Cao Viet Sinh, speaking at a joint economic forum in Hanoi, said bilateral trade and economic cooperation had shown lasting growth, reaching new levels of development.
"Russia supplies some 45% of the total equipment used at Vietnamese power-generating plants," the official said.
As of September 2007, Russian investment was involved in 54 projects, worth over $300 million, in Vietnam, placing Russia 24th among 79 foreign investors operating in the country.
Cao Viet Sinh said Russia was one of the most attractive investment targets, with Vietnamese companies having invested a total of $74 million in projects in Russia.
"Vietnam is interested in establishing ventures in Russia to process agricultural products, and is ready to create favorable conditions for Russian investors to expand in sectors such as coal mining, the development of mineral deposits, the assembly and production of cars and agricultural hardware," the Vietnamese official said.
Russia currently accounts for 1% of Vietnam's foreign trade.
Russian Minister of Industry and Energy Viktor Khristenko, who attended the forum, held on the sidelines of the 16th International Industrial Fair VIIF-2007, said establishing joint ventures in Vietnam would improve economic relations between the countries and help increase trade turnover, which has declined mainly in the Russian sector.
Russian exports to Vietnam decreased 9.8%, year-on-year, in the first eight months of this year, while Vietnam's deliveries to Russia expanded 10.6%.
Khristenko called for improving the quality of economic interaction through deeper integration in investment projects. "I am sure that simple trade will yield no great results," he said.
He said there were bright opportunities for joint ventures to be set up in Vietnam to roll out cars, trucks and tractors.
The minister rated highly the prospects for plans by Russian heavy machinery manufacturer Power Machines to organize in Vietnam joint production of equipment for hydro-power plants and urged metal companies to undertake active operations on the Vietnamese market.
Khristenko said the Russian state-controlled foreign trade bank VTB, founder of a Russian-Vietnamese bank in Vietnam, would provide effective financing for joint projects.
VIIF-2007 will last until October 23.