Vietnam Targets $45 Billion Trade Goal as Incoming ASEAN-Russia Coordinator

Strategic Objectives for the 2027-2030 Coordination Term

As Vietnam prepares to assume the role of country coordinator for ASEAN-Russia relations, the nation is looking to shift the partnership toward concrete economic and technological outcomes. During the ASEAN Post-Ministerial Conference in Manila, Vietnamese Minister of Foreign Affairs Le Hoai Trung outlined a vision that emphasizes moving beyond dialogue to tangible regional impact.

The primary economic target is ambitious: Vietnam is pushing to increase the total two-way trade volume between ASEAN and Russia to US$45 billion by 2035. To achieve this, the minister called for the swift implementation of the ASEAN-Russia Joint Statement on Energy Cooperation.

• Strategic fuel storage and liquefied natural gas (LNG) trade
• Renewable energy development and energy-efficient technologies
• Civilian nuclear power integration

Expanding Cooperation in Digital and Security Sectors

Beyond traditional trade, Vietnam’s agenda for its upcoming coordination term includes a heavy focus on the digital economy and security. Minister Le Hoai Trung proposed expanding collaboration into startup ecosystems, digital transformation, and joint research. Cybersecurity remains a point of emphasis, with Vietnam encouraging both sides to strengthen dialogue and cooperate on the implementation of the United Convention Against Cybercrime, also known as the Hanoi Convention.

Russian Foreign Minister Sergei Lavrov signaled alignment with these priorities, reaffirming the importance of the partnership for regional stability. According to reporting by VOV, Lavrov suggested that expanded collaboration should cover artificial intelligence, education, and culture, alongside the security-focused agenda.

Regional Stability and People-to-People Connectivity

A central tenet of Vietnam’s diplomatic approach is the maintenance of peace based on international law and the United Nations Charter. In Manila, the Vietnamese delegation emphasized the importance of confidence-building measures and the peaceful settlement of disputes, while explicitly welcoming Russia’s continued support for ASEAN centrality. This support is critical to the bloc’s engagement with regional mechanisms, including the East Asia Summit (EAS), the ASEAN Regional Forum (ARF), and the ASEAN Defence Ministers’ Meeting-Plus (ADMM-Plus).

To deepen the bond at a societal level, Vietnam has pledged to host the Second ASEAN-Russia Young Diplomats Summit in 2027. This event is intended to foster long-term cooperation and mutual understanding among the next generation of regional leaders, a goal that aligns with broader efforts to improve tourism and direct air links between the two sides.

Broader ASEAN Economic Integration Efforts

Vietnam’s proactive diplomatic role is part of a larger strategy to position ASEAN as a central hub of the global economy. As noted by the ASEAN Business Advisory Council (ASEAN-BAC), Indonesia and Vietnam play a crucial role in this transition, given that their combined gross domestic product (GDP) exceeds 60 percent of the region’s total. During a 2023 roadshow, the ASEAN-BAC leadership emphasized the need for businesses to participate in priority projects, including digital transformation and food security.

“As part of the roadshow mission to Vietnam, the ASEAN-BAC chairmanship aims to encourage Vietnam’s businesses and government to participate in the five priority and eight legacy projects.”

Arsjad Rasjid, Chair of the Indonesian Chamber of Commerce and Industry

These initiatives are part of a multi-year effort to integrate regional business ecosystems. Vietnam’s participation in these economic frameworks, alongside its role as a coordinator for ASEAN-EU economic relations—where it is one of only three ASEAN members to have signed a free trade agreement—signals a consistent policy of promoting economic multilateralism. Deputy Minister of Foreign Affairs Dang Hoang Giang has emphasized that Vietnam will continue to make every effort to contribute to these developments, ensuring that the bloc remains resilient against complex global shifts.