- Russia, Vietnam conduct 60% of trade financial transactions using ‘Ruble’ and ‘Dong’
- Russian President Vladimir Putin Says De-dollarization in trade with Asian partners is a reality as the share of Ruble-Dong settlements in mutual trade as steadily rises.
- By: Muhammad Arif
Hanoi: Russia and Vietnam conduct around 60% of their bilateral trade financial transactions using the Russian ‘Ruble’ and the Vietnamese ‘Dong’.
This is new a step towards bypassing the US dollar and euro,stated Russian President Vladimir Putin in an article published for the official newspaper of the Communist Party of Vietnam ahead of two-day visit of President Putin to the Southeast Asian country.
President Vladimir Putin arrived in Hanoi at the invitation of the General Secretary of the Central Committee of the Communist Party of Vietnam, Nguyen Phu Trong.
- Putin further stated that Russia and the Vietnam were paying serious attention to enhancing mutual trade and promoting investment, particularly in the Russian ruble and the Vietnamese dong.
“Such transactions accounted for more than 40% of bilateral trade last year, and in the first quarter of this year their share rose to almost 60%,” the Russian leader added, adding that this was in line with the global trend towards phasing out the use of “widely discredited currencies” in international trade and investment.
Putin also acknowledged the importance of the Vietnam-Russia Joint Venture Bank, which was set up by the two countries in 2006 with the aim of strengthening their economic ties.
Quoting official statistics, the Russian president said that bilateral trade rose by 8% in 2023 and continues to move upward, adding that the energy sector remains a strategically important area of cooperation.
“Food, mineral resources, machinery and equipment are exported to Vietnam. Many Vietnamese goods, including clothing, fruits, vegetables and other agricultural products, are in demand on the Russian market,” according to the article, lauding the role of the free economic trade agreement between the Russia-led Eurasian Economic Union (EAEU) and Vietnam.
During the visit, Russian leader emphasised the closeness between Moscow and Hanoi, on regional and global issues.
Also ,President Vladimir Putin invited the Vietnamese investors to take advantage of business opportunities in the Russian market. He mentioned the initiative to establish a Nuclear Science and Technology Research Centre in Vietnam, with the support of human resource training assistance from Russia.
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