HCMC - Vietnam and Russia will intensify economic cooperation in order to realize their two-way trade target of US$10 billion by 2020, heard an investment and trade promotion conference in HCMC on Tuesday.

Representatives of Incentra and Vinatex sign a deal to lease space for showcasing products of Vinatex at the Moscow-Hanoi trade and hotel complex in Moscow - Photo: Nguyen Quyen

Deputy Minister of Industry and Trade Do Thang Hai told the conference that trade between the two countries was still below potential of the nations but more opportunities were out there to foster economic relations in the years to come.

Vietnam and Russia have established a strategic partnership in all fields and their two-way trade reached US$4 billion last year.

Evtukhov Viktor Leonhitdovich, Russian Deputy Minister of Industry and Trade, stressed at the conference that Vietnam was a long-established partner of Russia and that country had lowered import tariffs in recent years, especially after it joined the World Trade Organization in 2012.

Leonhitdovich believed lower import tariffs would encourage Vietnamese firms to increase their exports to Russia.

Enterprises attending the conference were also informed of the supporting policies for exports to Russia, goods imports from Vietnam, legal procedures for opening branches or seeking potential partners.

At the event, Vietnam National Textile and Garment Group (Vinatex) and Russian firms struck an agreement to develop a Moscow-HCMC light industrial park, which is also known as Evarz Park, in Moscow.

The group also inked a deal with Incentra Co. to lease space for showcasing products of Vinatex at the Hanoi-Moscow trading and hotel complex.

Source: http://english.thesaigontimes.vn