Vietnam, Ukraine Promotes Economic Cooperation

The Vietnam Chamber of Commerce and Industry (VCCI) and the Ukrainian Chamber of Commerce and Industry (UCCI) organised a meeting between enterprises of Vietnam and Ukraine in Hanoi on September 8.

The meeting aimed to boost economic and scientific cooperation between the two countries. Hoang Van Dung, permanent vice chairman of VCCI, said that Vietnam and Ukraine had signed over 20 agreements on trade and economy, cultural co-operation, investment encouragement and protection, maritime transportation, and double-tax avoidance. Export turnover between the two countries increased from about US$230 million in 2002 to US$237 million in 2003. Vietnam exported goods valued at US$40 million and imported goods valued at US$197 million. Vietnam’s major export items include rice, natural rubber, textiles and garments, footwear, and oriental medicines while its major imports include steel, fertiliser, machines and chemicals.

Ukraine has invested in five projects in Vietnam with a total investment capital of US$30 million, ranking 34^th among 60 countries and territories investing in Vietnam. Enterprises of Vietnamese nationals in Ukraine have invested about US$30 million in Ukraine with Technocom Corporation in Kharkov being the largest investor.

Nheuxtroev Alexander Leonidovich, Ukrainian minister of industrial policy, said that economic and trade relations between the two countries had yet met their full potential. He said he hoped that enterprises from two countries would increase their co-operation as a result of the meeting.