Representatives from many Russian businesses in the fields of electricity, construction, underground, chemistry and petrochemistry met Vietnamese partners in Hanoi on October 22 to seek cooperative opportunities.

According to the Vietnam Chamber of Commerce and Industry (VCCI), two-way trade turnover hit nearly US$4 billion in 2013 and around US$1.52 billion in the first seven months of this year, accounting for just 0.5% of Russia’s total import-export value. However, Vietnamese hi-tech exports account for a small proportion.

The free trade agreement (FTA) between Vietnam and the Customs Union (Russia, Belarus and Kazakhstan) is expected to make a breakthrough in bilateral economic relations with the aim to raise bilateral trade value to US$7 billion in 2015 and US$10 billion in 2020.

To obtain the target, VCCI Secretary General Pham Thi Thu Hang said, support from the two States and Governments and efforts of businesses are needed.

The meeting will help Vietnam access new technologies from Russia to speed up infrastructure development and improve the economy’s competitiveness.

Meanwhile, manager of the “Russia-Vietnam: New Economies” project Strozaeva Lubov Viktorovna said strengthening bilateral cooperation, especially in economics, science and technology, will further deepen the strategic partnership for mutual benefit.

We proposed Vietnam coordination to hold an international conference in 2015 on prospective cooperation with Russian hi-tech firms, aiming to enhance bilateral technological ties, particularly among small and medium-sized enterprises, said Viktorovna.

Source: http://www.vir.com.vn/