Peculiarities of Vietnam’s economic development: prospects for cooperation with Russia

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Мадина Октамовна Тураева^а

^аИнститут экономики Российской академии наук

Михаил Геннадьевич Полозков^b

^bРоссийская академия народного хозяйства и государственной службы при Президенте Российской Федерации

DOI: 10.22394/2070-8378-2023-25-1-106-112

Abstract:
The article analyzes the results that the Vietnamese economy has achieved 35 years after starting the reforms, and looks at how Vietnam’s modern trade and investment cooperation with other countries is being built. Vietnam’s contribution to global value chains is concentrated in labor-intensive industries. To date, in the list of countries importing the supplies to Vietnam, Russia’s position is in the second ten. Russia is also in the third ten of the list of countries, to which Vietnamese exports are supplied. Despite the fact that after signing the Free Trade Agreement between the EAEU and Vietnam in 2015, the nominal trade turnover between Russia and Vietnam has been steadily increasing, the share of Russia in Vietnamese exports and imports has not yet exceeded 1%. Under the new anti-Russian sanctions of 2022, there are disrupted supply chains, the threat of losing the aircraft fleet, problems with licensing companies and individuals; the refusal of international insurance companies to work with carriers of certain countries has complicated, in particular, the working conditions of Vietnamese and Russian companies. Meanwhile, Russia’s desire to create a new geography for trade and economic cooperation can become a platform for improving the situation with Russian-Vietnamese cooperation.

Keywords:
Vietman, “Đổi Mới” reform, economic growth, investments, trade agreements, foreign trade turnover, sanctions, strategic partnership

Received:
January 11, 2023

References:
Trigubenko M.E. Participation of foreign capital in the development and renewal of the Vietnamese economy. V’etnamskie issledovanija. 2012. No. 2. P. 88–96. In Russian

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