The prospects for bilateral economic, trade and investment ties between Vietnam and Russia are bright, said Deputy Minister of Industry and Trade Do Thang Hai at a Russian trade and investment promotion conference on May 20 in Ho Chi Minh City.

He pointed out that the sound relationship between the two countries, as well as a forthcoming free trade agreement between Vietnam and the Russia-Belarus-Kazakhstan Customs Union, will enable more Vietnamese goods to enter the Russian market.

He noted that despite the fact that the current trade between the two countries accounts for only 1 percent of Vietnam’s trade revenue and 0.5 percent of Russia’s, the figure is expected to surge thanks to the joint efforts of both sides.

Sharing Hai’s opinion, Russian Deputy Minister of Industry and Trade Evtukhov Viktor Leonhitdovich stated that Vietnam has been a traditional and credible partner of Russia. Russia has given a reduced import duty rate and preferential tariff policies to some countries, including Vietnam, he noted.

He said the growing cooperation between the two countries will bring about good opportunities for Vietnamese enterprises to promote their exports to Russia.

At the conference, participants were introduced to the Hanoi-Moscow multifunctional cultural centre and hotel in Moscow, which is expected to act as a support centre for businesses of both sides in their trade and investment activities.

Last year, two-way trade between Vietnam and Russia hit nearly 4 billion USD. In the first three months of this year alone, the figure had already reached over 1 billion USD.

Vietnam mainly exported telephones, computers, footwear, seafood, coffee, cashew, rice and vegetables to Russia . Meanwhile, it imported oil and gas products, steel and iron.

Currently, Russia has 97 projects in Vietnam with a total capital of nearly 2 billion USD. Vietnam has 17 projects worth 2.4 billion USD in Russia.-VNA