Vietnam and Russia have set a target of raising two-way trade turnover to $10 billion by 2025, according to the Ministry of Industry and Trade (MoIT).

Bilateral trade cooperation between the two countries has grown strongly after the free trade agreement between Vietnam and Eurasian Economic Union (Vietnam-EAEU FTA) took effect in 2016.

Two-way trade increased at an average of 15 per cent each year in the 2016-2021 period to $5.5 billion in 2021.

It fell, however, to $3.55 billion in 2022.

Vietnam chiefly exports phones and components, computers, electronic products, farm produce, seafood, garments and textiles, and footwear to Russia.

As of March this year, Russia had 171 valid investment projects in Vietnam with total registered capital of $970 million, mostly in mining, services, and manufacturing and processing.

Meanwhile, Vietnam has 17 valid projects with capital of more than $1.6 billion in Russia, accounting for 7 per cent of its overseas investment.

At the recent Vietnam-Russia Business Forum, Deputy Director of the Industrial Department at MoIT, Pham Tuan Anh, said the results posted over recent years remain modest compared to the friendship and potential of the two countries, particularly in green production.

By 2035, Vietnam targets environmentally-friendly industrial development and green industry, focusing on sectors with advanced technology to manufacture products of high quality and high value, meeting standards in developed countries and more deeply joining global value chains.

Many analysts anticipate that growth in economic ties between the two countries will continue into the future.