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Bilateral trade with Russia hits $500m for first four months
Two-way trade turnover between Viet Nam and Russia reached nearly US$500 million in the first four months of this year, a year-on-year increase of 3.6 per cent, according to General Department of Viet Nam Customs.
Viet Nam earned US$163 million in export turnover in the first four months of the year, an increase of 50 per cent over the same period last year.
This amunted to 0.8 per cent of the country's total export turnover. The rising price of many commodities such as seafood, rubber, computer, electronics, steel, cashews and canned cucumbers is the main reason for the rise in export turnover.
Meanwhile, Viet Nam imported goods worth $338 million from Russia in the first four months of the year, down nearly 10 per cent over the same period last year and accounting for 1.4 per cent of the country's total import value.
Viet Nam's trade deficit with Russia stands at $175 million in the first four months of the year, down 43 per cent over the same period last year.
Russia now ranks 23 in terms of imports from Viet Nam, according to the customs department.
In 2009, two way trade between two countries was worth $183 billion, an increase of 11.5 per cent over the previous year, according to the Ministry of Industry and Trade.
Viet Nam's exports were $415 million, accounting for just 0.24 per cent of Russia's total import turnover.
The two countries expect two-way trade to reach $3 billion in 2012 and $10 billion in 2020.
Viet Nam's chief exports to Russia are seafood, textiles, footwear, agro-forestry products, handicrafts. The country mainly imports oil and petrol, steel, fertiliser and accessories.
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