Vietnam has been one of the most promising markets for Moscow firms thanks to the country’s rapid economic growth and high population density, said a Moscow official.

Export of Moscow's industrial goods to the Southeast Asian nation accounts for some 63% of its supply, with electrical appliance, medicine and cosmetics having been high on demand, Director of the department of investment and industrial policy of Moscow Vladislav Ovchinsky was quoted as saying on the Mos.ru site.

Meanwhile, around 37% of Moscow’s food exports have been destined for Vietnam, he said, adding local confectionery plants supply more than 100 tonnes of candies for the country every year.

Moscow's trade with Vietnam contributed some 40% to the trade revenue between the two nations in 2023, with local non-resource and non-energy shipments to Vietnam surging 55%, according to the site.

The bilateral trade and economic ties have been well developed on the back of the free trade agreement between Vietnam and the Eurasian Economic Union that allows lower tariff rates for products and the expansion of the investment flow between the two sides, it said./.

Source: Vietnam Plus

• Viet Nam’s trade surplus with EU expands amid economic headwinds
• Steel, cement and electricity firms to trade emissions quotas under Viet Nam's carbon market
• VCCI proposes 11 recommendations to quantify support for SMEs
• Trump’s copper tariff decision hangs over global metal market
• Global capital sees potential in Europe but calls for lighter regulation