Vietnam, Russia Eye Deeper Financial Ties Amidst Growing Cooperation

Vietnam and Russia are moving to boost financial cooperation to deepen bilateral ties, with efforts involving both government and private sectors expected to foster economic development and multi-faceted collaboration. General Secretary of the Communist Party of Vietnam Central Committee and State President To Lam, accompanied by his spouse, is on a state visit to Russia at the invitation of Russian President Vladimir Putin. This visit underscores the importance of political dialogue between the two nations and serves as an opportunity to strengthen the foundation for future cooperation. The natural connection between younger generations in both countries is anticipated to play an increasingly vital role in sustaining the friendship between their peoples. In the education sector, a significant number of Vietnamese officials have received training at Russian institutions, contributing to people-to-people exchanges and mutual understanding. For instance, the Russian Presidential Academy of National Economy and Public Administration (RANEPA) and its predecessors have trained nearly 1,000 Vietnamese officials and leaders over the decades, many of whom now hold key positions within Vietnam's political system. Economically, Vietnam is promoting the development of a green finance system to support low-emission and environmentally friendly production. This initiative aligns with growing international concern for environmental regulations and sustainability, forming a crucial pillar of Vietnam's economic growth strategy. Furthermore, Vietnam is actively promoting its investment environment to support Vietnamese businesses seeking investment opportunities in Hong Kong. Vietnam is also reassessing its export strategies in response to new US tariff policies. Many Vietnamese exporters are shifting from volume-driven growth towards higher-value orders, tighter cost control, increased productivity, and a more balanced allocation of markets. This strategic adjustment aims to reduce reliance on any single destination and build a more robust and sustainable export base. Business establishment data from Vietnam shows that nearly 138,100 new businesses were founded from January to August, a 7.7% increase year-on-year. Concurrently, over 40,800 businesses completed dissolution procedures, a significant jump of 125.5%, indicating economic dynamism and structural shifts. Vietnam's active participation in international events is also notable. At the China-ASEAN Expo (CAEXPO), Vietnam will lease an exhibition area of approximately 3,000 square meters, featuring 170 booths, making it one of the largest ASEAN exhibition spaces. Nearly 100 Vietnamese businesses, including major brands like Trung Nguyen Group, TH Group, Saigon Coffee, and Biti’s, are confirmed to participate. These initiatives are part of Vietnam's multifaceted strategy to deepen its engagement with the international community and sustain its economic growth. Information Source: VietnamPlus English