02:36 (GMT +7) - Wednesday 17/10/2018

Vietnam Today

Expo-Russia Vietnam 2017 to boost economic cooperation

Released at: 17:26, 14/12/2017

Expo-Russia Vietnam 2017 to boost economic cooperation

Photo: Quang Huy

Second edition of expo brings two sides together in Hanoi from December 13 to 15.

by Quang Huy

The second edition of Expo-Russia Vietnam is being held in Hanoi from December 13 to 15, attracting more than 500 businesses and promoting the two countries’ trade and economic ties and Russia’s exports to Southeast Asia.

“The future of bilateral ties between Vietnam and Russia depends mostly on the dynamism and determination of the two business communities,” Deputy Prime Minister Trinh Dinh Dung said at the opening ceremony of Expo-Russia Vietnam 2017. “Enterprises from Vietnam and Russia should utilize new business opportunities to cement the comprehensive relationship between the two countries.”

Organized by the Vietnam Chamber of Commerce and Industry (VCCI) and Russian company Zarubezh Expo, the expo offers Vietnamese firms the opportunity to learn more about Russia’s investment environment and seek business partnerships.

“Russia is an important trade partner of Vietnam,” Mr. Dung said “During the first eleven months of this year, bilateral trade reached over $3.2 billion, up 27 per cent year-on-year. However, there’s still a long way to go until we reach the target of $10 billion by 2020.”

The Deputy PM said he hoped the country’s key staples - textiles and garments, footwear, seafood, farm produce, timber, and electronics and consumer products - would see broader penetration into Russia.

Mr. Hoang Quang Phong, Vice Chairman of VCCI, confirmed the rising interest of Vietnamese firms in Russia over recent years. “As at July, Vietnam had 18 investment projects in Russia with total investment capital of $2.4 billion,” he told the opening ceremony. “Projects are mainly in energy and mining. Russian firms have pumped more than $1 billion into 115 projects in our country. The Expo-Russia Vietnam 2017 will accelerate two-way economic ties by showcasing products and services for export, investment projects, and research findings from businesses, universities, and research agencies.”

The expo, which will run until December 15, also includes a workshop on economic cooperation between member countries of the Eurasian Economic Union and Vietnam, and roundtables on agriculture, energy, transport, and healthcare.

Mr. D.R. Vartanov, Director of Zarubezh Expo and head of the expo’s organizing board, said that, at the first event in December 2015, the Russian side inked 172 agreements with Vietnamese partners.

Russian businesses are paying special attention to the Asia-Pacific region, he noted, expressing a belief that the two countries will reap more success in cooperation in energy, transport, healthcare, telecommunications, and tourism.

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