More Russian firms keen to explore investment chances in Vietnam

14:57 | 29/03/2019 Economy

More and more Russian businesses want to study investment opportunities in Vietnam and attract Vietnamese firms to invest in Russia, Sergey Katyrin, President of the Chamber of Commerce and Industry of the Russian Federation, said at a working session with Vietnam’s Ministry of Industry and Trade in Hanoi on March 14.

Vietnamese Deputy Minister of Industry and Trade Do Thang Hai - Photo: VNA

Katyrin described Vietnam as one of the biggest markets with exceptionally rapid development.

With a network of more than 180 chambers of commerce and industries across the country, Russia has been helping small-and medium-sized enterprises seek business and investment opportunities.

Russia also encourages its firms to take part in exhibitions in Vietnam to promote trade and products, he said, adding that the upcoming Russia Expo in Vietnam is expected to draw dozens of Russian businesses.

Deputy Minister of Industry and Trade Do Thang Hai said trade between Vietnam and Russia has grown significantly since the EU-Vietnam Free Trade Agreement (EVFTA) came into force in 2016.

In 2018, two-way trade increased 28.63 percent compared to the previous year. Russia became the 24th largest investor among 129 countries and territories pouring cash into Vietnam with 123 projects worth 932 million USD.

Vietnam has 22 investment projects worth nearly 3 billion USD in Russia. Dairy projects worth some 2 billion USD invested by the Vietnamese dairy group TH True Milk in Moscow and Kaluga have become a highlight in the two countries’ relations.

In the near future, Vietnam and Russia will organise workshops and trade fairs to promote exports to the respective markets, Hai said.

Theo VNA