Seafood, textiles, and rice exports to Russia doubled in the first seven months of the year, helping total export turnover to this market increase by over 46%.
According to the General Department of Customs, Vietnam’s exports to Russia during this period reached 1.36 billion USD. Three groups of goods grew by triple digits, including seafood, confectionery-cereal products, and iron and steel, reaching 105%, 116%, and 166%, respectively. Along with that, rice, pepper, machinery, etc. also nearly doubled.
In terms of value, Russians spent the most on importing Vietnamese goods such as textiles, coffee, seafood, steel and machinery parts. Of which, steel brought in nearly 700 million USD; seafood approximately 117 million USD, thanks to Russian consumers’ preference for tra fish and tuna from Vietnam.
Since 2012, Vietnam has been the second largest supplier of whitefish to this country, after Argentina. Of which, tuna exports doubled in just 3 years, from 14 million USD in 2021 to nearly 29 million USD last year.
On the import side, Vietnam spent 1.37 billion USD to buy goods from the land of the White Birch in the first 7 months of the year, an increase of nearly 45%. Fertilizers topped the list of increased purchases in both value, reaching 165.5 million USD (up 325%) and volume of 364,000 tons, nearly 400% higher than the same period last year.
In total, the bilateral trade turnover between Vietnam and Russia in the first 7 months reached more than 2.7 billion USD, an increase of 45% over the same period last year. The trade deficit was about 13 million USD.
Bilateral trade has increased strongly thanks to the continued expansion of the Russian economy, with GDP growth in the first two quarters of the year reaching 5.4% and 4%, respectively. Along with that, logistics have become increasingly convenient and efficient thanks to the Vietnam-Eurasian Economic Union Free Trade Agreement (VN-EAEUFTA).
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), transporting goods to this country has become more convenient than before. Russian shipping companies have opened a direct route from Ho Chi Minh City – Hai Phong – Vladivostok. Some other shipping companies are also operating new routes, helping to transport goods faster and in a shorter time.
The railway transport system is also useful for trade, helping to diversify the choice of transportation methods. In addition, the tariff incentives of the VN-EAEUFTA have helped some Vietnamese products, including seafood, increase their competitiveness in this market.