Unlocking the potential of the Russian market: An opportunity for Vietnamese products to reach further

Along with Hanoi's efforts to promote and improve the investment environment, the prospect of Hanoi-Moscow bilateral trade growth is clearly expanding.

Discussion session on business development, foreign economic cooperation and investment. Photo: Thanh Nga

Trade flows are flourishing, and there is still plenty of room for cooperation.

On December 1, the Hanoi-Moscow Business Forum took place in Hanoi to celebrate the 75th anniversary of the establishment of Vietnam-Russia diplomatic relations , with the participation of leaders of the two capitals and a large number of business communities of the two countries.

At the discussion session on business development, foreign economic cooperation and investment within the framework of the Forum, representatives of the Vietnamese business community in the Russian Federation affirmed their readiness to act as a bridge to help Vietnamese goods penetrate deeper into the Russian market and the Eurasian Economic Union (EAEU). Along with Hanoi 's efforts to promote and improve the investment environment, the prospects for bilateral trade growth are clearly expanding.

Russian business representatives attend the Hanoi-Moscow Business Forum. Photo: Anh Minh

Speaking at the discussion, Mr. Le Truong Son, Chairman of the Association of Vietnamese Entrepreneurs in the Russian Federation, said that the Vietnamese business community in Russia has accumulated a lot of experience in distribution, logistics, quality standards and methods of approaching the local market. “There is no difficulty that cannot be overcome if we understand the Russian market, prepare thoroughly and have timely companionship,” he emphasized.

Mr. Son said that Vietnam is one of the few countries that has a free trade agreement with the EAEU, which helps nearly 90% of Vietnamese goods entering Russia to be exempted or given preferential tariffs. This is a prominent advantage compared to many countries exporting similar groups of goods. If domestic enterprises cooperate with the network of Vietnamese businessmen in Russia, Vietnamese goods can expand their presence in large distribution systems.

According to statistics, Vietnam-Russia trade turnover will reach 4.59 billion USD in 2024, an increase of 26% over the previous year. Many key Vietnamese commodity groups such as consumer goods, processed agricultural products, wood, components, and equipment recorded stable growth; while the demand for imports from Russia of raw materials, machinery, and energy continues to be maintained.

Experts say bilateral trade still has a lot of room for growth if both sides make good use of tax incentives in the EAEU, increase payments in local currencies and expand direct logistics routes to reduce transportation costs.

Hanoi proactively promotes trade and investment with Russia

Speaking at the opening ceremony of the Hanoi-Moscow Business Forum, Vice Chairman of the Hanoi People's Committee Nguyen Manh Quyen affirmed that Hanoi always attaches importance to and is ready to create the most favorable conditions for Russian enterprises to invest and do business in the capital. Hanoi is currently the national political-administrative center, one of the two largest economic locomotives in the country with synchronous infrastructure, a young workforce and a transparent and stable investment environment.

As a political and economic center, Hanoi is promoting activities to connect and support businesses of the two countries. In particular, the Hanoi Investment Promotion and Enterprise Support Center under the Hanoi Department of Finance and related departments and branches are taking on a key role in accompanying and supporting domestic and foreign businesses.

The center not only provides consultation and support on investment procedures, taxes, and finance, but also organizes trade promotion activities, connects Vietnamese and Russian enterprises, and creates favorable conditions for foreign investors to access the capital market. Thanks to that, enterprises, especially small and medium enterprises, can improve their competitiveness, effectively implement projects, and make the most of international cooperation opportunities, contributing to strengthening Hanoi's position as an attractive destination for bilateral investment.

These efforts contribute to making Hanoi an attractive destination for Russian businesses in the fields of industry, logistics, education, information technology and urban services.

Mr. Le Truong Son emphasized: "The Russian market is "more open than we think", and if there is close coordination between the government, domestic enterprises and the Vietnamese business community in Russia, Vietnamese goods can completely expand their market share."

Hanoi, as a leading city, is expected to continue to actively contribute to creating a favorable environment for businesses of the two countries to connect, invest and cooperate long-term.

With the foundation of 75 years of Vietnam-Russia friendship and the driving force from the business communities of the two countries, bilateral trade is expected to enter a new stage of development - deeper, more effective and sustainable.

The Moscow delegation led by Minister of the Moscow City Government, Director of the Moscow City Department of Foreign Economic Relations and International Relations Sergey Cheremin is on a working visit to Hanoi from November 29, 2025 to December 2, 2025. The visit takes place in the context that Vietnam and the Russian Federation have just upgraded their relations to the level of Comprehensive Strategic Partnership. At the same time, last May, during the working visit of the Hanoi city delegation to Moscow, Mr. Sergey Cheremin, Minister of the Moscow City Government, Director of the Moscow Department of Foreign Economic Relations and International Relations received and worked with leaders of the Hanoi People's Committee and attended the Hanoi Investment, Trade and Tourism Promotion Conference in Moscow.

THANH NGA

Source: https://nhandan.vn/khai-mo-tiem-nang-thi-truong-nga-co-hoi-de-hang-viet-vuon-xa-post927286.html