Russia to Assist Vietnam in Joining BRICS as a Partner Country for Economic Collaboration

Vietnam is set to engage with the BRICS group of emerging economies as a "partner country," according to a joint statement released after Russian Prime Minister Mikhail Mishustin's visit to Hanoi. The statement noted Russia's support for Vietnam's involvement in BRICS events in 2024 and its willingness to facilitate Vietnam's entry as a partner country.

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BRICS, initially formed by Brazil, Russia, India, and China in 2009, expanded to include South Africa in 2010. The bloc aims to provide an alternative to the Group of Seven leading industrial nations. Recently, Iran, Egypt, Ethiopia, and the United Arab Emirates joined BRICS, with Saudi Arabia invited to participate. Turkiye, Azerbaijan, and Malaysia have also applied for membership.

BRICS Expansion and Vietnam's Position

Indonesia, a Southeast Asian neighbour of Vietnam, became a full BRICS member this month. Despite this regional development, Vietnam remains hesitant about joining the bloc fully. Nguyen Khac Giang from Singapore's ISEAS–Yusof Ishak Institute highlighted Vietnam's cautious stance due to potential reactions from the Trump administration and limited perceived benefits.

Vietnam seeks US support to further its economic goals and diversify its defence partnerships. This strategic alignment influences its cautious approach towards full BRICS membership. Meanwhile, Russia is keen on strengthening ties in Asia amidst its growing international isolation due to the conflict in Ukraine.

Russia-Vietnam Cooperation

During Mishustin's visit, Russia and Vietnam agreed to enhance cooperation in nuclear power development. The joint statement confirmed Russia's readiness to assist in establishing a national nuclear power industry in Vietnam. This collaboration marks a significant step in their bilateral relations.

The evolving dynamics within BRICS reflect broader geopolitical shifts. As countries like Vietnam weigh their options, the bloc continues to attract interest from various nations seeking alternative alliances. The outcome of these developments will shape future economic and political landscapes.