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Russian-Vietnamese economic cooperation in new conditions

Author

Listed:
  • Turaeva, M.

    (Institute of Economics, Russian Academy of Sciences, Moscow, Russia)

  • Yakovlev, A.

    (Moscow School of Economics, Lomonosov Moscow State University, Moscow, Russia
    Institute of Economics, Russian Academy of Sciences, Moscow, Russia)

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.

Suggested Citation

  • Turaeva, M. & Yakovlev, A., 2023. "Russian-Vietnamese economic cooperation in new conditions," Journal of the New Economic Association, New Economic Association, vol. 58(1), pages 165-172.
    • Handle: RePEc:nea:journl:y:2023:i:58:p:165-172
    DOI: 10.31737/22212264_2023_1_165
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    References listed on IDEAS

    as
    1. Pavel Minakir, 2017. "«Turn to the East» Policy: Expectations and Reality," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(4), pages 1016-1029.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Vietnam; Russian-Vietnamese economic cooperation; Russia's turn to the East; economic sanctions; economic reforms in Vietnam; integration processes; Asia-Pacific region;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F35 - International Economics - - International Finance - - - Foreign Aid
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations

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