Vietnam, Russia seek to boost economic cooperation through expo

By Staff reporters   December 14, 2017 | 02:09 pm GMT+7
Vietnam, Russia seek to boost economic cooperation through expo
The Expo-Russia Vietnam 2017. Photo by Minh Duy

The expo is aimed at helping the two countries hit their bilateral trade target of $10 billion in 2020.

“The future of bilateral ties between Vietnam and Russia depends mostly on the dynamism and determination of the two business communities," Deputy Prime Minister Trinh Dinh Dung said at the opening ceremony of the Expo-Russia Vietnam 2017, which started on Wednesday attracting more than 500 businesses.

"Enterprises from Vietnam and Russia should utilize new business opportunities to cement the comprehensive relationship between the two countries,” Dung added.

The expo, organized by the Vietnam Chamber of Commerce and Industry and Russian company Zarubezh Expo, offers Vietnamese firms the opportunity to learn more about Russia’s investment environment and seek business partnerships.

“Russia is an important trade partner for Vietnam. During the first 11 months, bilateral trade reached over $3.2 billion, up 27 percent on-year,” Dung said. “However, there's still a long way to go until we reach the target of $10 billion set for 2020.”

The deputy PM said he hoped the country’s key staples - textiles and garments, footwear, seafood, farm produce, timber and electronics and consumer products - will gain better penetration in the Russian market.

Hoang Quang Phong, vice chairman of the VCCI, confirmed the rising interest of Vietnamese firms in the Russian market in recent years.

“As of July 2017, Vietnam had 18 investment projects in Russia with total investment capital of $2.4 billion. The projects mainly concern the energy and mining industries," Phong said. “Russian firms have pumped more than $1 billion into 115 projects in our country.”

“The Expo-Russia Vietnam 2017 will accelerate two-way economic ties by showcasing products and services for export, investment projects and research findings from businesses, universities and research agencies,” the vice chairman added.

Hoang Quang Phong, vice chairman of the VCCI spoke at the

Hoang Quang Phong, vice chairman of the VCCI, addresses the Expo-Russia Vietnam 2017. Photo by Minh Duy

The event, which will run until Friday, also includes a workshop on economic co-operation between member countries of the Eurasian Economic Union and Vietnam, and roundtables on agriculture, energy, transport and healthcare.

At the first event in December 2015, the Russian side signed 172 agreements with Vietnamese partners.