Friday, March 29, 2024

Proposed Measures to Boost Economic Relations Between Vietnam and the Russian Federation

Over the years, relations between Viet Nam and the Russian Federation have recorded remarkable achievements. However, in the new contexts, these relations should be improved in the interests of the two countries. Russia commands great economic potentials and has tided over the difficult period of 1990s. Meanwhile, the Vietnamese economy has been growing at an average of 7% a year. Economic successes in the two countries have helped promote their close relations. Political relations between them are on good footing, “Viet Nam is Russia’s traditional friend and a reliable partner in Southeast Asia”. Trade between the two countries has seen leap forward, increasing from US 400 million in 1990 to US 1.83 billion in 2009. On the other hand, the two countries have also seen difficulties in their economic relations. Russian economy is still in difficulty and this was compounded by the consequences of the 2008 economic crisis. Russia can yet to compete with other countries. Measures should be taken to improve economic relations between Viet |Nam and the Russian Federation in developing their respective economies, formulating and agreeing on mechanism and incentives to encourage trade, finding ways to narrow differences in the business environment, payment etc.

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