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Russia’s AFK Sistema plans to open a representative office in Vietnam in 2026, with the decision made following a working visit to the country by a delegation from the corporation headed by its founder Vladimir Yevtushenkov in early January.
AFK Sistema PAO is a large Russian conglomerate, with Sistema part of the AFK Group. The company was originally formed in 1993, to group together several information technology (IT) and cell phone companies including MTS, now Russia’s largest mobile operator. It is involved across multiple sectors, with total assets reported as ₽680 billion (US$8.6 billion) for the quarter ending March 2025. It is capitalized on the Moscow Stock Exchange at ₽128.34 billion (US$1.6 billion) as of late 2025.
The Sistema team met with Vietnamese Prime Minister Pham Minh Chinh, Public Security Minister Luong Tam Quang and Health Minister Dao Hong Lan, as well as with representatives of the Vietnamese business community.
The company is to develop cooperation with Vietnamese businesses in such high-tech areas as digitalization, cybersecurity and the application of hydrogen technologies, as well as in pharmaceuticals, medicine, agriculture and construction. It also signed a memorandum of understanding with the Vietnamese Academy of Sciences.
The representative office in Vietnam is expected to facilitate the development of the presence of companies from AFK’s portfolio in the country and in Asia overall.
In 2025, another AKF subsidiary, Binnopharm Group, opened a representative office in Vietnam and signed a memorandum on cooperation with VNVC for joint research, drug development, GMP certification and entry into Southeast Asian markets.
Vietnam has a free trade agreement with Russia via the Eurasian Economic Union as is also a BRICS partner state.
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