Russian-Vietnamese economic cooperation in new conditions

M. Turaeva and A. Yakovlev
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M. Turaeva: Institute of Economics, Russian Academy of Sciences, Moscow, Russia
A. Yakovlev: Moscow School of Economics, Lomonosov Moscow State University, Moscow, Russia

Journal of the New Economic Association, 2023, vol. 58, issue 1, 165-172

Abstract: The article considers the prospects for Russian-Vietnamese economic cooperation in the new geopolitical conditions, forcing Russia to intensify the "turn to the East" policy. It is shown that as a result of the reforms, Vietnam has managed to turn into one of the fastest growing economies in the world, deeply integrated into global production chains and economic ties, pursuing a multi-vector foreign economic policy, balancing between the largest players in the Asia-Pacific region. Despite the historically high level of diplomatic relations between Russia and Vietnam, economic ties between two countries are comparatively poor. It is concluded that the sanctions imposed against Russia by unfriendly countries will negatively affect the prospects for the development of economic relations with Vietnam due to the rise of transaction costs and the risks of secondary sanctions on Vietnamese counterparties. However, an adequate and realistic strategy of reorientation towards interaction with the countries of East and South-East Asia will help Russia to increase economic cooperation with Vietnam, as well as strengthen the development of its own eastern regions.

Keywords: Vietnam; Russian-Vietnamese economic cooperation; Russia's turn to the East; economic sanctions; economic reforms in Vietnam; integration processes; Asia-Pacific region (search for similar items in EconPapers)
JEL-codes: F15 F21 F35 F53 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2023:i:58:p:165-172

DOI: 10.31737/22212264_2023_1_165

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