Vietnam, Russia strengthen trade ties

The nations set a goal to raise two-way trade to 10 billion US dollars by 2020, a rise of 2.5 times the current number.

300 million US dollars have been invested into the Russian Interdisciplinary Center for Technology to make the centre a facility that provides hi-tech applications for Hanoi's residents.

The contract was signed by TNG Holdings Vietnam and the Russian Agency for State Property Management, and was witnessed by the countries' prime ministers in May.

"The project highlights the friendship and economic cooperation between Vietnam and Russia. This cooperation is not limited to conventional sectors, like oil and energy, but can be extended to other sectors, too." - Nguyen Thi Nguyet Huong, Chair woman, Board of Directors, TNG Holdings Vietnam.

Many contracts were signed during Prime Minister Nguyễn Xuân Phúc’s recent visit to Russia, raising the number of Russian-funded projects in Vietnam to 114, with a total value of 2 billion US dollars. Vietnamese firms also invested nearly 3 billion US dollars in 19 projects in Russia.

"For the 1^st time, big, private Vietnamese enterprises are interested in making investments in the Russian market. This is a good sign for enhancing links and comprehensive cooperation between the two countries' firms." - Maxim Golikov, Chief Representative, Russian Trade Office in Vietnam.

 Despite economic difficulties for Russia in 2015, trade value between Russia and Vietnam still rose by 4% in 2015 and increased by 34% in the 1^st quarter of 2016. Especially, Russian exports to Vietnam have nearly doubled. Both sides agreed that more efforts need to be made to facilitate bilateral trade.

"Like what Prime Minister Nguyễn Xuân Phúc said, there are still difficulties in economic cooperation, despite the advantages of trade ties between the two countries in terms of products and market demand. These difficulties should be addressed by revising laws and regulations." - Dang Hoang Hai, Head, European Market Department, Ministry of Industry and Trade.

The prime ministers of the EAEU member countries, namely Vietnam, Russia, Belarus, Armenia, Kazakhstan and Kyrgyzstan, are planning a meeting to discuss the free trade agreement between Vietnam and other EAEU members in the coming days. The FTA, set to take effect in 2016, is expected to foster cooperation in trade and investment between Vietnam and Russia.