Ha Noi, Moscow expand economic, trade, and investment cooperation

The event attracted the participation of leaders of both cities along with representatives of hundreds of enterprises and various departments and sectors.

It was seen as a highlight in the series of activities celebrating the 75th anniversary of diplomatic relations between Viet Nam and the Russian Federation.

New avenues for cooperation between Ha Noi and Moscow

In his opening remarks, Sergey Cheremin, Minister of the Moscow Government and Head of Moscow's Department for External Economic and International Relations emphasized the solid foundation of friendly cooperation between the capital cities over nearly three decades since the signing of the 1997 Memorandum.

In 2024, trade turnover between Moscow and Vietnamese localities grew by nearly 30 percent, reaching close to US$2.5 billion. Viet Nam mainly exports equipment, clothing, and electronics to Moscow, while Moscow exports pharmaceuticals, energy products, and metals.

There are ample rooms for both sides to further elevate cooperation, especially as many Russian enterprises are looking for stable markets and long-term development opportunities in Asia, noted Cheremin.

Introducing Moscow's socio-economic situation, the official highlighted the Russian capital's strong appeal to investors, consistently ranking among the top in attracting investment in sectors such as construction, science, and industry.

The city has launched more than 150 supporting measures and applied many preferential policies for foreign investors, leveraging its strategic position as a gateway for trade with the Commonwealth of Independent States.

Foreign investment flows into Russia continue to rise, currently approaching US$250 billion.

In September 2024, Moscow won the "Sustainable Cities and Communities" award at the BRICS Urban Future Forum in Moscow thanks to a series of projects applying environmental technologies and modern urban management.

According to Cheremin, Moscow's green development model could open new avenues for cooperation with Ha Noi in the future.

Ha Noi affirms long-term cooperation commitment with Russia

At the forum, Vice Chairman of the Ha Noi People's Committee Nguyen Manh Quyen, noted that the event was taking place at an important time as the two countries celebrate 75 years of diplomatic relations.

Viet Nam–Russia relations have become a symbol of friendship, loyalty, and political trust, he said, adding that Ha Noi views the promotion of economic cooperation with Moscow as a strategic task in the context of economic integration and restructuring.

Trade turnover between Viet Nam and Russia has grown significantly in recent years, reaching over US$4.59 billion in 2024, a 26 percent increase from the previous year. The figure is expected to hit US$15 billion by 2030 that motivates Ha Noi to develop selective investment attraction plans from Russia and expand the presence of Hanoi's enterprises in the Russian market.

Since 1986, total FDI from Russian enterprises into Ha Noi has reached US$167.5 million, focusing on manufacturing and processing industries, information technology, accommodation services, wholesale and retail, and construction.

This amount remains modest compared to the development potentials of both sides, especially as Ha Noi is strongly transitioning toward a modern, green, and sustainable urban model with synchronized infrastructure and a young workforce, told the official.

The capital city prioritizes attracting Russian investors in high-tech sectors, smart industry, precision engineering, automation, biotechnology, and new materials; while also expanding collaboration in digital economy, trade, tourism, and transportation, shared Nguyen.

He affirmed Ha Noi's strong commitment to providing a transparent, competitive, and favorable investment environment for Russian enterprises.

Meanwhile, the city also encourages local businesses to expand footprints in the Russian market, leveraging opportunities from the Viet Nam–Eurasian Economic Union Free Trade Agreement to optimize costs and expand market reach.

Elevating bilateral cooperation 

Ivan Nesterov, Counsellor at the Russian Embassy in Viet Nam said the forum clearly demonstrates the trend of strengthening practical cooperation between the two countries, from central to local levels.

He noted that developing relations with Viet Nam has always been a key priority in Russia's foreign policy in the Asia-Pacific region. High political trust and aligned development orientations form the basis for expanding cooperation in economics, education, science, and culture.

Nesterov stated that the two countries are discussing several strategic projects, including the Ninh Thuan Nuclear Power Plant project in the central province of Khanh Hoa and the Nuclear Science and Technology Research Center project in the southern province of Dong Nai. These projects are expected to open a new chapter in energy and high-tech cooperation, laying the groundwork for long-term partnerships between the two economies.

The Counsellor expressed hope that the forum will continue to serve as a bridge for enterprises from both sides to find suitable partners, share market information, expand investment and trade, and contribute to strengthening the cooperation between Ha Noi and Moscow in the next stage of development.

In a context of global economic fluctuations, both capitals are seeking sustainable development paths based on technology, innovation, and green growth models.

This year's forum not only connects business communities but also demonstrates the political determination of both city governments. It forms an important foundation for Ha Noi and Moscow to continue elevating their relations, aiming for deeper, more practical, and more effective cooperation in the next decade./.