Hundreds of Vietnamese and Russian businesses flocked to a forum in
Hanoi on October 6 to seek information about potential and opportunities
in each other’s market.

The forum was jointly
organized by the Vietnam Chamber of Commerce and Trade (VCCI), Russia’s
Ministry of Economic Development and the Trade Mission of Russia in
Vietnam.

Addressing the event, Deputy Minister
of Industry and Trade Nguyen Cam Tu underlined the strong development of
economic ties between the two countries over recent years with many
cooperative projects in key fields such as energy including nuclear
energy for peaceful purpose, transport and telecommunications.

The first six months of this year saw 101 Russian investment projects
worth a total 2 billion USD licensed in Vietnam, while Vietnamese
investors poured around 2.5 billion USD in Russia, according to the
deputy minister.

He added that however, bilateral trade still failed to match both sides’ potential.

Sharing this opinion, VCCI representatives said despite a rapid
growth, two way trade between Vietnam and Russia, which almost reached 4
billion USD last year and 1.52 billion USD in the first seven months of
this year, accounted for only 0.5 percent of Russia’s total foreign
trade.

According to VCCI Vice Chairman Doan Duy
Khuong, once the free trade agreement between Vietnam and the Customs
Union of Russia, Belarus and Kazakhstan is signed, it will create a
breakthrough in bilateral trade and help the two countries achieve the
goal of raising two-way trade to 7 billion USD in 2015 and 10 billion
USD in 2020.

Russian Deputy Minister of
Economic Development Aleksei Likhachev said Vietnam is considered a good
base for Russian businesses to enter the Asia-Pacific region. He added
that Russia will invite more Vietnamese companies to its fairs and allow
more Vietnamese exporters to ship their goods to Russia, in order to
further expand trade ties.-VNA