Trade turnover between the two countries has increased significantly in years of implementing the Free Trade Agreement between Vietnam and the Eurasian Economic Union (VN-EAEU FTA). Russian Ambassador to Vietnam Konstantin Vnukov said Vietnam and Russia are cooperating effectively in agriculture and oil and gas exploration and exploitation. In recent years, the export of farm produce between the two countries has increased sharply.
"Vietnam and Russia are targeting 10 billion USD in trade in 2020, which is plausible given that two-way trade increases 20% every year. I believe effective cooperation between localities will enable the two countries to far exceed this target. I believe in frequent people-to-people exchanges between the two countries and propose new joint projects, especially in commodity production," said Ambassador Vnukov.
Russia ranks 24th of the 129 countries and territories invested in Vietnam, with 123 projects with total registered capital of over 930 million USD, mainly focused on oil, gas, and other energy industries. Vietnam has begun more than 20 projects in Russia with total capital of nearly 3 billion USD.