Green Transition in Developing Countries and Opportunities for Russian Exports: The Case of Vietnam

After years of rapid economic growth since the economic renovation, Vietnam now faces many risks from climate change. To mitigate the climate change impacts while boosting economic growth, Vietnam has announced its transition towards a low-carbon green economy. The green transition in Vietnam has achieved some early success, especially since 2018, turning the country into one of the world’s leading investors in renewable energy after a short period of time. However, Vietnam’s transition faces two major challenges: a) the shortage of critical minerals; and (ii) the reliance on foreign technology. This presents new opportunities for Russia to expand its export market in critical minerals, and enhance its technological cooperation with Vietnam. Similarly, Russia may support green transition in developing countries through: a) its vast production capacity and reserve in copper, cobalt, nickel and rare earth minerals; and b) its mining technology and nuclear technology. Using Vietnam as a case study, this paper argues that Russia can take advantage of the green transition in developing countries to diversifying its economy, reducing its reliance on fossil fuels, and advancing its own green technology.