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All news / Russia and Vietnam are expanding cooperation in agriculture

  • 21 Jun 2024, 10:21

Russia and Vietnam are deepening cooperation in agriculture, expanding the volume of food supplies. Russian President Vladimir Putin said this after a meeting with the head of Vietnam To Lam in Hanoi. “Bilateral partnership in agriculture is developing, mutual supplies of agricultural products are growing, and their range is expanding,” the head of the Russian state emphasized. He also noted that the Vietnamese holding TH Group is building milk processing plants in several Russian regions, including the Kaluga region and Primorsky Krai. Last year, the first stage of construction of a livestock complex in the Moscow region for 6 thousand heads of dairy cattle was completed.


Independent agricultural market expert Alexander Korbut recalled that Russia, among other things, supplies grain and pork to Vietnam. He considers this country promising for expanding supplies. “At the same time, our country imports tea, rice and other products from there. Vietnam is a major buyer in the world grain and meat market, as they lack their own production. The population there is quite decent. At the same time, we need to resolve a number of issues with phytosanitary requirements for grain,” Korbut noted.


In his opinion, Russia can increase supplies to all friendly countries, but for this it is necessary to “pull over competitors.” “There are two options here - either go with a discount to competitors, or provide high quality and reliability of deliveries and payments. The volumes that we have in all countries show that we know how to do this and are doing it,” the expert emphasized.


Putin also drew attention to the fact that Russia and Vietnam are consistently switching to national currencies in financial transactions and are striving to build sustainable channels of credit and banking cooperation. “Last year, the share of transactions in Russian rubles and Vietnamese dong provided more than 40% of the volume of bilateral commercial transactions, in the first quarter of this year it was already almost 60%,” the president compared.


Particular attention is paid to the role of the Vietnam-Russian Bank, which was opened back in 2006. “The bank maintains positive dynamics in its key indicators, consistently providing Vietnamese and Russian clients with a wide range of financial and credit services,” Putin noted. During the state visit of the Russian President to Vietnam, a joint statement was signed on further deepening the strategic partnership between the countries.