Vietnam, Russia boost economic ties

The Russian Trade Representative Office - Ho Chi Minh City branch was officially launched on August 23, tasked to boost trade and investment between the two countries.

The Ministry of Industry and Trade will create the most favourable conditions for the office’s operation, said Deputy Minister of Industry and Trade Le Duong Quang, who was present at the event.

According to Deputy Minister of Economic Development of the Russian Federation A. E. Likhachev, bilateral trade turnover has increased fourfold with average annual growth of nearly 30 percent during the 2007-2012 period.

The two Governments have set a bilateral turnover target of 7 billion USD by 2015, while raising cooperation to a new level to deepen the two countries’ relations.

In addition, the two sides aim to establish a free trade area which would boost trade turnover to 12 billion USD by 2018.

According to the Russian Trade Representative Office, over 60 percent of Vietnam’s exports to the country were made in the southern provinces, where Russian investors and tourists have paid more attention than other areas in Vietnam.

Source: VNA

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