Russian Firms Eye High-Tech and Energy Investments in Vietnam

Vietnamese Party General Secretary and President To Lam met with leaders of several major Russian corporations and investment funds in Moscow on September 9, discussing the expansion of investments in Vietnam's high-tech, energy, and digital infrastructure sectors. Vladimir Yevtushenkov, Founder of AFK Sistema, stated that Vietnam is one of the group's priority markets in the Asia-Pacific region. The company is exploring investment and cooperation opportunities, including technology transfer, in areas such as information technology, cybersecurity, biometric identification, smart cities, artificial intelligence (AI), big data, and digital transformation. AFK Sistema also expressed interest in expanding cooperation into the production of electrical equipment, green vehicles, and the hotel-tourism and cultural sectors. In the energy sector, Sergei Kudryashov, CEO of Zarubezhneft, indicated the group's desire to enhance the efficiency of existing projects with Vietnam Oil and Gas Group (PVN) and expand into new areas. Zarubezhneft is researching cooperation in renewable energy, offshore wind power, and joint projects in third countries. The company also aims to participate in new energy projects and develop an energy equipment supply chain and production in Vietnam. Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said the fund is seeking projects with Vietnamese partners in transportation, logistics, digital infrastructure, high-tech, healthcare, energy, and industrial production. RDIF aims to strengthen connections with Vietnamese ministries, localities, and businesses to translate signed agreements into concrete investment projects. General Secretary and President To Lam urged Russian investors to identify Vietnam's needs, cooperation models, and investment resources, emphasizing technology transfer and human resource training, particularly in high-tech fields. Vietnam prioritizes the development of strategic infrastructure, science and technology, innovation, digital transformation, energy, and high-tech healthcare, welcoming Russian investors with capability, advanced technology, and long-term cooperation strategies. According to statistics, as of August 31, 2024, the Russian Federation had 244 investment projects in Vietnam with a total registered capital of nearly $997 million, ranking 28th among 154 countries and territories investing in Vietnam. Conversely, Vietnam has 19 active projects in Russia with a total registered capital of $1.64 billion, making Russia the 4th country among 88 where Vietnam invests. Bilateral trade between Vietnam and Russia reached $3.24 billion in the first seven months of 2024, a 12% increase year-on-year.