The Vietnam Chamber of Commerce and Industry (VCCI) and the Russian Trade Representative Agency (RTRA) jointly held a dialogue in Hanoi on July 20 to boost economic and trade cooperation between the two countries in general and the two business communities in particular.
At the event, VCCI President Vu Tien Loc said that Vietnam and Russia have long-lasting trade relations in various fields. Russia ’s equipment, machines and mining products are favoured in Vietnam .
However, the two countries’ cooperation is yet to match their potential, he said, adding that the Vietnamese and Russian businesses see numerous opportunities to implement investment cooperation in the future.
According to RTRA Director Maxim Golikov, Russia is strengthening foreign investment incentives and plans to increase trade with foreign partners. Simplifying administrative procedures would create more favourable conditions, he said.
Russia encourages Vietnamese businesses to export food and tropical agro-seafood as the country has a large demand for these products, he added.
Two-way trade between Vietnam and Russia now reaches 3-4 billion USD, Golikov said, adding that Russia highly values Vietnam ’s investment in its oil and gas sector through the establishment of two joint ventures, namely Rusvietpetro and Gazpromviet.
He said that the June visit by a delegation of Vietnamese experts led by Deputy Minister of Industry and Trade Hoang Quoc Vuong to study the establishment of a light industrial zone in the Far East is a good signal for the economic trade and investment relations between the two nations.-VNA