VCCI Helps Local Enterprises Link Business with St. Peterburg

On December 7, 2005, 25 businesses from Vietnam and 30 from Russia’s St. Peterburg met on the occasion of signing co-operation agreement between Vietnam Chamber of Commerce and Industry (VCCI) and St. Peterburg Chamber of Commerce. According to the agreement, the two sides will increase co-operation in trade, science and technology, seeking more opportunities and partners, establishing more showrooms and representative offices.

 

Doan Duy Khuong Ph.D, VCCI Vice President, said Russia is a big market for Vietnamese exports such as rice, rubber, tea, canned fruit, pepper, handicrafts, etc. In 2004, the two-way trade value was US$887 million, 36 per cent more than previous year and is expected at US$1 billion this year.

 

Regarding Russian investment in Vietnam, Vietsovpetro is a success story with a total output of 128 million tonnes of crude oil, 11.5 billion cubic metres of gas, and US$20.63 billion in turnover. In addition, Russia has 47 investment projects with total capital of US$271 million, ranking 20^th among 64 countries and territories investing in Vietnam. Vietnamese businesses have also 11 investment projects in Russia with a total capital of over US$33 million mainly in garment, food processing and building materials.

 

In addition to the traditional sectors of oil and gas and electricity, the two sides are expanding in other areas such as machine manufacturing, financial and banking, agriculture, tourism and civil aviation, Mr Khuong added.