Online forum to promote Vietnam-Russia trade in agro-fisheries

An online forum promoting trade in agro-fisheries between Vietnam and Russia will be held on November 23.

Co-organised by the Vietnamese Ministry of Agriculture and Rural Development, the Russian Ministry of Agriculture, the Russian Embassy in Vietnam and the Vietnamese Embassy in Russia, the event aims to connect the two countries’ firms together, towards achieving the goal of lifting two-way trade to 10 billion USD.

Vietnam is now Russia’s top trade partner in Southeast Asia. Two-way trade between the two countries hit nearly 4.5 billion USD annually in the 2018-2020 period, 900 million USD of which was from farm produce.

Since 2018, bilateral trade in farm produce has grown strongly to around or above 900 million USD each year. In the first ten months of this year, Vietnam’s export of agro-forestry-fisheries to Russia reached around 469 million USD, up 32.6 percent annually, mostly coffee, cashew nuts, fruits, tea, wood, rice while importing aquatic products, wheat, fertiliser, wood, recently meat and dairy products.

The two countries’ businesses are advised to make better use of benefits offered by the Vietnam – Eurasian Economic Union Free Trade Agreement, under which a number of farm produce enjoy low tariff amounting to zero percent.

The event is expected to provide a platform to introduce Russia’s food safety and hygiene regulations as well as requirements for Vietnam’s fisheries processing facilities for export to Russia.

Trade organisations and associations will also share experience in agro-fisheries trade and suggest measures to boost bilateral trade.