Russia boosts food exports to Vietnam 27% to $150 mln in 5M - Agroexport

MOSCOW. June 9 (Interfax) - Russia exported over $150 million worth of food products to Vietnam in January-May, up 27% compared to the same period of 2024, the Agroexport federal center told Interfax.

The key commodity in these shipments was pork, with exports amounting to $107 million - nearly double the figure for January-May 2024. Frozen pork accounted for 77.6% of the total value, offal for 22% and pork fat for 0.4%.

"Vietnam is a relatively new market for Russian meat suppliers but has already firmly entered the top three buyers of Russian pork. In turn, Russia has become one of Vietnam's key suppliers. These results were achieved thanks to the free trade agreement between Vietnam and the EAEU [Eurasian Economic Union], in effect since 2016, combined with the competitiveness and quality of Russian products," Agroexport head Ilya Ilyushin was quoted as saying.

In addition, Russia shipped 87,000 tonnes of wheat to Vietnam in 5M, worth $18 million, whereas no such exports were recorded a year earlier. Vietnam has been gradually increasing wheat purchases from Russia following the removal of Canada thistle from the list of quarantine items in September 2023. Exports totaled 144,000 tonnes in 2023, rising to 527,000 tonnes in 2024.

Baby food ranks among the top three products exported to Vietnam, Agroexport said. Shipments increased 17% to $6 million over 5M. Russia also supplies Vietnam with frozen crab, poultry meat, sunflower oil, frozen fish, beef, confectionery and other agricultural products.

Agroexport estimates the potential for Russian food exports to Vietnam by 2030 at over $600 million. The most promising categories include grains, meat and fish products, vegetable oils and meal, baby food and confectionery.

One of Russia's leading food exporters to Vietnam, particularly in baby food, is JSC Progress (the brands Frutonyanya, Malysham, Lipetsky Buvet, and others). The company began exporting to the Vietnamese market over five years ago, with shipments growing an average of 5%-10% annually. "In 2024, we made significant progress by choosing the right partner and developing a plan to expand both qualitative and quantitative distribution. As a result, compared to 2023, shipments have doubled," Alina Bulanaya, head of export sales (Asia, MENA) at JSC Progress, was quoted as saying.

The Vietnamese market holds clear prospects for Russian agricultural exporters, driven by advantages such as the free trade agreement, low tariff barriers and strong consumer loyalty to Russian products, she said.

In 2024, agricultural trade between Russia and Vietnam grew nearly 40%, exceeding $1 billion, representative of the Russian Agriculture Ministry in Vietnam Victoria Gorshkova said.

Vietnam, due to its advantageous geographical location, could become a hub for Russian products in Southeast Asia, she said. Moreover, the country remains an attractive partner for investment.