Minister Mikhail Mishustin’s official visit to Vietnam, Ilichev highlighted that two-way trade rose 8.3% in 2023 against the previous year and the upward trajectory continued into 2024, with the first ten months showing a 24% increase.
The economic partnership has evolved beyond traditional trade, with new multimodal logistics routes being established between the two nations.
Ilichev, who is also Vice Chairman of the Vietnam – Russia intergovernmental committee for cooperation in economy, trade and science and technology, stressed the stable recovery of their trade in services, elaborating that Russian tourist arrivals to Vietnam rose nearly 85% in late 2024. Similarly, the number of Vietnamese visitors to Russia has seen steady growth.
Furthermore, a nuclear science centre project in Vietnam is progressing as planned, and Vietnamese dairy giant TH True Milk is expanding its footprint in Russia with manufacturing facilities in Moscow, Kaluga and Primorsky.
Ilichev added that Russian enterprises stand ready to support Vietnam in developing green energy and transportation, including projects in the areas of nuclear energy, wind energy and hydropower.