Businesses in Vietnam enhance Russian cooperation

At the Vietnam Russian business meeting, business in Vietnam expressed their great goodwill to enhance cooperation with businesses in Russia. Accordingly, Vietnam and Russia will boost to cooperate in many fields to develop two sides’ economy and society.

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On April 7 afternoon, Prime Minister of the Russian Federation Dmitry Medvedev and Deputy Prime Minister and Deputy PM Hoang Trung Hai attended the Vietnam - Russia business meeting organized by the Chamber of Vietnam Commerce and Industry in Ho Chi Minh City. The meeting shows that businesses in Vietnam are still keeping in touch with Russian business to develop economy. Speaking at the forum, PM Dmitry Medvedev said that currently Vietnam and Asia - Europe Economic Alliance were going to end the Free Trade Agreement. This solves many important issues, including creating conditions for partners to approach the market, and favors for investment cooperations. Russia also provides Vietnam with many great incentives, especially in commodity in the fields of light industries and different commodities.

Information about many projects of Russia investments in Vietnam, especially in oil and gas, and energy, PM Dmitry Medvedev said that two sides had to expand cooperations in new fields. It is expected that in the coming time in Vietnam there will have a Russian joint venture company in Vietnam, at the same time some fields of telecommunication and medicine will be developed. Russia undertakes to create favorable conditions for Vietnam and Russia to boost cooperations, firstly in business environment in Vietnam and complicated administrative barriers cancellation. In addition, localities of Russia and Vietnam should strengthen cooperative relations. In terms of finance and credit, PM Dmitry Medvedev said that two countries need to research more to exploit potential of Vietnam - Russia venture bank. Simultaneously, it is necessary to have a new and creative cooperative model.

In terms of the trade and foreign investment projects in Vietnam, Deputy Prime Minister Hoang Trung Hai said Vietnam economy has overcome the difficulties and had a good growth. Vietnam also has implemented many measures to stimulate growth and determination to maintain rapid and sustainable growth, and actively advocate the integration in regional and world economies. According to Mr. Hoang Trung Hai, Vietnam is boosting its economic reform, including creating conditions for private sector to develop, completing legal system, market economic institutions, infrastructure to appeal more foreign investments in Vietnam. ASEAN Economic Community will be established in 2015, which will be a great opportunity for Russia and Vietnam businesses to enhance cooperation. When cooperating with Vietnam, Russian Businesses will also cooperate with 10 ASEAN countries with many benefits.

Deputy PM Hoang Trung Hai also defined that Vietnam government encouraged and create favorable conditions for Russian investors and businesses to cooperate with Vietnam in many fields, especially in terms of oil and gas, energy, mining, education, manufacturing, technical and scientific exchange, automobile assembly, technology, trade, tourism and labor... At the Business Forum Vietnam-Russia, more than 50 enterprises of the two countries exchanged, discussed many issues to explore opportunities to strengthen cooperation in the future, also gave participants the proposal to remove the difficulties and obstacles exist in cooperation and investment. According to the Center for Research - Bank for Investment and Development of Vietnam (BIDV), as of March, Russia has 106 direct investment projects in Vietnam, with total registered capital of US $ 2 billion; Meanwhile, Vietnam has 19 investment projects in Russia with a capital of nearly US $ 2.5 billion. Two-way trade between Vietnam and Russian Federation in 2014 reached US $ 2.6 billion. Also in this forum, leaders of Bank for Investment and Development of Vietnam (BIDV) and the Bank for Foreign Trade of the Russian VTB signed a memorandum with the preparation, study on building models to liquidity in the currencies of two countries.