Exports to Russia jump 46%

By Dy Tung August 20, 2024 | 07:54 pm PT

Vietnam's exports to Russia surged by 46% year-on-year, reaching US$1.36 billion in the first seven months of this year, with seafood and steel experiencing triple-digit growth.

Steel exports topped the list, skyrocketing by 166% to US$698 million, followed by seafood, which saw a 105% increase to US$117 million, according to Vietnam Customs data.

Vietnamese pangasius and tuna have long been popular among Russian consumers. Since 2012, Vietnam has been the second-largest exporter of white fish to this country behind Argentina. Vietnam tuna exports to Russia doubled from 2021 to $29 million last year.

In the first seven months Vietnam imported $1.37 billion from Russia, up 45%. The top category was fertilizer, up 325% to $166 million.

Bilateral trade rose 45% to $2.7 billion, bolstered by Russia’s expanding economy with GDP growth of 5.4% in the second quarter and 4% in the first.

The Vietnam-Eurasian Economic Union Free Trade Agreement, with its tax incentives, contributed to the growth.

Transportation has been more convenient thanks to Russia’s new shipping route between Vladivostok and Ho Chi Minh City and Hai Phong City.