Vietnamese Firms Invest US$945M in Russia

Vietnamese companies have to date poured US$945 million into 17 projects in Russia, making it become the country’s second biggest foreign investment market out of the 39 countries and territories, just behind Laos, said an official from the Vietnamese Ministry of Planning and Investment (MPI).

 

Meanwhile, Vietnam has seen a rise in Russian investment over the past three years, according to Deputy Minister of Planning and Investment Cao Viet Sinh.

 

Russian companies invested US$693 million in Vietnam this year, up from US$357.7 million in 2008, US$132.7 million in 2007 and US$107 million in 2006, the official added.

 

Russia now has 66 valid projects worth US$772 million in Vietnam, ranking the 22nd of 89 countries and territories investing in the Southeast Asian nation.

 

Russian businesses are also keen on expanding their operations in banking, oil and gas, mining, energy, construction and automobile manufacturing in Vietnam, according to the MPI. (Investment)