Vietnam-Russia trade down 5.1% YoY in Jan-Feb 2026; decline temporary

The upcoming official visit to Russia by Vietnamese Prime Minister Pham Minh Chinh is expected to open new opportunities to advance bilateral trade ties to a higher level, according to a domestic news agency.

Vietnam-Russia trade reached $700 million in the first two months this year—down by 5.1 per cent YoY.
The decline, however, is perceived as short-term, with the overall long-term growth trajectory being stable.
The upcoming official visit to Russia by Vietnamese PM Pham Minh Chinh is expected to open new opportunities to advance bilateral trade ties to a higher level.

To boost bilateral trade, the Vietnamese Ministry of Industry and Trade (MoIT) plans to refine and expand cooperation mechanisms, fully utilise existing agreements, particularly the Eurasian Economic Union (EAEU)-Vietnam free trade agreement (FTA), and balance trade structures.

EAEU, established in 2015, comprises Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan.

Flexible joint-venture models that maximise economic complementarity will be given priority along with vigorous trade promotion and business connectivity.

An annual Vietnam-Russia trade and investment forum will serve as a stable dialogue channel for enterprises, trade promotion bodies, commerce chambers and officials.

The ministry will also organise specialised trade and investment missions to Russia, support participation in fairs, exhibitions and seminars, and help Vietnamese firms connect with major distribution networks, especially supermarket chains and large e-commerce platforms.

Fibre2Fashion News Desk (DS)