Vietnam, Russia boost investment cooperation

Russian and Vietnamese governments have agreed to promote cooperation in the fields of architecture, urban planning, zone planning, territorial planning, urban environment, valuation in construction, science-technology, culture, education and tourism.
At the conference and business exchange between Vietnamese and Russian enterprises held by the Vietnam Chamber of Commerce and Industry Ho Chi Minh City Branch, Mr. Tran Ngoc Liem, deputy director of VCCI-HCM, said that bilateral trade turnover between the two countries reached US$4.5 billion, an increase of nearly 30 percent over 2017, making Vietnam to become the largest trade partner of Russia in the ASEAN and the sixth largest in the APEC.

In the first four months of this year, two-way trade between Vietnam and Russia reached $1.52 billion, an increase of 5.92 percent over the same period last year. Of which, exports from Vietnam to Russia hit $931.04 million, an increase of 23.13 percent over the same period last year. In general, trade turnover between Vietnam and Russia accounted for more than 90 percent of total trade turnover between Vietnam and the Eurasian Economic Union.

Products, including cellphones and components, garment and textile, agricultural products and aquatic products, are main export products of Vietnam to Russia and are favored by Russian consumers.

As for investment relation, by April this year, Russia ranked 24th among 131 countries and territories investing in Vietnam with 127 projects with total registered capital of up to $954 million. Investment projects of Russia mainly focus on gas and oil and energy sector. Meanwhile, Vietnam has more than 20 projects in Russia with total investment of about $3 billion.

Particularly, the Rusvietpetro gas and oil joint venture project, the Hanoi-Moscow Center for Culture and Trade and, especially, the dairy complex project of TH Group in Moscow and Kaluga worth $2 million are highlights in the economic relationship between the two countries. The two countries established strategic partnership in 2001 and upgraded to comprehensive strategic partnership in 2012.

Besides, the free trade agreement between Vietnam and the Eurasian Economic Union signed in 2015 has contributed to strengthening relation between the two countries in all fields, especially trade and investment relations.

By Minh Hai – Translated by Thuy Doan

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