In a bid to support Vietnamese business community to have an overview of traditional and potential Russian market, the Vietnam Chamber of Commerce and Industry (VCCI) and the Russian Trade Representative Agency (RTRA) in Vietnam jointly held an economic dialogue with the theme of potential for business and investment cooperation with Russia in Hanoi.
The dialogue is aimed at providing Vietnamese companies with information about investment and economy policies and environment in potential Russian market. This is also the opportunity for them to seek investment and business partners although the Russian Federation is a traditional market of Vietnam.
At the event, VCCI President Vu Tien Loc said that Vietnam and Russia have long-lasting trade relations in various fields. Russia’s equipment, machines and mining products are favoured in Vietnam. However, the two countries’ cooperation is yet to match their potentials. Thus, there are huge opportunities for Vietnamese and Russian businesses to seek numerous investment or export opportunities for the upcoming time.
According to statistics, as of July 2012, Russia ranked the 23rd out of 95 countries and territories investing in Vietnam with 80 effective projects worth nearly US$920 million. Vietnam also has licensed 18 investment projects in Russia.
Maxim Golikov, Head of the Russia Trade Representative Agency in Vietnam, said Russia is trying to attract foreign investment and is currently promoting trade relations with its partners, including Vietnam.
“Russia has a very high demand for tropical agricultural and aquatic products and it is willing to take these products from Vietnam. Russia is committed to creating favourable conditions for foreign businesses by simplifying administrative procedures to improve their competitive capacity and help them resolve difficulties,” he said.
At present, two-way investment value is estimated at about US$3-4 billion, he added. The Russian side highly appreciates Vietnamese businesses for investing in its oil industry through two joint ventures, Rusvietpetro and Gazpromviet.
In June 2012, a Vietnamese business delegation led by Deputy Industry and Trade Minister Hoang Quoc Vuong visited the Russian Far East to study the possibility of establishing light industry zones. Maxim Golikov said this is a good sign for future economic, trade and investment relations between the two countries.
Through the dialogue, VCCI will collect opinions and suggestions from enterprises interested in doing business with the Russian market to submit to the President before he starts the Russian visit.
Quynh Chi
Vietnamese
