Minister of Planning and Investment Nguyen Chi Dung (Source: VNA)
 
Vladivostok (VNA) – A Vietnamese delegation led by Minister of Planning and Investment Nguyen Chi Dung is attending the fourth Eastern Economic Forum (EEF) held in the Russian city of Vladivostok.

During the first working day on September 11, the minister delivered a speech at the Russia – ASEAN discussion session. He said Vietnam now has trade ties with nearly 220 countries worldwide with total value worth 425 billion USD and average gross domestic product per capita of roughly 2,400 USD. In the first seven months of this year, the Vietnamese economy grew by over 7 percent. The country has attracted a total 334 billion USD of foreign direct investment from 129 countries and territories worldwide.

With political stability, constantly improving business environment, competitive costs, upgraded transport infrastructure, numerous business incentives, a golden population, promising market and widespread global integration, Vietnam has become an attractive and strategic destination for foreign investors, he said.

In recent years, Vietnam has actively invested abroad, mostly in ASEAN member states. Besides, Russia accounts for 13 percent of Vietnam’s outbound investment, ranking third among 75 countries and territories with Vietnamese investment.

Dung said Vietnam now invests in 23 projects worth nearly 2.9 billion USD in Russia, mostly in oil and gas exploration, telecommunications, shopping malls, agriculture, milch cow farming and milk processing.

The minister affirmed that Vietnam wants to continue promoting investment in traditional markets such as Russia and ASEAN. As Vietnam was the first country to sign a Free Trade Agreement with the Eurasian Economic Union (EAEU), which took effect on October 5, 2016, he said economic ties between Russia and Vietnam, and between EAEU and Vietnam will continue to thrive in the near future.

Vietnam will help Russia expand ties with ASEAN Economic Community – a dynamic market with a population of over 600 million people and gross domestic product of around 2.5 trillion USD, he said.

Minister Dung said the freshly-concluded visit to Russia by General Secretary of the Communist Party of Vietnam Central Committee Nguyen Phu Trong brought new opportunities for Vietnam-Russia ties to reach a new high. During meetings as part of the Vietnamese Party leader’s visit, both sides vowed to create favourable conditions for their business communities to cooperate in energy, oil and gas, agriculture, urban transport infrastructure, information and telecommunications.

Dung expressed his belief that on the back of Vietnam – Russia comprehensive strategic partnership, Vietnamese firms will invest more in Russia in general and the Far East in particular, and bilateral trade will increase in the near future.

At the forum, the Vietnamese minister was updated about Russian government’s investment incentives in the Far East such as tax reduction and waive, land support policy, Aqaba Special Economic Zone development and free seaport mechanism in Vladivostok which holds potential of attracting investment in energy, infrastructure, agro-forestry, technology.

The three-day event attracted delegates from 60 countries worldwide. The Vietnamese delegation delivered speeches in several sessions.-VNA