Number of Russian companies eyeing Vietnam’s market increases every year: Expert
The complementarity between Vietnam and Russian markets would facilitate more investments and trade between the two countries.
The number of Russian companies looking to tap into Vietnam’s market increases every year, according to Viacheslav Nhicolaievich Kharinov, Russian trade representative in Vietnam.
Overview of the meeting. Source: Nguyen Tung.
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The event served as a platform for enterprises from two countries to exchange information and look for opportunities in investment and cooperation in various fields.
It is worth mentioning that Vietnam is Russian’s main partner in Southeast Asia, and the two countries now hold a comprehensive strategic partnership, Kharinov added, saying Vietnam is also the first country to sign a free trade agreement with Russia.
Kharinov informed that high-tech Russian firms have great interest in cooperating with Vietnamese enterprises in smart city projects, wind power, trade and services.
“In 2019, Vietnam and Russia would hold a number of events to celebrate the 25th anniversary of the signing of the Treaty on Fundamental Principles of Vietnam – Russia friendship, presenting valuable opportunities for enterprises from both countries to facilitate investment and cooperation to each other,” said Kharinov.
VCCI’s Vice Chairman Hoang Quang Phong said Vietnam and Russia have been maintaining a long standing economic and trade relation.
“Vietnam expects to cooperate with Russia in priority fields, including energy, infrastructure development, oil exploration and engineering,” Phong added.
According to Phong, Vietnam is a large market with a 90-million-plus population, in addition to a stable economic and political conditions.
In 2018, bilateral trade turnover between the two countries reached US$4.57 billion, laying a strong foundation to reach the target of US$10 billion by 2020, Phong stressed.
More importantly Vietnam’s market is complementary with Russia's, as Vietnam mostly imports machinery, equipment, steel and exports rice, coffee and seafood to Russia.
Echoing Phong’s view, Chairman of the Chamber of Commerce and Industry of Russia Sergey Katyrin considered the complementary factors would facilitate more investments and trade between the two countries.
In the coming time, Vietnam and Russia must address issues regarding payment and transportation to further promote economic and trade cooperation, aiming towards prosperity for both countries, Katyrin concluded.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
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- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
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