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May 23, 2019 / 15:46

Vietnam urges Russian companies to grasp investment opportunities

The free trade agreement between Vietnam and the Eurasia Economic Union (EAEU) lays a strong foundation for cooperation between Vietnamese and Russian enterprises.

At the Vietnam – Russia Business Forum held in Moscow on May 22, Prime Minister Nguyen Xuan Phuc urged Russian companies to grasp investment opportunities from Vietnam’s high economic growth. 
 
Overview of the forum. Source: VGP.
Overview of the forum. Source: VGP.
According to Phuc, bilateral trade turnover between Vietnam and Russia increased 30% year-on-year in 2018 to US$5 billion, but is yet to match the potential from the two countries, especially as Vietnam is Russia’s only strategic partner in Southeast Asia. 

Russia currently has 123 investment projects in Vietnam (excluding oil projects) with total capital of US$1 billion, while Vietnam has poured US$3 billion to Russia so far. 

Phuc said Vietnam is one of the world’s fastest-growing economies and strives to maintain high economic growth in the coming years. As of present, the country attracted 25,000 foreign projects with registered capital of US$350 billion. 

The PM expected more investment capital from Russian companies in trade, tourism, e-government, smart city and digital economy, saying the government would create favorable conditions for investors to do business in Vietnam. 

President of Russia’s Chamber of Commerce and Industry Sergey Katyrin said the free trade agreement between Vietnam and the Eurasia Economic Union (EAEU) lays a strong foundation for cooperation between Vietnamese and Russian enterprises, particularly in the fields of agriculture, machinery, and IT, among others. 

Russian Deputy Minister Maxim Akimov said Vietnam is Russia’s major trading partner in Southeast Asia, while trade turnover between Vietnam and Russia accounts for one-third that between Russia and ASEAN. 

Moreover, Vietnam is the first country in the world to sign an FTA with the EAEU, added Akimov. 

In addition to oil and petroleum projects, Vietnam and Russia are working on new projects in the fields of digital economy, renewable energy, transportation and agriculture, added Akimov. 

The business community would serve as the driving force to boost the cooperation between two countries, stressed Akimov.