VCCI Hosts Dialog between Business Leaders and Vietnamese, Russian Deputy PMs

4:40:16 PM | 29/10/2019

Vietnam Chamber of Commerce and Industry (VCCI) hosted the high level dialog between business leaders and Deputy Prime Minister Trinh Dinh Dung and his Russian counterpart Maxim Akimov on October 29.

The dialog focused on discussing very specific and practical issues related to investment and business opportunities.  Dr. Vu Tien Loc, VCCI President, said that in 2020, Vietnam and Russia will organize 70 years of establishing diplomatic relations. The two countries have developed friendly relationship. Currently, Vietnam is the only strategic partner of the Russian Federation in Southeast Asia. The high level of good political relations is the foundation and favorable conditions for stronger economic, trade and investment relations.

Addressing the event, Deputy Prime Minister Trinh Dinh Dung and Deputy Prime Minister Maxim Akimov affirmed that the Governments of Vietnam and Russia have always supported and created favorable conditions for businesses of the two countries to work together, expressing the hope that in the coming time many new investment and trade projects and initiatives will be launched and implemented, contributing to the development of Vietnam – Russia comprehensive strategic partnership.

The event is within the series of "Vietnam - Russia Cross Year" (Vietnam Year in Russia and Russian Year in Vietnam) on the occasion of the 25th anniversary of the signing of the Treaty on the basic principles of the Vietnam - Russia relations.

In recent years, Vietnam and the Russian Federation has developed strong cooperation in economy, trade and investment. Bilateral trade relations between Russia and Vietnam are showing more and more positive signs.

Since the free trade agreement between Vietnam and the Eurasian Economic Union officially came into effect in October 2016, the trade turnover of the two countries has grown rapidly at a rate of about 30% per year. According to the data of Vietnam Customs, in 2018, the bilateral turnover reached US$4.57 billion, up 28.6% compared to 2017; in the first 5 months of 2019, the turnover reached US$1.87 billion.

Up to now, the Russian Federation has 123 direct investment projects in Vietnam (except oil and gas) with a total investment of over US$1 billion. Vietnam invests about US$3 billion in more than 20 investment projects in Russia.

With the goal of increasing trade value to US$10 billion by 2020, the Governments of Vietnam and the Russian Federation have been working to remove tariff barriers, offering preferential policies on trade and investment promotion.