Russian businesses introduce their products in Vietnam (Photo: VietnamPlus) Hanoi (VNA) - A Vietnam-Russia business forum took place in Hanoi on April 6, attracting the participation of more than 200 firms from both nations.
The event was jointly organised by the Vietnam Chamber of Commerce and Industry, the Ministry of Industry and Trade, and the Russian Ministry of Economic Development.
Spotlighting new opportunities and potential sectors for cooperation between the sides, the event was held within the framework of the 24th meeting of the countries’ Inter-Governmental Committee on Economic, Trade and Scientific-Technological Cooperation.
Chaired by Deputy Prime Minister Tran Hong Ha and his Russian counterpart Dmitry Chernyshenko, the forum included roundtable discussions in the fields of industry, energy, transport and logistics, climate change, environmental protection, and digital economy-digital technology.
In his remarks at the forum, Chernyshenko said for Russia, Vietnam has always been an important partner in Southeast Asia, being the first and only country in the region to have a free trade agreement (FTA) with the Eurasian Economic Union (EAEU).
Vietnam and Russia have benefited significantly from the pact and are ready to discuss new measures to further tap its potential, he stated.
The official affirmed that Russia is a reliable international partner with a top priority on developing an open economy that supports enterprises’ business.
The Russian government prioritises new development directions in science, education, digital technology, and tourism; and is willing to share achievements and technologies in these areas serving joint projects of the two countries, he added.
Russia is trying to solve existing problems in transportation and logistics to promote trade cooperation with other countries, and is ready to create all favourable conditions and opportunities for foreign investors to develop in the Russian market, Chernyshenko stressed.
Vietnam is the first and only country in the region to have a free trade agreement (FTA) with the Eurasian Economic Union (EAEU) (Photo: VietnamPlus) Addressing the forum, Deputy Prime Minister Ha lauded the robust growth of the two countries’ economic and trade cooperation in recent times on the back of their comprehensive strategic partnership established in 2012 and a free trade agreement (FTA) signed between Vietnam and the EAEU in 2015.
The two countries continue to consider each other an important priority partner in their respective economic and trade policies, Ha noted.
Vietnam always creates a favourable business climate and legal corridor for foreign enterprises, including those from Russia, to invest and do business in the country, stressed Ha, listing high technology, innovation, and research and development as the country’s priorities in foreign investment attraction.
He expressed his belief that the forum offers a good chance for business community of the two nations to discuss specific measures with Vietnamese authorities to solve existing difficulties, as well as opportunities to expand cooperation in the coming time.
Vietnam always creates favourable business-climate and legal-corridor conditions for foreign enterprises, including those from Russia, to invest and do business in the country. (Photo: VietnamPlus). Deputy Minister of Industry and Trade Dang Hoang An said Vietnam is calling for investment in support industries, mechanics, processing and manufacturing, new materials, metallurgy, and chemicals.
Businesses of the two nations need to proactively connect and share information, and actively join trade promotion activities to expand trade connection and seek specific business and investment opportunities, An noted.
To-way trade between Vietnam and Russia increased at an average 15% a year in the 2016-2021 period to 5.5 billion USD in 2021. The value dropped to 3.55 billion USD in 2022 due to numerous factors.
As of March this year, Russia had 171 valid investment projects in Vietnam with total registered capital of 970 million USD, mostly in mining, services and processing-manufacturing.
Meanwhile, Vietnam has 17 valid projects capitalised at 1.6 billion USD in Russia, accounting for 7% of its outbound investment./.
