Give Trade a Chance: Russo-Vietnamese Ties Promise 'Excellent Opportunities'

© AFP 2022 / HOANG DINH NAMA container ship at Chua Ve container port in the northeastern coastal city of Hai Phong (File)
A container ship at Chua Ve container port in the northeastern coastal city of Hai Phong (File) - Sputnik International
Total trade turnover between Russia and Vietnam is due to reach a record ten billion dollars annually by 2020, according to Russian Deputy Prime Minister Yury Trutnev.

Submarine of the Varshavyanka class - Sputnik International
Vietnam 'Considered and Considers Russia an Extremely Important Partner'
During his visit to Vietnam earlier this month, Russian Deputy Prime Minister and Presidential Envoy to the Russian Far Eastern Federal District Yury Trutnev said that Moscow and Hanoi intend to increase bilateral trade turnover threefold, to record ten billion dollars per year by 2020.

In an interview with Sputnik, Truong Son Le, director general of the Incentra, one of the largest Vietnamese investment companies in Russia, specifically mentioned a free trade agreement which he said will help the two countries implement this ambitious task.

"Excellent opportunities are being opened by Vietnam's Free Trade Agreement with Russia and other countries of the Eurasian Economic Union, which entered into force in October 2016. This is the unanimous opinion of all Russian and Vietnamese entrepreneurs with whom I've recently communicated," he said.

He recalled that since October 2016, Vietnamese goods exports to Russia have increased at least twofold and that new opportunities have emerged for investment activities between businessmen from both countries.

"Even more important are the links between the separate regions of the two countries, which will give an additional impetus to the expansion of bilateral trade turnover," he added. 

Trutnev, for his part, said during the course of his visit to Vietnam that Russia's Far East will add significantly to bolstering bilateral economic ties; the two countries' trade turnover in this region stood at 90.2 million dollars last year.

The region is ready to buy Vietnamese goods and export cars, food, cement, ore, plant equipment and fertilizers.

Igor Belousov rescue ship - Sputnik International
Superior in Every Way: Why Vietnam Wants Russia's 'Dolphin' Rescue Ship
Additionally, the Far East offers cooperation in the field of shipbuilding and port facilities, as well as the creation of joint ventures in the agriculture and fish processing sectors.

Meanwhile, Vietnam's TN True Milk company has already signaled its readiness to cooperate with its counterpart in the Russian Far East.

Having invested about one billion dollars in dairy farming projects in Central Russia, the company said it is ready to invest an even bigger sum in the production of dairy products, as well as the cultivation of fruits and medicinal herbs in Russia's Far East.

Never miss a story again — sign up to our Telegram channel and we'll keep you up to speed!

To participate in the discussion
log in or register
Заголовок открываемого материала