Participants at the business forum in Hanoi on January 11 (Photo: VNA)

Hanoi (VNA) – A business forum between Vietnam and the Republic of Bashkortostan, Russia, was held in Hanoi on January 11, exploring business partnership potential between the two sides.

The forum was held by the Vietnam Chamber of Commerce and Industry (VCCI) and the Russian trade office in Vietnam on the occasion of a working visit by Bashkortostan Prime Minister Mardanov Rustem Habibovich.

Opening the event, VCCI Vice Chairman Doan Duy Khuong highly valued cooperation between Vietnam and the federal subjects of Russia, including Bashkortostan.

He noted that Vietnamese firms have invested in 20 projects in Russia with total registered capital of nearly 3 billion USD while Russian companies have 114 investment projects worth 2.08 billion USD here.

That modest investment is expected to expand in the future, he said, adding that bilateral trade is thriving with an average growth rate of 3.6 percent each year. Vietnam’s trade revenue with Bashkortostan is just about 15 million USD, most of which is Bashkortostan’s exports to Vietnam.

Khuong said to boost trade between his country and Bashkortostan, it is necessary to encourage businesses to do market surveys while increasing information exchange and the introduction of each other’s business climate.

Bashkortostan has many advantages in the spheres Vietnam is interested in such as textile-garment, footwear, consumer goods, agricultural production and fisheries, he added.

Kharinov Vyachslav Nikolaevich, head of the Russian trade office in Vietnam, said during this visit, the Bashkortostan PM is accompanied by business delegates from the oil and gas, energy, medical equipment and food processing sectors. Many of them want to seek Vietnamese partners in food processing and the production of milk, microbiological fertiliser and medical equipment.

Though the current bilateral trade remains modest, Bashkortostan believes in Russian goods’ competitiveness in the Vietnamese market, he said, adding that the potential in industrial cooperation is also significant thanks to the Vietnam-Eurasian Economic Union Free Trade Agreement. Bashkortostan pledges tax and land incentives for Vietnamese firms, the trade official said.

He also suggested the two sides strengthen affiliation in tourism.-VNA