VCCI Vice President speaks at the plenary session in the framework of the Vietnam Expo 2018 (Source: VNA) Hanoi (VNA) – Russia is the guest ofhonour at the ongoing 28th Vietnam International Trade Fair (Vietnam Expo2018), one of the biggest trade promotion activities held annually in Vietnam.
“The invitation of Russia as the guest of honourat the Vietnam Expo 2018 is one of the moves to further the strategicpartnership with Russia. Russia has a special position in relations between thetwo Governments,” Doan Duy Khuong, Vice President of the Vietnam Chamber ofCommerce and Industry (VCCI) told the Vietnam News Agency.
Trade a highlight in bilateral cooperation
Over the past nearly two decades, economy andtrade have been the highlights in ties between Vietnam and Russia, with robustgrowth seen in the oil and gas and energy sectors, Deputy Minister of Industryand Trade Tran Quoc Khanh said.
“Vietnam is the only strategic partner of Russia in the Asia – Pacific region,with the partnership established in 2001. The two countries have enjoyed time-testedand close-knit relations in all fields,” he said.
The Vietnam-EAEU free trade agreement, effectivein October 2016, has significantly contributed to boosting Vietnam – Russiaeconomic cooperation, he added.
Russia has poured more than one billion USD inVietnam, ranking 23rd out of 119 nations and territoriesinvesting in the country.
It is Vietnam’s second biggest foreign investmentdestination, worth nearly 3 billion USD via projects funded by the Vietnam NationalOil and Gas Group (PetroVietnam), TH True Milk Group and the Hanoi – MoscowTrade Centre.
Two-way trade topped 5.3 billion USD in 2017,representing a year-on-year rise of 35 percent.
In the first two months of this year, the figure reached 657.7million USD, up 45.3 percent year on year.
The two countries are working to raise thefigure to 10 billion USD by 2020.
Potential
Vietnam is encouraging investment in variousfields, such as renewable energies, support industry, high and green technology,mechanical manufacturing, chemistry and oil, pharmaceutical chemistry, ICT,health care and tourism, Deputy Minister Khanh said at the April 11 plenarysession “Russian-Vietnamese partnership in Trade and Economic Fields: thedevelopment strategy,” which formed part of the Vietnam Expo 2018.
Vietnam will continue building policies andcreating a favourable environment for foreign investors, “giving special attention to Russianinvestors,” he said.
VCCI Vice President Khuong spoke about Vietnam’s cheap labour force, abundantnatural resources, favourable geographic location and internationalintegration, alongside Russia’s strengths in engineering, science-technologyand energy.
“Vietnam has a stable political andsocio-economic situation with strong economic growth rate and perspective.Vietnam has full foundation to become an attractive market for Russianenterprises and investors,” Khuong said.
Leading Russian groups are displaying productslike machinery, precision mechanics, automation equipment, industrialbiotechnology and high-tech electronics at the expo.
The State Corporation ROSTEC is the largest Russian company in electronics. Itis one of the biggest and oldest Russian investors in Vietnam, providingmilitary engineering and technology for Vietnam.
Viktor Kladov, Director of ROSTEC International Cooperation and Regional Policy,told Vietnam News Agency the company was “very positive about Vietnam’sinvestment environment“.
“We have deeply involved in cooperation with Vietnam in various fields. We aremostly known as Vietnam’s strategic partner in terms of military engineeringand defence production. However, ROSTEC is expanding its investment in othercivilian fields, including health care, automotive, electronics, aerospace, aviationengines and agriculture technology,” Kladov said.
Kladov, Director of ROSTEC International Cooperation and Regional Policy at Russian booth in the Vietnam Expo 2018 (Source: VNA) “ROSTEC is producing vaccines and pharmaceuticalsfor Vietnam, using local resources. It is also conducting a technical study toproduce and assembly commercial trucks as well as unmanned trucks in Vietnam tosupport the mining sector,” he elaborated.
He praised the diligence of Vietnamese workers inthe group’s rubber plantation, adding that the group provides technologytransfer and training package to build the skill of locals working for ROSTEC.
“The Vietnam Helicopter Corporation is astrategic partner of the Russian Helicopters, part of ROSTEC Group. The companyuses skilled Vietnamese experts and delivers qualified services and support forthe Russian Helicopters,” he said.
Anastasia Ivanova, Director of InternationalCooperation of the Russia Export Centre, described Vietnam as “Russia’s keyinvestment and export destination in Asia, replacing China” as human resourcesare cheap and high quality.
Anastasia Ivanova, Director of International Cooperation of the Russia Export Centre speaks at the plenary session (Source: VNA) The Russia Export Centre provides financial assistance, seeks partners and analysesmarkets for Russian firms that wish to invest in Vietnam.
The centre has launched a Russia Commercial Housein HCM City to help importers and exporters of the two countries exchangeinformation and seek partners, according to Ivanova.
She suggested the two nations support eachother’s business activities while calling on Vietnamese and Russian businesscommunities to take come up with initiatives and projects to move forward andrealise future targets.-VNA
VNA
