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October 25 Update: Vietnam has now been granted ‘BRICS Partner’ status. See more here.
Vietnam is actively working on a bid to join the BRICS group, according to Hanoi’s embassy in Russia. The country has yet to make a decision on a formal membership bid, although it is establishing a framework for BRICS participation and a potential request to join the group. Hanoi has not yet said if Vietnam will send a delegation to the BRICS summit scheduled for the Russian city of Kazan in October.
BRICS members Brazil, Russia, India, China, and South Africa were joined by four more countries at the start of this year, when Ethiopia, Iran, Egypt, and the United Arab Emirates formed part of a major expansion. Saudi Arabia has also been approved as a member but is reportedly considering final ratification of its accession.
Numerous other nations have expressed interest in becoming BRICS members, and some have already formally submitted applications, including Venezuela, Thailand, Senegal, Cuba, Kazakhstan, Belarus, Bahrain, and Pakistan.
The bloc’s political and economic influence has increased significantly since sanctions were imposed on Moscow by the US and its allies following the start of the Ukraine conflict in 2022. BRICS members have not joined the Western campaign and have continued and boosted trade with Russia.
Vietnam’s economy has been a development success story, according to the World Bank. Economic reforms undertaken over the past four decades have helped propel the country from being one of the world’s poorest nations to a middle-income economy in one generation. The Vietnamese economy grew by 5.05% in 2023, with the World Bank forecasting steady GDP growth in the coming years.
Vietnam’s manufacturing sector includes industries such as textiles and garments, electronics, machinery, footwear, and food processing, and has attracted significant foreign investment. Hanoi has adopted a neutral stance towards Russia’s conflict with Ukraine. Vietnam abstained on four of the UN General Assembly resolutions condemning Moscow and voted against a motion to remove Russia from the UN Human Rights Council.
Vietnam’s bilateral trade with Russia in 2023 reached about US$3 billion, with Russia exporting mainly cereals, crustaceans and pork. Russia’s exports to Vietnam were up 32% last year.
Sergey Levin, Russia’s Deputy Minister of Agriculture noted that the potential for exporting agricultural products from Russia to Vietnam by 2030 could increase fourfold. This will be done by increasing the supply of grain, pork, and fish products. In addition, Russia is interested in increasing the volume of investments in the agricultural sector.
Vietnam has a Free Trade Agreement with Russia via the Eurasian Economic Union.
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