On October 24, at the headquarters of the Ministry of Industry and Trade, Deputy Minister Phan Thi Thang met with the Deputy Minister of Foreign Affairs of Armenia, Mnatsakan Safaryan, to discuss measures to strengthen bilateral economic and trade cooperation.

The meeting was attended by the Ambassador of Armenia to Vietnam and officials from the Armenian Ministry of Foreign Affairs and the Embassy. On the Vietnamese side were representatives from the Department of Foreign Market Development, the Agency of Foreign Trade, and the Vietnam Trade Promotion Agency.

Deputy Minister Thang underlined that economic, trade, and investment cooperation has been a key pillar in Vietnam - Armenia relations. Since the signing of the Vietnam - Eurasian Economic Union Free Trade Agreement (VN - EAEU FTA) in 2015, which took effect in October 2016, bilateral trade has developed positively, especially between 2019 and 2025. From a modest figure of only USD 1.5 million in 2019, two-way trade reached USD 491.7 million in 2025. Armenia is now Vietnam’s second-largest trading partner in the Eurasian Economic Union, while Vietnam ranks as Armenia’s second-largest partner in Asia.

However, trade between the two countries accounts for just 1.6% of Armenia’s total imports and exports and 0.06% of Vietnam’s, indicating that cooperation remains below potential. Deputy Minister Thang called on both sides to facilitate and create favorable conditions for businesses to better utilize the VN-EAEU FTA and support enterprises in trade promotion activities and market expansion.

The Deputy Minister of Foreign Affairs of Armenia said Armenia is focusing on industrial development and investment attraction, key pillars of its national economic strategy and welcomes Vietnamese investment. He also expressed the desire to strengthen cooperation with Vietnam in aviation services and education.

Deputy Minister Safaryan agreed with the proposals of Deputy Minister Thang and affirmed that Armenia attaches great importance to promoting cooperation with Vietnam in various fields, particularly in economy, trade, and industry, aiming to increase bilateral trade and encourage investment from both sides.

After eight years since the first meeting in 2017, the two sides agreed to accelerate preparations for the second session of the Vietnam - Armenia Intergovernmental Committee on Economic, Trade and Scientific - Technical Cooperation, to be held in Armenia in 2026. The meeting will review the current cooperation and outline priority areas to further advance bilateral relations in trade, investment, science, and technology.

Armenia is currently Vietnam’s second-largest trading partner within the EAEU, while Vietnam ranks as Armenia’s second-largest trading partner in Asia.

In 2024, bilateral trade reached USD 491.7 million, up 42.5% from 2023. Vietnam’s exports to Armenia totaled USD 491 million, an increase of 42.4%, while imports stood at USD 0.76 million, up 141%.

During the first nine months of 2025, two-way trade between Vietnam and Armenia reached USD 413.1 million, rising 13.5% year-on-year. Vietnam’s exports to Armenia were valued at USD 412.6 million, up 13.5%, while imports from Armenia amounted to USD 0.51 million, up 14.4%.

Vietnam’s main exports to Armenia include telephones and components, computers and electronic products, machinery and equipment, handbags, and footwear. Key imports from Armenia are gemstones, precious metals, milk, and dairy products.