Vietnam, Russia boost investment

Thien Thanh Sanitaryware joint company

Vietnam, Russia boost investment

A Vietnam-Russia business forum opened in Moscow on September 16 providing the opportunity for Vietnamese firms to discuss business and investment cooperation with their Russian counterparts.

The forum, organized by Vietnam’s Ministry of Industry and Trade in coordination with the Vietnamese Embassy in Russia, was attended by hundreds of business leaders and representatives from the two countries.

The Russian delegation comprising nearly 70 Russian businesses was led by Russian Deputy Minister of Industry and Trade Yuri Slyusar and Vice Chairman of Russia’s Chamber of Commerce and Industry Dmitry Kuroskin.

Meanwhile, the Vietnamese side included provincial authorities, representatives from ministries and agencies, and dozens of business representatives.

Addressing the forum, Minister of Industry and Trade Vu Huy Hoang, currently in Russia for a working visit, emphasised that the two sizes should increase trade and investment promotion in a bid to bring bilateral trade to 12 billion USD by 2018.

The Vietnamese minister added that the Vietnam Trade Promotion Agency (VIETTRADE), established under the ministry in 2000, had connected businesses in the two countries and prepared for the Free Trade Agreement (FTA) which is to be signed between Vietnam and the Customs Union, including Russia.

Hoang also pointed to the large potential for Russian businesses to invest in Vietnam, which could act as a bridge connecting Russia to the ASEAN community with over 600 million consumers in ten countries.

Meanwhile, Russian Deputy Minister of Industry and Trade Yuri Slyusar spoke highly of the constantly evolving multifaceted relations between Vietnam and Russia, particularly in the field of tourism.

The Russian official also expressed his appreciation for the business forum, adding that the meeting between the two countries’ businesses would bring momentum into the development of the strategic and comprehensive partnership between Russia and Vietnam.

During the forum, businesses participated in round table discussions and small group talks in a bid to seek business opportunities and partners.

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