10:07 | 08/04/2015 Cooperation
Russian Prime Minister Dmitry Medvedev advocated for expanding bilateral cooperation beyond oil & gas and energy during the Vietnam-Russia business forum held in Ho Chi Minh City on April 7.
He voiced his hope for the opening of a Russian automobile assembly line in Vietnam and other joint ventures in telecommunications and medicine.
As Vietnam and the Eurasian Economic Union move towards the conclusion of free trade agreement negotiations, more business incentives for investors are on the table, he said, adding that Russia offers incentives to Vietnam, especially in the light industry and other goods.
In finance-credit, Medvedev said both sides should work together to tap the potential of the Vietnam-Russia joint stock bank while looking for innovative cooperation models where payments in Vietnamese dong and Russian ruble are done.
In his speech, Deputy Prime Minister Hoang Trung Hai promised support to Russian investors, especially in oil & gas, energy, mining, education-training, mechanical engineering, science-technology, auto assembly, technology, trade, tourism and labour.
Vietnam is accelerating its economic reforms, including facilitating private involvement in businesses, fine-tuning legal and market economy regulations, and upgrading infrastructure to draw foreign investors, he said.
He said cooperating with Vietnam also means extending Russia’s reach to the 10 ASEAN economies, particularly as the ASEAN Economic Community debuts in late 2015.
At the forum, over 50 Vietnamese and Russian enterprises explored cooperative opportunities and discussed barrier mitigation options.
As of March 2015, Russia had invested in 106 projects worth nearly US$2 billion in Vietnam. Meanwhile, Vietnam recorded 19 projects valued at roughly US$2.5 billion in the European country. Trade in 2014 hit US$2.6 billion.
On the occasion, the Bank for Investment and Development of Vietnam and the Russian Foreign Trade Bank signed a memorandum of understanding on developing a payment model using the currencies of both countries.