Vietnam and Russia hold conference of investment promotion

On May 20th, the conference of investment and commerce promotion between Vietnam and Russia was held in Ho Chi Minh City with the theme of “Hanoi – Moscow Center for Culture, Trade and Hotel: the commercial bridge between Vietnam and Russia.

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The conference aimed to encourage Vietnam enterprises to export their products into Russia through Hanoi – Moscow Center for Culture, Trade and Hotel. The conference was jointly held by Vietnam Chamber of Commerce and Industry (VCCI), Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), the Department of trade promotion under the Ministry of Industry and Trade and Incentra Company, the owner of Hanoi – Moscow Center for Culture, Trade and Hotel.

Participating in the conference, agencies together with businesses discussed the opportunities and challenges for Vietnam enterprises to export goods to Russian market, thereby proposing solutions to boost trade between two countries. Mr. Do Thang Hai, Deputy Minister of Industry and Trade stated that by the time the commercial turnover between Vietnam and Russia was low compared to that of total trade of two countries. However, on the basis of potential and traditional cooperation of leaders of two nations, the bilateral relationship of economy and trade would be expected to improve significantly. As, Vietnam economy is now on development, ot is hoped that investment in Vietnam by Russian enterprises will increased in future.

Vietnam and Russia Federation have a strategic partnership and the comprehensive cooperation in all fields. In recent years, that cooperation has witnessed such great progress, specifically, the bilateral commercial turnover reached 4 billion USD in 2013. Nevertheless, this growth rate does not commensurate with the potential of development and the target of 10 billion USD in 2020 that the two leaders of nations had agreed earlier. Mr. Evtukhov Viktor Leonhitdovich, Deputy Minister of Industry and Trade of Russia Federation emphasized that Vietnam was a long-term and reliable partner of Russia. After the entry into WTO, Russia has reduced import tax as a good opportunity for Vietnam enterprises to invest more heavily in Russia. This is a signal to bring sustainable cooperation and development to two countries.

Also at the conference, speakers called for Vietnam businesses to found representative offices in Russia to approach easily agencies on tariff, finance and banking. Participants were introduced about supporting policies related to importing into Russia, transporting goods from Vietnam to Russia, registering legal procedures, and finding partners. In particular, the signing ceremony of agreement on investment cooperation to build the light industrial park Moscow – Ho Chi Minh City between Russia enterprises and Vietnam Textile and Garment Group (VINATEX) was formally held.

Hanoi – Moscow Center for Culture, Trade and Hotel is considered as the largest commercial center that the Vietnamese invest in a foreign country. With a total investment capital of 240 million USD, it is built in Moscow, Russia Federation. 30 percent of the area of this commercial center is used for Vietnamese products of all kinds: agricultural products, leather goods, garments, hand-made embroidery, ceramic, wooden furniture and even Vietnamese cuisine.