Vietnam-Russia Trade Likely to Exceed US$1Bln this Year

Annual trade between Vietnam and Russia is expected to exceed US$1 billion this year, compared with US$880 million in 2004, according to the Vietnam-Russia Business Forum held yesterday in Hanoi by the Vietnam Chamber of Commerce & Industry (VCCI).

 

Trade cooperation between Vietnam and Russia is still far from matching the potentials. Bilateral trade between the two countries reached US$3.2 billion in the period between 2000 and 2004.

 

According to VCCI, Russia is a potential market for many products from Vietnam, including farm produce, seafood, garments, wooden products and consumer products.

 

Vietnam is also an attractive destination for Russian investors, especially those operating in such industries as manufacturing, petroleum, chemicals, energy and transport. Vietnam has so far attracted 45 investment projects with combined registered capital of US$270 million from Russia, making Russia the 21^st largest foreign investor in the country.

 

“Vietnam is a traditional and important partner of Russia. Russia can transfer advanced technologies to Vietnam and help the country upgrade its existing technologies,” said Deputy Director of Russia Chamber of Commerce & Industry Vladimir P. Strashko at the forum.

 

“Russia is also willing to create the most favorable conditions for Vietnamese companies to do business in Russia,” Vladimir said. Vietnamese firms have so far invested in 11 projects in Russia.