Russia seeks collaboration with Vietnamese businesses in tourism and fashion

During a meeting at the Eastern Economic Forum (EEF) in Ho Chi Minh City, Mr. Alexander Stuglev, Chairman of the Board of Directors and CEO of the Roscongress Fund, highlighted the various opportunities for Vietnamese businesses to engage with Russia. These opportunities include agriculture, tourism, textiles, as well as more traditional fields like energy. The Roscongress Foundation, founded in 2007 by Russian President Vladimir Putin, is responsible for organizing key economic events in Russia.

According to Mr. Stuglev, Russia and Vietnam have numerous promising sectors for cooperation, such as energy, transportation, construction, tourism, fashion, and information technology. He emphasized the high demand in Russia for agricultural investments and imports of agricultural products. There is also growth in the tourism industry, infrastructure construction, and garment consumption, all of which present opportunities for Vietnamese businesses.

For example, the Russian fashion market is expected to grow significantly, with substantial potential for Vietnamese textile and garment exports to Russia. In addition, Vietnam-Russia trade turnover reached $3.6 billion last year, with significant exports of coffee, electronics, seafood, and rubber from Vietnam. Meanwhile, Vietnam imports coal, fertilizer, seafood, meat, and other products from Russia.

The Roscongress Foundation CEO projects that bilateral trade between Vietnam and Russia could reach $15-20 billion in the future, driven by the growing opportunities for cooperation. The Vietnam Textile and Apparel Association has identified Russia as a major market, with efforts to promote and expand their presence in the country. TH Group, a Vietnamese agricultural investor, has seen success in Russia with large-scale dairy farming projects.

Since the signing of the Free Trade Agreement between Vietnam and the Eurasian Economic Union (of which Russia is a member) in 2016, trade between the two countries has been on the rise. The Roscongress Foundation aims to encourage further investment in Russia, particularly in sectors like agriculture, tourism, and textiles. The meeting in Ho Chi Minh City was part of a series of international business activities aiming to foster cooperation and economic growth between countries.