Hanoi and Moscow seek new economic momentum as partnership marks 75 years
At the Moscow–Hanoi Business Forum, leaders from both capitals said 75 years of Vietnam–Russia ties provide a strong foundation to deepen economic and investment cooperation, especially in technology, trade and urban development.
THE HANOI TIMES — The strong ties between Vietnam and Russia after 75 years are the foundation to boost Hanoi–Moscow economic and trade relations, government leaders of the two capitals have said.
Sergey Cheremin, Minister of the Government of Moscow and Head of the city’s Foreign Economic and International Relations Department, said the 75-year milestone reflects a long-standing and trusted partnership.
Sergey Cheremin, Minister of the Government of Moscow and Head of the Moscow Foreign Economic and International Relations Department, speaks at Moscow - Hanoi Business Forum on November 1. Photo: Lien Ha/The Hanoi Times
“Vietnam and Russia are cooperating across a wide range of fields, from education and health care to transport development, infrastructure building and cultural exchanges,” Cheremin said at the Moscow–Hanoi Business Forum on December 1.
He added that recent high-level bilateral visits produced important agreements that open the way for broader cooperation.
“Exchanges between the two capitals have also intensified, with Hanoi participating regularly in the Moscow Urban Forum, the Moscow Smart City Forum and other related events,” he said.
Vice Chairman of the Hanoi People’s Committee Nguyen Manh Quyen agreed, saying the anniversary offers a chance to set new priorities, placing economic and investment cooperation at the center, especially between the two capitals.
He noted that trade between Vietnam and Russia rose steadily, reaching more than US$4.59 billion in 2024, a 26% increase from 2023. Joint projects span energy, high technology, agriculture and tourism.
Hanoi has attracted US$167.5 million in cumulative Russian FDI since 1986, mainly in manufacturing, IT, hospitality, retail and construction.
“The investment still has substantial room to grow as bilateral economic ties deepen,” Quyen said.
Shared priorities in technology and digital transformation
Sergey Cheremin said Moscow’s trade with Vietnamese partners increased nearly 30% in 2024 to almost US$2.5 billion, driven by electronics, equipment, foodstuffs, chemicals and pharmaceuticals.
Vice Chairman of the Hanoi People’s Committee Nguyen Manh Quyen speaks at the Moscow - Hanoi Business Forum on November 1. Photo: Lien Ha/The Hanoi Times
He noted that Moscow ranks among the world’s top 10 megacities in local GDP and is expected to draw US$250 billion in investment from 2019 to 2025.
The Russian capital has promoted strict environmental and quality standards, including ESG principles in corporate governance, Cheremin added.
“As an innovation-driven city with one of the world’s largest clusters of high-tech industrial zones and more than 130 startup support spaces, Moscow is applying digital technologies across almost every sector,” he said.
Hanoi Vice Chairman Quyen said these priorities align with Hanoi’s development direction.
“We hope to attract Russian investors in high-tech industries, the digital economy and information technology, areas where both sides have shared interests and demand,” he said.
He added that Hanoi and Moscow could deepen cooperation in trade, tourism and transport through joint promotion programs and new interlinked travel routes.
Hanoi is prioritizing environmentally friendly and sustainable investment projects, especially those involving technology transfer, workforce training and local supply-chain integration.
Quyen said the city will ensure a transparent and fair investment climate for Russian businesses and encourage Vietnamese firms to expand into the Russian market.
During the forum, representatives from the two capitals discussed urban development initiatives, economic priorities and areas of complementarity, seeking to create new avenues for deeper cooperation in the coming years.
