The Vietnam Chamber of Commerce and Industry (VCCI) recently coordinated with the Scientific Committee of the State Duma of Russia and the Russia Science and Culture Centre in Hanoi to organise the fifth annual Vietnam - Russia business meeting.
The Vietnam - Russia Business Meeting is held twice a year in April and October in the cooperation framework of the Project “Applying science and technology to develop trade and investment relations for Vietnamese and Russia businesses.” The meeting aims to provide an opportunity for Vietnamese enterprises to meet and discuss the possibility of setting up joint ventures, serving as representative agents and cooperating in trade and investment with Russia.
Russian companies are keen on cooperation with Vietnamese partners in subway; housing construction; electrical equipment and material production; electronic and telecom equipment production; and equipment and tool production for chemical, petrochemical and water industries.
According to VCCI General Secretary Pham Thi Thu Hang, Vietnam and Russia established traditional cooperative and supportive relationships a long time ago. Currently, the bilateral relationship is entering a new stage of development: Joint cooperation for prosperous development.
She said that the Vietnam - Russia relations are being reinforced by their joint interests in modernisation and economic development by means of applying advanced scientific achievements and progresses to production. Especially, the bilateral cooperation in science and technology has generated specific achievements by carrying out high tech projects in various economic sectors in both nations. The two countries have also disseminated and exchanged knowledge and experience in technological innovation and development, not only at governmental meetings but also among scientists, education sectors and business communities.
According to statistics, Vietnam - Russia trade has rapidly expanded in recent years. The two-way trade turnover reached nearly US$4 billion in 2013 and US$1.52 billion in the first seven months of 2014. However, this value was very small as it accounted for just 0.5 percent of Russia’s trade turnover with other countries.
"Results in business cooperation, positive though, are below the potential and expectations of both sides. And no one else but businesses will play a leading role in raising the level of economic and commercial cooperation between the two countries, consolidating and developing the bilateral friendly relations,” she said.
She affirmed that the Vietnamese market with nearly 90 million consumers and a favourable access to larger markets generated by free trade agreements like ASEAN - China, ASEAN - Japan and ASEAN - South Korea, plus efforts of the Government to carry out reform, encourage the development of private sector, perfect the legal system and market economy regime and build infrastructure system will be an attractive destination for foreign investors, including Russians. For its part, VCCI is willing to cooperate with the Russian Cultural Centre as well as other Russian trade promotion organisations to increase meaningful bilateral meetings.
Strozaeva Lubov Viktorovna, Head of Russia-Vietnam Project, said Vietnam has had many initiatives in economic development in recent years. By boosting their cooperation, Russia and Vietnam will affirm their importance in strategic partnership in economic, scientific and technological and other fields.
She suggested Vietnam coordinate in organising an international conference on cooperation prospects with Russian businesses in 2015. Then, the two sides will have better conditions to define the most important aspects of cooperation for their small and medium-sized enterprises.
Quynh Chi
Vietnamese
