Vietnamese firms investing 2.4 billion USD in Russia

Hanoi - Moscow Culture, Trading, and Hotel Centre. (Source: VNA)

Hanoi (VNA) - Vietnam invested a total of 2.4 billion USD in 18 projects in Russia by end-September, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.

The key projects included one by the Vietnam National Oil and Gas Group (PetroVietnam) to develop the Rusvietpetro Joint Venture Company with a total investment of 2.02 billion USD to explore and exploit oil and gas in Russia.

PetroVietnam had also invested a total of 125 million USD in another oil exploitation project in Russia.

Another large project by a Vietnamese investor in Russia involved building the Hanoi Moscow Trading Centre, with a total investment of 190 million USD.

Meanwhile, the agency reported by the end of September that Russian investors had registered to invest 1.96 billion USD in 114 projects in Vietnam. Russia has ranked 17th on the list of 105 nations and territories investing in Vietnam.

Russia has made its largest investment in the processing and manufacturing sector, with 1.13 billion USD, accounting for 58 percent of its total investment in the country, distributed amongst 37 projects.

Two other sectors receiving large Russian investments were mining and real estate, with capital of 581.2 million USD and 72.7 million USD respectively.

Some large Russian-invested projects included the Bus Industrial Centre Company, with total capital of 1 billion USD; the building of a factory for producing and assembling parts for buses in Binh Dinh province; and a project to exploit oil and gas, with capital of 328 million USD.-VNA