Vietnam, Russia promote economic-trade ties

Both Vietnam and Russia still have potential for cooperation in agriculture, dairy farming, aquaculture, high technology, among others, agree delegates attending a seminar in Moscow on Dec. 22.

The agreement was reached during a seminar on Vietnam-Russia economic and trade cooperation held in Moscow on Dec. 22.

According to ambassador Ngo Duc Manh, economic and trade cooperation between Vietnam and Russia has constantly flourished in 2020 despite the impact of the COVID-19 pandemic.

Two-way trade hit US$4.05 billion during Jan. - Oct., representing an increase of 7% compared to the same period last year.

“It has constituted a bright spot in bilateral cooperative ties,” said Manh, adding both sides need to make the most of the growing trend to bring about greater benefits to the two countries, contributing to strengthening the comprehensive strategic partnership between Vietnam and Russia.

He pointed out some areas with great potential for bilateral cooperation in the coming time, including agriculture, dairy farming, dairy product processing, aquaculture, high technology, and communication and information.

Dr. Irina Korgun, head of the Centre for Russia and Eurasia, spoke of benefits Russia can enjoy after Vietnam joined the Regional Comprehensive Economic Partnership (RCEP).

She said Russia should take advantage of Vietnam’s RCEP membership to export its commodities to the Asian market through the establishment of joint ventures in manufacturing and services, as well as to increase its presence in Asia.

Vitaly Mankevich, president of the Russian-Asian Union of Industrialists and Entrepreneurs, noted that economic and trade cooperation is one of the most important areas of the comprehensive strategic partnership between Russia and Vietnam.

He said Vietnam’s signing a free trade agreement with the Eurasian Economic Union has offered a window of opportunity for stronger cooperation between Russia and Vietnam, helping raise bilateral trade to US$6.1 billion in 2018.

The Russian-Asian Union of Industrialists and Entrepreneurs is ready to support cooperation and connect links between Russian and Vietnamese businesses, especially in the fields of agriculture and information technology solutions, he affirmed.

Regarding the prospects of cooperation with Vietnam, Igor Tsybin, managing director of the Russia-Vietnam Business Council, noted Vietnam becomes an attractive investment destination for Russian businesses, thanks to the country’s political stability, large market, low labour costs, stable inflation rate of less than 4%, and high level of economic openness.