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Trade with Russia totals $3.6 billion

Bilateral trade between Viet Nam and Russia hit a record high of more than US$3.6 billion last year, according to the Ministry of Industry and Trade.

Both countries maintained an upward trend in their trade exchange despite the negative impact of the global economic slowdown last year.

Vietnamese exports rose more than 32 per cent to $2.3 billion, while Russian exports also increased 16 per cent to $1.3 billion. The figures were exclusive of oil trading.

The main Vietnamese exports to Russia are textiles and garments and agricultural and fishery products.Russia exports petrol, steel, fertiliser and machinery to Viet Nam.

Viet Nam and Russia hope to achieve $7 billion in bilateral trade by 2015 through expanding various trade channels and strengthening trade in the sectors of science-technology, education and training and tourism.

Domestic trade officials expected that Vietnamese exports to Russia would surge significantly after Russia lowers import taxes on Vietnamese agricultural products by 30-50 per cent in the next three to four years