Russia has publicly endorsed Vietnam's aspirations to join the influential BRICS bloc, a move that could significantly bolster Hanoi's global standing and economic prospects. This support was articulated in a joint communique released following a visit by Russian Prime Minister Mikhail Mishustin to Vietnam, as reported by TASS News.

"The Russian side welcomed Vietnam's active participation in BRICS events in 2024 and expressed its readiness to contribute to its inclusion as a member of the grouping," the document stated. Vietnam's Prime Minister Pham Minh Chinh actively engaged with the BRICS forum in 2024, attending the BRICS Plus/Outreach summit in Kazan, Russia, at the invitation of President Vladimir Putin.

This participation underscores Vietnam's growing interest in expanding its global partnerships and exploring new avenues for economic cooperation. Beyond the immediate goal of BRICS membership, the joint statement emphasised the importance of fostering closer ties between ASEAN and the Shanghai Cooperation Organisation (SCO).

It "welcomed efforts to deepen partnership... which contribute to building a common space for peace, stability, equal and indivisible security, mutual trust, development, and prosperity in Greater Eurasia." This emphasis on regional cooperation reflects Vietnam's commitment to promoting stability and economic growth within its broader geopolitical sphere.

However, in as much as full BRICS membership would open a number of new markets to Hanoi, the all-important link to the US as a major export destination is an issue many are concerned about. 

The trade relationship between the United States and Vietnam has seen remarkable growth in recent years, with bilateral trade reaching an estimated $142.1bn in 2022. This figure comprised US exports to Vietnam valued at $13.8bn and imports from Vietnam amounting to $128.4bn according to the Office of the United States Trade Representative.

In September 2023, the two nations elevated their relationship to a Comprehensive Strategic Partnership, signifying closer economic and strategic ties with bilateral trade expanding from $30bn in 2013, to $139bn in 2023—a 360% increase, as noted by the Trade Bureau.

Nevertheless, challenges have emerged in recent months. By the end of November 2024, the US trade deficit with Vietnam had surpassed $110bn. This development was attributed to a sharp rise in Vietnamese exports alongside a record depreciation of the Vietnamese dong against the dollar. The growing deficit has in turn prompted concerns in Washington over trade imbalances and currency valuation.

Worries have also arisen with the election of Donald Trump to the White House. Trump has already spoken of imposing tariffs on products from Vietnam as well as other nations in East and Southeast Asia; a factor in both Malaysia and Thailand joining BRICS as partner members in 2024, and Indonesia opting to join as a full member on January 6, 2025.