Vietnam–Russia Economic Cooperation under Geopolitical Turbulence: Trade, Investment, and Institutional Adaptation in the EAEU Framework

Abstract

This paper analyzes economic cooperation between Vietnam and the Russian Federation in the context of global geopolitical turbulence after 2022, based on a synthesis of recent scholarly studies. The research focuses on three key pillars: bilateral trade, investment cooperation, and the role of the institutional framework, particularly the Free Trade Agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU). The findings indicate that bilateral trade has shown short-term growth due to Russia’s reorientation toward Asian markets; however, this trend lacks sustainability and remains dependent on external factors. Meanwhile, investment cooperation remains limited, concentrated in traditional sectors such as energy, and has yet to generate spillover effects through the formation of integrated value chains. From an institutional perspective, the Vietnam–EAEU FTA serves as an important foundational framework, but its practical effectiveness is constrained by structural economic barriers, logistical challenges, and the broader geopolitical environment. Based on these findings, the paper proposes a “geo-economic adaptation” approach to better explain both the drivers and limitations of bilateral cooperation, while also offering several policy implications in the context of an ongoing restructuring of the global economy.

https://doi.org/10.26803/MyRes.2026.25