Promoting economic cooperation between ASEAN and emerging economies with the Russian Federation

On April 12, 2024, the University of Economics - VNU in collaboration with the Institute of Economics - Russian Academy of Sciences, the Vietnam Union of Friendship Organizations organized the Forum "Economic cooperation between ASEAN and emerging economies with the Russian Federation in the new context: Issues and prospects".

Delegates attending the Forum “Economic cooperation between ASEAN and emerging economies with the Russian Federation in the new context: Issues and prospects”.

"Forum on Economic Cooperation between ASEAN and Emerging Economies with the Russian Federation in the New Context: Issues and Prospects" is an opportunity for domestic and foreign experts to discuss and contribute ideas on how to clear bottlenecks and promote cooperation between ASEAN countries, emerging economies (BRICS) and the Russian Federation in the new context. The event was held to celebrate the 30th anniversary of the signing of the Treaty on the Basic Principles of Friendship Relations between Vietnam and the Russian Federation, the 300th anniversary of the founding of the Russian Academy of Sciences , and the 50th anniversary of the tradition of the University of Economics - VNU (1974-2024). The forum was sponsored by the Vietnam Economic Magazine - VnEconomy. Attending the Forum in person and online were representatives from the Embassy of Vietnam in the Russian Federation, the Embassy of the Russian Federation in Vietnam, the Embassy of Laos in Vietnam, along with representatives of ministries, branches, development organizations, research institutes, associations, scientists at home and abroad...

Assoc. Prof. Dr. Nguyen Truc Le, Chairman of the University of Economics Council spoke at the Forum.

Speaking at the Forum, Associate Professor Dr. Nguyen Truc Le, Chairman of the Council of the University of Economics, said that the Forum's theme focuses on issues of economic growth and sustainable development in the ASEAN region, emerging economies in general and Vietnam in economic and trade relations with the Russian Federation, especially focusing on cooperation topics in the fields of digital economy, tourism , trade in goods and services, energy cooperation, finance, smart and sustainable city development. In 2021, trade between ASEAN and Russia reached about 20 billion USD. Of which, ASEAN's exports to Russia were 12.6 billion USD with the leading sector being machinery and electronic equipment. Previously, in just 5 years, from 2016 to 2021, bilateral trade turnover between Vietnam and the Russian Federation doubled in value, reaching 5.5 billion USD in 2021, corresponding to an average growth of 15%/year. "Today's Forum event once again demonstrates the flow of connection between the East and the Russian Federation, contributing an important part in strengthening the strong and friendly relationship between the two countries and peoples of Vietnam and the Russian Federation," Mr. Truc Le emphasized.

Ms. Bakeeva Ekaterina, Minister Counselor, Embassy of the Russian Federation in Vietnam.

Also at the Forum, Ms. Bakeeva Ekaterina, Minister Counselor, Embassy of the Russian Federation in Vietnam, shared that one of the features of the current evolution is the shift of the world's political and, importantly, economic focus to the Asia- Pacific region. All parties are making efforts to expand their interaction with the Asia-Pacific region and its core is ASEAN. "In addition, the Russian Federation wishes to receive greater support from the Associations on international platforms, timely resolution of outstanding issues on the bilateral agenda and greater participation of ASEAN in the implementation of Russian projects in the region and in the world in general," Ms. Ekaterina said. “Economic cooperation between Vietnam and Russia is growing, although there are still many difficulties in payment capabilities and logistics, but the potential for cooperation between the two countries in the future is huge,” added Mr. Vyacheslav Gennadievic Kalganov, Vice Chairman of the St. Petersburg Foreign Affairs Committee.

Forum view.

Speakers from Vietnam and the Russian Federation brought to the Forum keynote speeches addressing various aspects revolving around various fields, addressing the cooperative relationship between ASEAN, emerging economies and the Russian Federation in the new context, focusing on analyzing Russia-Vietnam investment cooperation through economic, trade, investment data, Russia's policy adjustments in the new context, issues and prospects for cooperation in the financial sector between the Russian Federation and ASEAN countries. Many speeches delved into exploring the achievements and potential for cooperation between the Russian Federation and Vietnam in the banking and finance sector, the development of Russia-ASEAN relations in the political and economic fields, as well as the prospects of the group of emerging economies, an international organization including member countries such as Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (BRICS). In addition, a number of presentations shared valuable experiences with the Vietnamese Government in economic policy making, energy, transport and agricultural cooperation between ASEAN, emerging economies and the Russian Federation in the new context, to ensure energy security and food security of ASEAN countries in the context of new transport corridors and socio-economic initiatives in the BRICS economic group...

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