Vietnam and Russia: Mutual Economic Cooperation in Changing Geopolitical and Geo-Economic Conditions

Abstract

The issues of mutual economic relations between Vietnam and Russia (SRV) in the context of global transformations are studied. In Soviet times, it was based on technical and financial assistance to the USSR, which was determined by ideological proximity and geopolitical interests. Market transit and the orientation of the new Russia to the West sharply reduced the volume of economic interaction. In the 2000s, during the recovery growth and the transition to a multi-vector foreign policy, mutual trade relations began to grow, but they were much slower in terms of trade with regional partners. In the last decade, the role of geopolitics has increased again, and, above all, the peculiarities of relations between both countries with China and the United States. Over the years of cooperation between the SRV and the Russian Federation, an extensive system of relations at the political level has been built. But this does not create a sufficient incentive for the development of economic relations. At the level of business structures directly involved in their construction, the influence of global geopolitical processes and geo-economic conditions is felt more strongly. The situation for mutual economic ties has deteriorated greatly in the face of harsh Western sanctions. The study showed that geo-economic conditions of cooperation can be improved by developing institutions that mutually promote commercial proposals to each other’s markets and create business models for their implementation