Vietnam, Russia Set up Sub-Committee for Trade and Investment

A sub-committee for trade and investment between Vietnam and Russia has officially been set up in a move to increase two-way trade turnover to US$2 billion in 2010, according to the Vietnamese Ministry of Trade.

 

Two-way trade turnover between Vietnam and Russia surpassed US$1 billion in 2005, a 15 per cent increase from 2004. In which, Vietnam earned US$252 million from Russia, up 16.6 per cent and Russia exported US$768 million worth of products to Vietnam, rising by 14.4 per cent on-year. 

 

The agreement to set up the sub-committee was reached at the first session of the newly formed Vietnam-Russia Sub-commission on Trade and Investment in Hanoi in early February.

 

The sub-commission, which involves trade and investment officials as well as representatives of large corporations from the two countries, aims to enhance bilateral economic and trade cooperation.

 

Russia has to date invested around US$278 million in 47 projects in Vietnam excluding the giant Vietsopetro project, which would push the total to US$1.5 billion, ranking Russia among Vietnam’s top ten investors. Meanwhile Vietnam has invested US$38 million in 11 projects in Russia.

 

Vietnam and Russia have had a strategic partnership. Russia now intends to sharply increase exports of oil and natural gas to the Asia-Pacific region over the next 14 years to meet soaring demand there. Russia is also ready to help build a major dam and a nuclear power plant in Vietnam.
|Vietnam Economic Times