Vietnam-Russia Trade Relations 2024-25: Energy Imports Shaping the Russia-Vietnam Trade

Introduction: A Strategic Pivot in Energy Partnership

Vietnam and Russia share deep-rooted ties spanning diplomacy, economy, and security, dating back to Soviet-era support. In recent years, energy has emerged as the fulcrum of this partnership. As Vietnam accelerates its industrial and power ambitions, Russia is stepping up as a versatile energy partner, supplying coal, LNG, oil, and partnering on transformative projects like nuclear power and offshore extraction. Between 2024 and early 2025, energy cooperation has not only sustained existing pipelines of trade but also forged new avenues for long-term collaboration for the Vietnam-Russia two-way trade. As per the Vietnam import data and the Russia export data, the total value of Vietnam imports from Russia reached $2.25 billion in 2024, a 19% increase from the previous year. Vietnam exported goods worth $2.34 billion to Russia in 2024, a 34% increase from the previous year, as per the Vietnam export data. 

The total trade turnover between Vietnam and Russia reached around $4.59 billion in 2024. This blog explores how energy imports are shaping the dynamic and forward-looking relationship between Vietnam and Russia in 2024–25, supported by the latest trade data, project developments, and strategic shifts, with a key focus on the Vietnam-Russia bilateral trade data. 

Vietnam-Russia Trade Trajectory: A Rebound and Surge

Trade Uplift in 2024–25

• Annual trade breakdown for 2024

• Bilateral trade between Vietnam and Russia hit USD 4.59 billion, up 26.4% from 2023.

• Vietnam recorded exports of USD 2.34 billion (up 34.5%), and imports of USD 2.25 billion (up 19%), yielding a trade surplus of around USD 90 million in Vietnam’s favor.

• Momentum carried through 2025

• By the end of November 2024, total trade reached USD 4.15 billion, reflecting a 25% year-on-year increase.

• Vietnam aims to push bilateral trade to USD 15 billion by 2030, leveraging the Vietnam–EAEU Free Trade Agreement (FTA).

• In-year build-up

• In the first seven months of 2024, trade surged to USD 2.74 billion, a strong 45.5% increase over the same period in 2023. Both exports and imports rose similarly (46% and 44%, respectively).

This robust growth underscores renewed confidence in trade ties, with energy imports proving to be a steadfast driver.

Vietnam-Russia Trade of Goods in 2024-25: List of Top Traded Products 

In the trade between Vietnam and Russia for the period of 2024-25, several top traded products have emerged as key contributors to the bilateral economic partnership. The list of these products showcases the diverse and growing nature of the trade relations between the two nations. In this period, the top traded goods include electronics, agricultural products, machinery, textiles, and energy resources. Here is a list of the top traded goods between the two countries, strengthening the Russia-Vietnam trade relations. 

Top 10 Vietnam Imports from Russia (2024-25): What Does Vietnam Import from Russia?

Vietnam has continued to strengthen its trade relations with Russia by importing a diverse range of goods. The top 10 imports from Russia to Vietnam include petroleum products, machinery, electrical equipment, grains, fertilizers, and more. These imports play a crucial role in supporting various sectors of Vietnam's economy, contributing to its growth and development. These ten products comprise 78% of Vietnam’s total imports from Russia. The major Vietnam imports from Russia, as per the Vietnam shipment data for 2024-25, include: 

1. Coal (HS code 2701): $913.2 million (40.6%)

Coal is one of the primary imports from Russia to Vietnam, with a significant amount of $913.2 million, as per the customs data on Vietnam coal imports from Russia by HS code. Vietnam relies on coal for energy production, and Russia has been a reliable source for this essential commodity.

2. Fertilizers (HS code 3105): $228.6 million (10.2%)

Fertilizers are crucial for Vietnam's agricultural sector, and Russia provides $228.6 million worth of fertilizers to Vietnam. These fertilizers help in boosting crop yield and ensuring food security in the country.

3. Wheat (HS code 1001): $162.4 million (7.2%)

Wheat is another essential import from Russia, with a value of $162.4 million. Vietnam uses wheat for various purposes, including food production and livestock feed.

4. Crude oil & petroleum goods (HS code 2709): $115.7 million (5.1%)

Vietnam heavily relies on crude oil and petroleum products for its energy needs, and Russia supplies $115.7 million worth of these products. This import plays a crucial role in ensuring Vietnam's energy security.

5. Organic Chemicals (HS code 29): $102 million (4.5%)

Organic chemicals are essential for various industries, including manufacturing and pharmaceuticals. With an import value of $102.0 million, Vietnam benefits from Russia's supply of organic chemicals.

6. Iron & steel (HS code 72): $89.5 million (4.0%)

Iron and steel are fundamental materials for the construction and manufacturing industries. Russia provides $89.5 million worth of iron and steel to Vietnam, supporting the country's infrastructure development.

7. Aluminum & alloys (HS code 76): $71.3 million (3.2%)

Aluminum and alloys have diverse applications in industries such as transportation, construction, and electronics. With an import value of $71.3 million, Vietnam benefits from Russia's supply of aluminum and alloys.

8. Timber & wood products (HS code 44): $62.1 million (2.8%)

Timber and wood products are essential for Vietnam's furniture and construction industries. Russia supplies $62.1 million worth of timber and wood products, supporting Vietnam's wood processing sector.

9. Other petroleum derivatives (HS code 2711): $13.1 million (0.6%)

In addition to crude oil and petroleum products, Vietnam also imports other petroleum derivatives from Russia, with a value of $13.1 million. These derivatives have various industrial applications.

10. Machinery & mechanical appliances (HS code 84): $11.2 million (0.5%)

Machinery and mechanical appliances are vital for Vietnam's industrial growth and infrastructure development. Russia provides $11.2 million worth of machinery and mechanical appliances to Vietnam, supporting the country's manufacturing sector.

Top 10 Vietnam Exports to Russia (2024-25): What does Vietnam Export to Russia? 

Vietnam's exports to Russia cover a diverse range of products, with the top 10 items being electronic equipment, textiles, footwear, machinery, coffee, seafood, rice, fruits, rubber, and wood products. These exports play a significant role in strengthening the economic relationship between the countries. Vietnam's electronic equipment and textiles are particularly popular in the Russian market, highlighting the country's strong manufacturing capabilities. These products make up around 89% of Vietnam’s total exports to Russia. The top 10 Vietnam exports to Russia, as per Vietnam customs export data and Russia customs import data for 2024-25, include:  

1. Telephones & components (HS code 8517): $548 million (23.4%)

Telephones and components take the top spot as the most significant export from Vietnam to Russia, accounting for a substantial percentage of the total export value. With the increasing demand for telecommunications products, Vietnam has been able to establish itself as a key supplier to the Russian market.

2. Computers & electronic products (HS code 8471): $432.7 million (18.5%)

Computers and electronic products are another major export category for Vietnam, showcasing the country's strength in the tech industry. As Russia continues to modernize its infrastructure, the demand for computers and electronic devices from Vietnam is expected to grow.

3. Seafood (HS code 03): $310.6 million (13.3%)

Vietnam is renowned for its high-quality seafood products, and this is reflected in its exports to Russia. With a diverse range of seafood products, including fish, shrimp, and squid, Vietnam has carved out a significant market share in Russia's seafood industry.

4. Coffee (HS code 0901): $168.5 million (7.2%)

Vietnam is one of the world's largest coffee producers, and it's no surprise that coffee is a key export to Russia, as per the customs data on Vietnam coffee exports to Russia by HS code. With a growing coffee culture in Russia, Vietnamese coffee beans are highly sought after for their rich flavor and quality.

5. Footwear (HS code 64): $153.2 million (6.6%)

Vietnamese footwear products have gained popularity in the Russian market due to their affordability and quality. With a wide range of styles and designs, Vietnam's footwear exports to Russia continue to thrive.

6. Textiles & garments (HS code 61/62): $131.7 million (5.6%)

Vietnam's textile and garment industry is a key player in the global market, and its exports to Russia reflect this. With a focus on high-quality materials and modern designs, Vietnamese textiles and garments are in high demand in Russia.

7. Rubber & rubber products (HS code 40): $102.5 million (4.4%)

Rubber and rubber products from Vietnam are essential exports to Russia, with applications in various industries. From automotive to construction, Vietnam's rubber exports play a crucial role in the Russian economy.

8. Rice (HS code 1006): $89.3 million (3.8%)

Rice is a staple food in many countries, including Russia, making it a significant export commodity for Vietnam. With a focus on high-quality rice varieties, Vietnam has established itself as a reliable source of rice for the Russian market.

9. Tea (HS code 0902): $71.4 million (3%)

Vietnamese tea is renowned for its unique flavors and health benefits, making it a popular export to Russia. With a growing interest in herbal teas and green teas, Vietnam's tea exports continue to grow in popularity.

10. Edible Fruits (HS code 08): $65.8 million (2.8%)

Last but not least, Vietnam's exports of edible fruits to Russia play a crucial role in the country's food industry. With a wide variety of fruits, including tropical fruits like mangoes and dragon fruit, Vietnam's fruit exports are highly valued in the Russian market.

Vietnam-Russia Trade in the Last 10 Years: Historical Russia-Vietnam Trade Data

Annual Russia-Vietnam Trade Performance (2024)

Vietnam–Russia trade surged in 2024, defying global economic headwinds:

• Total Vietnam-Russia trade turnover: USD 4.59 billion, up 26.4% year-on-year.

• Vietnam’s exports to Russia: USD 2.34 billion (up 34.5%).

• Vietnam’s imports from Russia: USD 2.25 billion (up 19%).

• Russia-Vietnam Trade balance: Surplus of roughly USD 90 million in Vietnam’s favor.

Monthly/Quarterly Momentum

• Jan–May 2024: Trade reached USD 1.92 billion, up 53.4% from the same period in 2023. Exports rose 53%, imports 53.8%.

• Jan–July 2024: Turnover surged to USD 2.74 billion (+45.5%). Exports USD 1.47 billion (+46.6%), imports USD 1.27 billion (+44.2%).

• Jan–Nov 2024: Trade volume hit USD 4.15 billion (+25% year-on-year).

This trajectory shows that even as growth moderated in the second half, momentum remained robust, confirming the resilience of bilateral flows.

Export Structure: What Vietnam Sells to Russia

Vietnam’s exports are increasingly diverse, with both consumer and intermediate goods:

• Electronics & machinery: Mobile phones, components, and computers form a rising share, appealing to Russian demand amid Western sanctions.

• Agriculture & aquaculture: Seafood, coffee, tea, rice, and tropical fruits dominate food exports. Vietnam is now Russia’s top Southeast Asian supplier of seafood.

• Textiles & footwear: Consistent performers in the Russian market, with strong growth after currency settlement mechanisms improved.

• Rubber & tires: Rising in significance thanks to demand from the Russian automotive sector.

Import Structure: What Vietnam Buys from Russia

Energy is at the center of imports, but several categories stand out:

• Coal: Nearly USD 1 billion in 2024, supplying ~10% of Vietnam’s total coal needs.

• Fertilizers: USD 228 million in 2024; Russia is a top-three supplier to Vietnam.

• Crude oil & petroleum products: Direct crude plus refined derivatives rose significantly, especially in mid-2024, as per the data on Vietnam crude oil imports. 

• Chemicals & metals: Inputs critical for Vietnam’s industry (steel, aluminum alloys, synthetic resins).

• Wheat & cereals: Russia supplies significant grain volumes to Vietnam, offsetting global supply shocks.

Vietnam-Russia Bilateral Trade Balance Trends

• 2018–2021: Trade balance fluctuated, with Vietnam often running small deficits due to heavy energy imports.

• 2022–23: Trade dipped under global sanctions pressure, with volumes falling below USD 4 billion.

• 2024 rebound: Stronger Russian supply and diversified Vietnamese exports pushed trade above USD 4.5 billion.

• 2025 outlook: With energy projects scaling and nuclear cooperation reactivated, imports from Russia are set to rise faster than exports, potentially shifting the balance back in Russia’s favor.

Medium-Term Targets

Both sides have set an ambitious goal:

• USD 15 billion annual trade turnover by 2030, nearly tripling current levels.

• Achieving this will rely on:

1. Energy imports (coal, LNG, nuclear projects).

2. Greater penetration of Vietnamese consumer goods in the Russian market.

3. Logistics upgrades and ruble–dong settlements.

The Power of Energy in Imports

Vietnam’s industrial expansion, energy demand, and strategic reserves rely heavily on imported inputs. From 2023 to 2024, several energy categories displayed remarkable growth:

• Coal:

• Vietnam imported coal worth USD 913.2 million in 2024, up 7.7% in value and a notable 23.4% in volume.

• Earlier, in Jan–May 2024 alone, coal imports from Russia jumped 58% to USD 471 million, supplying 2.4 million tonnes, around 9% of Vietnam’s total coal imports.

• Fertilizers:

• Imports climbed to USD 228.6 million in 2024 (up 73% in value, 89.7% in volume).

• For Jan–July 2024, fertilizer imports surged 325% to USD 165.5 million, and volume nearly quadrupled.

• Chemicals & Petroleum:

• Chemical imports reached USD 102 million, soaring 93.4% year-on-year.

• Other petroleum products increased by 379% to USD 13.1 million, while gasoline and oil imports multiplied more than twentyfold, from a small base. 

These figures spotlight an energy-intensive trade; critical raw materials flowing from Russia underpin Vietnam’s manufacturing, power generation, and broader industrialization.

Major Energy Mechanisms and Projects for Vietnam-Russia Trade

Vietsovpetro: The Backbone of Oil Cooperation

• Vietsovpetro, a joint venture since 1981 between Petrovietnam (51%) and Zarubezhneft (49%), heads Vietnam’s offshore oil and gas production.

• It has produced over 250 million tonnes of oil to date and remains a centerpiece of energy collaboration.

Nuclear Energy: From Suspension to Revival

In January 2025, Russia’s state nuclear agency Rosatom and Vietnam’s EVN signed a cooperation agreement to reinvigorate Vietnam’s long-dormant nuclear power program. The deal, framed within a broader strategic roadmap through 2030, signals a major shift, with Vietnam aiming to launch its first nuclear reactor by 2030.

LNG, Crude Oil & Energy Infrastructure Cooperation

During high-level visits:

• Russia pledged stable supplies of crude oil, LNG, and petroleum products, alongside collaboration on gas-fired power plants, renewables, and broader energy infrastructure development.

• Russian Prime Minister Mishustin’s visit in early 2025 culminated in a Comprehensive Cooperation Plan towards 2030, with 13 roadmap pillars, including energy, infrastructure, and nuclear power.

Transportation & Logistics

To support this energy momentum, transportation and payment mechanisms are being revamped:

• Multimodal logistics routes, sea and rail, are being strengthened; direct flights between Russia and Vietnam resumed; visa regimes have eased, and ruble–dong bilateral payment systems are gaining traction.

• These enhancements are crucial for delivering bulky energy commodities efficiently and reliably.

Strategic and Geopolitical Considerations

Diplomatic Anchor Points

Energy cooperation intertwines with broader political goals:

• Putin’s visit to Vietnam in mid-2024 included signing 11 agreements, including those centered on energy.

• Russia is also promoting Vietnam’s potential entry as a partner country in BRICS, although Vietnam remains cautious about balancing ties with the U.S.

Sanctions and Resilience

Western sanctions against Russia have disrupted financial and logistics systems. Still, both countries have adapted:

• Use of local currency in trade, resilient payment systems, and alternative logistics networks has ensured continuity.

This resilience underscores Vietnam’s strategic imperative to secure energy supplies, irrespective of global turbulence.

Looking Ahead: Projections and Challenges

Growth Target: USD 15 Billion Trade by 2030

The ambition to scale bilateral trade nearly fourfold in under a decade depends heavily on deepening energy integration.

Energy Security Meets Sustainability

• Vietnam’s energy matrix is evolving: rapid growth in solar, wind, and hydropower, with renewables (wind + solar) already comprising 10% of capacity by 2020.

• Russian cooperation supports both traditional (coal, oil) and modern energy paths (nuclear, LNG, renewables).

Navigating Risk

Vietnam must diversify:

• Heavy reliance on Russia for energy exposes it to geopolitical risks and supply disruptions.

• Developing domestic renewable capacity, while expensive upfront, offers long-term resilience.

Deployment Realities

• Nuclear energy promises baseload stability, but safety, cost, and sociopolitical considerations will influence the pace.

• Existing infrastructure, like Vietsovpetro, provides continuity, and expanded LNG and oil pipelines are necessary to meet short-term demand.

Conclusion: Energy is the Catalyst of Vietnam–Russia Trade

In conclusion, from USD 4.6 billion of total Vietnam-Russia trade turnover in 2024 to ambitious targets for 2030, the Vietnam–Russia trade relationship is anchored firmly in energy. Coal, oil, fertilizers, chemicals, LNG, nuclear projects, these are not just commodities; they are enablers of Vietnam’s development ambitions and mechanisms of strategic partnership.

By balancing energy imports with infrastructural upgrades, nuclear cooperation, and expanding renewables, Vietnam is seeking to turn energy dependency into a sustainable growth lever. Russia, in turn, cements its role as a key energy partner in Southeast Asia, despite external pressures. In this evolving dynamic, energy is not just shaping trade volumes; it’s shaping the geopolitical and developmental future of both nations.

For more information on the latest Vietnam trade data, bilateral trade insights, or to search live Vietnam import-export data by country, visit VietnamExportdata. Contact us at info@tradeimex.in for customized trade reports, importer-exporter data, and exclusive market insights.