Business forum: Potential for industrial cooperation between Russia's Sverdlovsk Oblast and Vietnam

The business forum "Sverdlovsk Region (Russia) - Vietnam: Current Trends in Industrial Cooperation". (Photo: Tuan Hung)

The event serves as a bridge to promote supply-demand connections, helping Vietnamese businesses gain deeper access to the industrial and commercial potential of Sverdlovsk, while also providing opportunities for Russian businesses to expand their presence in the Vietnamese market.

Broad prospects for bilateral cooperation

In his opening remarks at the Forum, Mr. Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), stated that the Vietnam-Russia relationship is a traditional and enduring one, nurtured over nearly 80 years, with Vietnam currently being Russia's only Comprehensive Strategic Partner in Southeast Asia.

Mr. Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), speaking at the Forum. (Photo: Tuan Hung)

According to him, the strong political foundation and high level of trust between the two countries provide favourable conditions for promoting trade and investment cooperation. However, despite the increase in bilateral trade over the years, the scale of cooperation has not yet matched its potential. The Free Trade Agreement between Vietnam and the Eurasian Economic Union has been in effect since 2016 but has not been effectively leveraged by businesses on both sides.

According to VCCI, by 2025, Vietnam-Russia trade turnover is expected to reach 4.77 billion USD, a 4% increase compared to the previous year; with Vietnam exporting nearly 2.26 billion USD and importing 2.51 billion USD.

Currently, Vietnam has 25 projects in Russia with a total capital of nearly 3 billion USD, while Russia has nearly 200 projects in Vietnam. In this context, Vietnam's economy maintains positive growth momentum, with a GDP of approximately 470 billion USD, a per capita income of 4,700 USD, and a continued increase in foreign direct investment (FDI).

Ample opportunities in energy and industry

Mr. Luyen Cong Chien, Deputy Head of Exploration and Production at the Vietnam National Oil and Gas Group (Petrovietnam), stated that energy plays a crucial role in economic growth and national security, and the sector is transitioning towards green and sustainable practices, with an integrated value chain from exploration to processing and distribution. Among these, the Block B - O Mon gas-to-power project, with a total investment of over 6 billion USD, is considered a concrete step to ensure supply and enhance resource extraction efficiency.

Mr. Luyen Cong Chien, Deputy Head of Exploration and Production at the Vietnam National Oil and Gas Group (Petrovietnam), speaking at the forum. (Photo: Tuan Hung)

Based on this foundation, he believes that Vietnam-Russia cooperation, especially with Sverdlovsk Oblast, has ample opportunities in the fields of oil and gas, petrochemicals, renewable energy, new energy, nuclear power, and supporting industries. PetroVietnam aims to expand cooperation and promote the implementation of strategic projects in the near future.

At the forum, Deputy Minister of International and Foreign Economic Relations of the Sverdlovsk Oblast Aleksandrin Oleg Sergeevich said that enterprises in the energy and oil and gas sectors are ready to propose cooperation projects with Vietnam. He emphasized that Vietnam and Russia share a long-standing traditional friendship, nurtured over generations. As early as 1955, President Ho Chi Minh visited the region, laying the foundation for industrial cooperation between the two sides.

According to him, cooperation between Sverdlovsk and Vietnam has been maintained and expanded, particularly in the fields of industry, energy, and technology. With annual export turnover exceeding 9 billion USD and markets spanning more than 140 countries, Sverdlovsk holds strong potential to become a strategic partner for Vietnamese enterprises.

Deputy Minister Aleksandrin Oleg Sergeevich added that local companies in the energy and oil and gas sectors are ready to put forward concrete cooperation projects with Vietnamese partners. He also expressed hope that Vietnamese businesses would step up participation in trade promotion activities and exhibitions in the region to explore practical cooperation opportunities.

The forum is an opportunity for businesses from both countries to expand cooperation. (Photo: Tuan Hung)

Speaking at the Forum, Mr. Kharinov Vyacheslav Nikolaevich, Head of the Trade Office of the Russian Federation in Vietnam, emphasized that interregional cooperation plays a particularly important role in strengthening bilateral relations. Sverdlovsk Oblast is one of the key drivers of industrial cooperation, with a strong industrial base, modern infrastructure, and high scientific and technological potential.

According to him, interregional cooperation is increasingly playing an important role in promoting economic relations. Russia's industrial regions, including Sverdlovsk Oblast, can become the main drivers for industrial cooperation between the two sides.

Mr. Nikolaevich noted that in the current context, trade and economic cooperation between Russia and Southeast Asia is becoming increasingly significant, with Vietnam being a key partner in the region. Potential areas of cooperation now include not only machinery manufacturing and industrial equipment production but also high technology, chemicals, and digital transformation.

Ms. Anastasia Yuryevna Simenyukova, Project Head of the Conference Promotion Office of the Sverdlovsk Oblast Investment Promotion Agency, stated that with key industries such as metallurgy, machinery manufacturing, chemicals, and high technology, Sverdlovsk Oblast serves as an important industrial centre of Russia, and is among the leading localities in business development, investment attraction, and event organization.

At the Forum, representatives from the Russian trade mission in Vietnam committed to supporting businesses in accessing the market, opening representative offices, and signing contracts.

RELATED NEWS
	Vietnam and Russia set to scale up trade cooperation, unlocking new potential
	Prime Minister’s visit to Russia: Vietnam–Russia ties determined to surpass limits
	Ho Chi Minh City leaders receive delegations from Perm Krai and Tyumen Oblast, promoting cooperation with Russian localities
	Deputy PM Nguyen Hoa Binh attends forum promoting Vietnam–US financial and technological cooperation
	Seminar highlights broad prospects for Vietnam–Russia cooperation in a multipolar world