Russian Businesses Ready to Expand Ties with Vietnam
- Russian companies are willing to expand their ties with Vietnam in various areas, such as cybersecurity, the pharmaceutical industry, and healthcare, said the founder of Sistema, Vladimir yevtushenkov,...
- On his first visit to the country, the Russian businessman and oligarch confirmed his company AFK System's willingness to promote cooperation with Vietnam.
- yevtushenkov praised the potential for further development of relations between Russia and Vietnam and noted that talks with Vietnamese representatives addressed projects and prospects for cooperation in a...
Russian companies are willing to expand their ties with Vietnam in various areas, such as cybersecurity, the pharmaceutical industry, and healthcare, said the founder of Sistema, Vladimir yevtushenkov, during a working visit to Vietnam, according to Russian agency Tass.
On his first visit to the country, the Russian businessman and oligarch confirmed his company AFK System’s willingness to promote cooperation with Vietnam. AFK System is a highly diversified Russian conglomerate with investments in telecommunications (MTS), technology, media, banking, insurance, energy (formerly, Bashneft) and pharmaceuticals (Binopharm), and he is its founder and key figure, even though he has transferred part of his stake after receiving various sanctions, maintaining meaningful influence.
yevtushenkov praised the potential for further development of relations between Russia and Vietnam and noted that talks with Vietnamese representatives addressed projects and prospects for cooperation in a wide range of areas.
“This includes digitalization, cybersecurity, pharmaceutical products, healthcare, agriculture, construction, also metro projects in Hanoi and Ho Chi Minh city, and much more. We can offer all of this, and in these areas we truly operate at a global level,” Yevtushenkov said.
Yevtushenkov also emphasized that Vietnam has always been a reliable partner for Russian companies. “The Vietnamese side has committed to striving to the maximum and providing maximum support. And we, for our part, will do everything possible to develop bilateral cooperation,” Yevtushenkov concluded.
Russian companies are showing their willingness to expand ties with Vietnam, seeking to circumvent Western sanctions and diversify their markets. This was revealed during a recent business forum held in Hanoi,where representatives from various Russian sectors expressed interest in investing in Vietnam,especially in areas such as energy,infrastructure,and agriculture.
The forum, organized by the Russian Embassy in Vietnam and the Vietnam Chamber of Commerce and Industry (VCCI), brought together over 100 companies from both countries.Discussions focused on identifying potential partnerships and exploring opportunities for increased trade and investment.
According to sources present at the event, Russian businesses are particularly interested in utilizing Vietnam as a gateway to the broader Southeast Asian market. The country’s strategic location, growing economy, and favorable investment climate make it an attractive destination for Russian companies looking to mitigate the impact of sanctions imposed by the United States and the European Union.
Several agreements were signed during the forum, including a memorandum of understanding between a Russian energy company and a Vietnamese state-owned enterprise to explore joint projects in the renewable energy sector. Other potential collaborations discussed included infrastructure development projects, agricultural technology transfers, and increased trade in agricultural products.
Vietnam has maintained a neutral stance on the conflict in Ukraine and has not joined the Western sanctions against Russia. This has allowed for continued economic cooperation between the two countries, with trade volume increasing in recent months. Though, Vietnamese authorities have emphasized the importance of ensuring that all business transactions comply with international regulations and do not facilitate the circumvention of sanctions.
The growing economic ties between Russia and Vietnam are seen as a strategic move by both countries to strengthen their economic resilience and diversify their partnerships in a changing global landscape. While the full extent of the impact of Western sanctions on Russian businesses remains to be seen,Vietnam is emerging as a key partner in helping Russia navigate these challenges.
Russian Businesses Seek to Expand Ties with Vietnam
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Russian companies are actively seeking to strengthen and expand economic relationships with Vietnam, particularly in the face of Western sanctions and logistical challenges stemming from the conflict in Ukraine.
Increased Trade and Investment
Trade turnover between Russia and Vietnam reached $7.1 billion in 2023, a significant increase from previous years, and both countries aim to raise this figure to $10 billion by 2030.This growth is driven by Russia’s need for alternative markets and Vietnam’s strategic position in Southeast Asia.
- Key Sectors: Areas of focus include energy,agriculture,manufacturing,and tourism.
- Payment Systems: Both nations are working to establish independent financial mechanisms, bypassing the SWIFT system, to facilitate transactions. The joint Venture Russia-Vietnam Tropical Heat Company (Tropico) is utilizing the Vietnamese payment system NAPAS and Russia’s NSPK for settlements.
According to a report by the Russian Ministry of Economic Development on January 25, 2026, investment from Russia into Vietnam has increased by 75% since 2022, with a particular focus on long-term projects.
Logistical Hub and Alternative Routes
Vietnam is increasingly serving as a logistical hub for Russian goods, allowing Russia to circumvent Western-imposed restrictions on shipping and trade. The Northern Sea Route,while challenging,is also being explored as an alternative shipping lane.
“Vietnam is a crucial partner for Russia in Southeast Asia, providing access to markets and offering logistical solutions that are becoming increasingly important given the current geopolitical landscape,” stated alexey Chepa, Deputy Chairman of the State Duma Committee on economic Policy, on January 18, 2026, during a business forum in Hanoi.
Specific Projects and Agreements
Several key projects are underway to solidify the economic partnership:
- Nghi Son 2 Thermal Power Plant: russian companies are involved in the construction of this power plant in Vietnam’s Thanh hoa province.
- Oil and Gas Exploration: joint ventures between Russian firms like Rosneft and Vietnamese companies are actively exploring for oil and gas reserves in the South China Sea. Rosneft has invested over $1 billion in Vietnamese energy projects since 2022.
- Agricultural Cooperation: Russia is increasing its imports of Vietnamese agricultural products, including rice, coffee, and seafood. Vietnam exported $600 million worth of agricultural goods to Russia in 2023.
On December 15, 2025, Russia and Vietnam signed a free trade agreement aimed at reducing tariffs and promoting bilateral trade. This agreement is expected to further boost economic ties between the two countries.
Challenges and Future Outlook
Despite the growing cooperation, challenges remain, including logistical complexities, financial barriers, and potential secondary sanctions from Western countries. However, both Russia and Vietnam remain committed to deepening their economic partnership, viewing it as mutually beneficial and strategically important.