Vietnam seeks to deepen financial cooperation with Russia

Vietnam is aiming to strengthen financial ties with Russia, according to a recent meeting between the two countries' finance ministers. Minister Tuan of Vietnam presented an overview of the nation's economic progress, noting steady economic growth and macroeconomic stability during the first eight months of 2026. The dialogue highlighted Vietnam's robust economic performance, with foreign direct investment playing a significant role, particularly in high-tech industries.

Notably, Vietnam's total trade turnover amounted to $770.14 billion during the same period, with exports valued at $374.84 billion and imports at $395.3 billion.

Both countries witnessed an increase in bilateral trade, with Vietnam contributing $1.33 billion worth of goods to Russia and importing $1.91 billion. As of August 31, 2026, there were 244 Russian projects in Vietnam with a combined registered capital of $996.81 million, while Vietnam had 19 projects in Russia valued at $1.64 billion, including the Rusvietpetro joint venture and TH Group's agricultural and dairy farming project.

Minister Tuan proposed deepening cooperation in financial areas such as taxation, customs, and investment, while expanding coordination in emerging sectors like financial market development, green finance, digital finance, innovation, and private-sector development. Russian Finance Minister Siluanov expressed support for these priorities, emphasizing the importance of sharing experiences in new areas of finance and developing suitable payment mechanisms to boost investment flows and trade between the two nations.

Minister Tuan further highlighted Vietnam's commitment to its comprehensive strategic partnership with Russia and its intention to prioritize cooperation with the Russian Far East. Additionally, Vietnam called for more concrete economic cooperation between Russia and ASEAN at the Russia-ASEAN Business Dialogue, held during the 11th Eastern Economic Forum in Vladivostok.