Minister of Finance Ngô Văn Tuấn grants an interview to Vietnam News Agency correspondents in Russia. — VNA/VNS Photo

MOSCOW — The 11th Eastern Economic Forum (EEF), taking place in Vladivostok, Russia’s Far Eastern region, from September 1-4, is opening up major opportunities for Vietnamese businesses, Minister of Finance Ngô Văn Tuấn told a Vietnam News Agency correspondent in Russia.

Tuấn, who leads the Vietnamese delegation to the Russia-ASEAN Business Dialogue held as part of the forum, said Việt Nam’s participation in this year’s forum demonstrates the strong determination of the Party and State to elevate economic cooperation with Russia, particularly in trade, investment, science and technology, and education and training.

​Following the elevation of bilateral ties to a comprehensive strategic partnership and the entry into force of the Việt Nam-Eurasian Economic Union Free Trade Agreement, Việt Nam-Russia trade increased by an average of 10.8 per cent annually during 2016-25. However, it reached only about US$4.7 billion in 2025, remaining modest compared to the two countries' potential and strong political ties.

Assessing the extensive discussions at the 11th EEF, Tuấn expressed his belief that the forum would create major new opportunities for Vietnamese and ASEAN businesses to strengthen economic cooperation with Russian partners and enterprises across the Asia-Pacific region.

Covering about six million sq.m, Russia’s Far East is rich in minerals and natural resources, while holding significant potential in agriculture, fisheries and forestry. Meanwhile, Việt Nam is entering a new development period with ambitious economic growth targets, including the goal of double-digit expansion.

According to the official, the strengths and potential of Russia and its Far East match many of Việt Nam’s development needs, particularly in agriculture and the exploitation of coal, iron ore and other minerals.

Việt Nam currently has only one relatively large project in the Far East, invested by TH Group, with capital of about $22 million. Meanwhile, the region, with a population of nearly six million, has substantial demand for labour and economic development while Việt Nam boasts a population of more than 100 million, who are young, industrious and increasingly skilled. This gives both sides an advantage in complementing each other in the course of their cooperation.

​Tuấn stressed the need to make better use of traditional transport networks to boost trade, including cargo routes linking Vladivostok with Hải Phòng and HCM City, which take about 7-10 days.

The two sides have also discussed cooperation in artificial intelligence, digital transformation and information technology - areas offering significant potential.

He said the two countries should enhance exchanges, gain a deeper understanding of each other’s markets and legal systems, and strengthen strategic trust.

To make bilateral cooperation more substantive, Tuấn proposed improving the Việt Nam-Russia intergovernmental cooperation mechanism, making full use of the Việt Nam-EAEU FTA, increasing information sharing and market research, improving banking and payment connectivity and strengthening transport and logistics links.

He also called for greater attention to warehousing and cold storage systems and the gradual development of cargo consolidation and transit hubs to facilitate trade between Việt Nam and Russia in the coming period. — VNA/VNS