Vietnam’s Agricultural and Fashion Opportunities in Russia: A Roscongress Update

Vietnamese companies have a wealth of opportunities to engage in trade with Russia, particularly in sectors such as agriculture, tourism, and textiles. Additionally, traditional fields such as energy also hold great potential for collaboration. This was expressed by Mr. Alexander Stuglev, Chairman of the Board of Directors and CEO of the Roscongress Fund during a meeting on the sidelines of the Eastern Economic Forum (EEF) in Ho Chi Minh City on July 4.

The Roscongress Foundation, founded in 2007 by Russian President Vladimir Putin, organizes annual economic events in Russia and facilitates trade between Russia and other countries. Mr. Stuglev highlighted various areas of cooperation between Vietnam and Russia, including energy, transportation, construction, tourism, fashion, and information technology. He emphasized that Russia has a strong demand for agricultural investment and imports of agricultural products and that there are opportunities for infrastructure development and textile consumption within the tourism industry.

For instance, it is projected that Russians will spend over $2.8 billion on fashion this year, with that number expected to increase to $4.74 billion by 2029. Furthermore, in the first 10 months of 2023, Russia imported over $343 million worth of textiles and garments from Vietnam, representing a 91% increase from the same period in 2022.

Vietnam-Russia trade turnover last year reached $3.6 billion, indicating a 2.3% growth compared to the previous year. Coffee, electronics