According to the Vietnam Trade Office in the Russian Federation, bilateral trade between Vietnam and Russia in 2024 reached USD 4.59 billion, marking a 26.4% increase compared to 2023.
Strong Growth in Both Exports and Imports
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Vietnam’s exports to Russia totaled USD 2.34 billion, up 34.5% year-on-year.
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Imports from Russia reached USD 2.25 billion, rising 19% over the previous year.
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Vietnam recorded a trade surplus of approximately USD 90.3 million with Russia in 2024.
This robust growth highlights the strengthening trade partnership between the two countries, driven by improved logistics connectivity, diversified export goods, and active participation of enterprises in both markets.
Key Contributing Factors
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Stable energy and commodity exchange: Russia continues to supply Vietnam with key energy products and raw materials.
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Rising demand for Vietnamese goods: Processed foods, agricultural products, textiles, and footwear saw increased sales in the Russian market.
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Enhanced cooperation mechanisms: The Vietnam–Eurasian Economic Union (EAEU) Free Trade Agreementcontinues to facilitate lower tariffs and smoother customs procedures.
Outlook for 2025
Trade experts forecast that Vietnam–Russia trade relations will maintain a positive growth trajectory in 2025, supported by:
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Continued optimization of the EAEU FTA framework;
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Strengthened cooperation in logistics, banking, and digital trade;
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Growing business linkages in agriculture, energy, and technology.