Prime Minister Nguyen Xuan Phuc made speech at the forum
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Speaking at the forum, PM Nguyen Xuan Phuc said that it is a crucial event and a proof of the two nations’ Comprehensive Strategic Partnership, not only in politics, diplomacy and national defense but also in economics, trade and investment.
The event consisted of three panel discussions titled “Towards new ASEAN – Russia economic partnership: essential tools, mechanisms and drivers of growth”, “Russia’s export potential: implementing strategic priorities of ASEAN member states” and “ASEAN-Russia partnership in the new integration architecture of the Asia-Pacific Region: opportunities for businesses”.
PM Phuc introduced Vietnam’s economic potentials, institutional reform orientations, business and environment improvement, affirming that the Vietnamese Government will facilitate the activity of foreign enterprises, including Russian ones, as well as tackle difficulties and obstacles for foreign investors to launch long-term operation in Vietnam.
The two-way trade turnover reached US$2.2 billion in 2015 and US$600 million in the first quarter of 2016. Russia has poured US$2 billion in 114 projects in Vietnam and Vietnam has invested in 20 projects in Russia, with a total registered capital of US$3 billion. The two nations have effectively enhanced cooperation in oil and gas projects. To raise the two-way trade turnover to US$10 billion by 2020, Vietnam and the Eurasian Economic Union (EEU) inked the Vietnam-EEU Free Trade Agreement (FTA) in May 2015, which is expected to expand commodity, service and investment exchanges between the two sides.
The forum aimed to discuss barriers to bilateral trade, each other’s requirements and seek the possibility of partnering with the Eurasian Economic Community, the Shanghai Cooperation Organisation and ASEAN to further boost bilateral trade and investment. It provided a venue for business people, politicians and experts to speak about economic and investment matters as well as technological cooperation.
