Russia’s Far East potiential destination for Vietnamese businesses: official

There is ample room to promote trade between Vietnam and Russia’s Far East, head of the Vietnam Trade Office Branch in the Far East region Nguyen Hong Thanh said in an interview with the Vietnam News Agency (VNA) ahead of the state visit to Vietnam by President Vladimir Putin.

The Port of Vlapostok in the Far East region of Russia. (Photo: AFP/VNA)

The Port of Vlapostok in the Far East region of Russia. (Photo: AFP/VNA)

There is ample room to promote trade between Vietnam and Russia’s Far East, head of the Vietnam Trade Office Branch in the Far East region Nguyen Hong Thanh said in an interview with the Vietnam News Agency (VNA) ahead of the state visit to Vietnam by President Vladimir Putin.

Although the Far East is not a large market with a population of about 8.2 million, its trade turnover with the world is high, Thanh said, suggesting Vietnamese businesses consider increasing the export volume of key products to that market, such as farm produce, processed food, consumer goods, garment and textiles, footwear, electrical and electronic products, equipment and machinery.

In the last ten years, bilateral trade between Vietnam and the Far East has grown significantly, from less than 60 million USD in 2015 to nearly 300 million USD in 2023, he said.

He attributed the growth to efforts of the both sides' import-export business community, plus with the effectiveness of the Vietnam - Eurasian Economic Union (EAEU) Free Trade Agreement and maritime transport routes connecting Vlapostok port to Vietnam's ports, intermodal railway route from Vietnam's Gia Lam station to Chita station in Zabaykalsky Krai, Russia, via China.

Regarding economic and investment cooperation, Vietnam’s TH True Milk Group is building a grass growing farm and a milk processing plant in Yakovlev district in Primorie. With a total investment of up to 270 million USD, it is a symbol of economic and investment cooperation between the two sides.

TH True Milk’s project has been granted 15,000 ha and recognised as a member of the Mikhailovski priority development area.

Thanh said his office has been supporting Vietnamese businesses in seeking cooperation opportunities in the Far East in such fields as civil construction and industrial construction in major cities in the Far East, coal mining in South Sakhalin, fish and fishmeal processing in Kamchatka, wood processing in Khabarovsk, shipbuilding and ship repair in Bolsoi Kamen.

He said he expects that those cooperation projects will soon be realised, and more Vietnamese businesses will see the Far East as a potential investment destination and expand their operations in Russia and the Asia-Pacific region.

He hoped that the coming visit to Vietnam by Russian President Vladimir Putin will open connection channels on information between the two sides' enterprises, travel for businessmen and tourists, especially air routes linking the countries' localities, and help remove difficulties in payment – a pending barrier in promoting Vietnam-Far East economic, trade and investment ties./.

Source: VNA
en.vietnamplus.vn

Related News

Latest News

Frozen durian - new growth potential for durian industry

Frozen durian - new growth potential for durian industry

VCN - The official export of frozen durian to China will help optimize raw material sources for businesses, stabilize prices and increase the export value of this fruit from Vietnam.
Vietnam’s frozen durian exports to China could reach 300 mln USD in 2024: Official

Vietnam’s frozen durian exports to China could reach 300 mln USD in 2024: Official

Vietnam could earn 300 million USD from shipping frozen durian to China on the back of the signed protocol on plant quarantine requirements for the product between the two sides, Director of the Plant Protection Department (PPD) under the Ministry of Agriculture and Rural Development Huynh Tan Dat said on September 19.
US Commerce Department announces preliminary anti-dumping review results for Vietnamese catfish exports

US Commerce Department announces preliminary anti-dumping review results for Vietnamese catfish exports

The US Department of Commerce (DOC) has released the preliminary results of its 20th administrative review (POR 20) of the antidumping duty order on certain frozen fish fillets exported from Vietnam to the US for the period between August 1, 2022, and July 31, 2023.
Textile and garment industry perseveres in overcoming difficulties and seizing opportunities from the market

Textile and garment industry perseveres in overcoming difficulties and seizing opportunities from the market

VCN - In recent months, Vietnam's textile and garment exports have witnessed a strong recovery. However, along with opportunities, this top export industry in the country is facing many challenges from new, strict market requirements.

More News

Trade in goods in the second half of August increases over US$ 5 billion

Trade in goods in the second half of August increases over US$ 5 billion

VCN – The total trade in goods in the second half of August increased by 15.5% to US$ 38.02 billion compared to the first half of the month.
Bac Lieu plans to become renewable energy export hub

Bac Lieu plans to become renewable energy export hub

Deputy Prime Minister Tran Hong Ha has signed off a development plan for the Mekong Delta province of Bac Lieu that will cost 16-18 billion USD from now until 2030.
Vietnamese premium rice enters Canadian market

Vietnamese premium rice enters Canadian market

KD Trading, a logistic company run by two Vietnamese-Canadians, has become the sole partner to distribute ST25 rice (Mr. Cua's rice) in the Canadian market.
Logistics industry faces green transition imperatives

Logistics industry faces green transition imperatives

VCN - The logistics industry is among those most profoundly impacted by the burgeoning trend of green transition. However, whether this transition manifests as a pressure or a catalyst for growth depends on how businesses approach and implement it.
How are imported seafood products transferred to domestic consumption quarantined?

How are imported seafood products transferred to domestic consumption quarantined?

VCN - Enterprises importing aquatic raw materials for export production or processing for export transferred to domestic consumption encounter difficulties in implementing quarantine.
Steel stocks chill as weak demand sends a shiver through the industry

Steel stocks chill as weak demand sends a shiver through the industry

A significant recovery may be expected in 2025, leading to swift movements of funds within this sector.
Vietnam

Vietnam's seafood exports continue recovery

Vietnam saw a gradual recovery of seafood exports during the first eight months of this year, both in terms of demand and price.
Vietnam-China trade turnover hits nearly 130.8 billion USD

Vietnam-China trade turnover hits nearly 130.8 billion USD

The import-export turnover between Vietnam and China reached nearly 130.8 billion USD in the first eight months of this year, according to the latest statistics from the General Department of Customs.
Many good signals for businesses to accelerate seafood exports

Many good signals for businesses to accelerate seafood exports

VCN - Seafood exports in the first 8 months brought in nearly US$6.3 billion. With many advantages from the market and the dynamism of businesses, seafood exports are expected to increase compared to last year.
Read More

Your care

Latest Most read
Frozen durian - new growth potential for durian industry

Frozen durian - new growth potential for durian industry

VCN - The official export of frozen durian to China will help optimize raw material sources for businesses, stabilize prices and increase the export value of this fruit from Vietnam.
Vietnam’s frozen durian exports to China could reach 300 mln USD in 2024: Official

Vietnam’s frozen durian exports to China could reach 300 mln USD in 2024: Official

Vietnam could earn 300 million USD from shipping frozen durian to China on the back of the signed protocol on plant quarantine requirements for the product between the two sides, Director of the Plant Protection Department (PPD) under the Ministry of Agriculture and Rural Development Huynh Tan Dat said on September 19.
US Commerce Department announces preliminary anti-dumping review results for Vietnamese catfish exports

US Commerce Department announces preliminary anti-dumping review results for Vietnamese catfish exports

The US Department of Commerce (DOC) has released the preliminary results of its 20th administrative review (POR 20) of the antidumping duty order on certain frozen fish fillets exported from Vietnam to the US for the period between August 1, 2022, and July 31, 2023.
Textile and garment industry perseveres in overcoming difficulties and seizing opportunities from the market

Textile and garment industry perseveres in overcoming difficulties and seizing opportunities from the market

In recent months, Vietnam's textile and garment exports have witnessed a strong recovery.
Trade in goods in the second half of August increases over US$ 5 billion

Trade in goods in the second half of August increases over US$ 5 billion

VCN - The positive results in the second half of August rose the total trade in goods of the whole country in the month to US$ 512.31 billion, up 17% year-on-year.
Mobile Version