Putin highlights significant shift in trade dynamics between Russia, Vietnam
(MENAFN) Russian President Vladimir Putin has highlighted a significant shift in trade dynamics between Russia and Vietnam, noting that approximately 60percent of transactions between the two countries now bypass the United States dollar and euro, utilizing their respective currencies instead. Putin's remarks, published in an article for the official newspaper of the Communist Party of Vietnam ahead of his visit to the Southeast Asian nation, underscored a growing trend towards reducing reliance on traditional global currencies in international trade and investment.
In the article, Putin emphasized the strategic focus on enhancing bilateral trade and fostering investment, particularly through increased usage of the Russian ruble and Vietnamese dong. He pointed out that such currency transactions accounted for over 40percent of bilateral trade in the previous year, with this figure rising to nearly 60percent in the first quarter of the current year. This shift aligns with broader global movements aimed at diversifying and de-dollarizing economic interactions.
The Russian president also highlighted the pivotal role of the Vietnam-Russia Joint Venture Bank, established in 2006 to strengthen economic ties between the two nations. Putin cited official data indicating an 8percent increase in bilateral trade in 2023, underscoring ongoing growth in sectors such as energy and mutual demand for goods ranging from food and mineral resources to machinery and agricultural products.
Putin further praised the impact of the free economic trade agreement between the Russia-led Eurasian Economic Union (EAEU) and Vietnam, facilitating smoother trade relations and bolstering economic cooperation across various sectors. The article reflects Russia's commitment to deepening economic ties with Vietnam amidst evolving global economic landscapes and geopolitical developments.
MENAFN04072024000045015687ID1108407232
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.