The 5th Eastern Economic Forum - a great perspective for Russian and Vietnamese investments

On the 4th of September 2019, during the 5th edition of the Eastern Economic Forum held in Vladivostok, the Vice-Minister of Foreign Affairs of Vietnam, mister Tô Anh Dũng, declared that the trade turnover between Russia and Vietnam has the potential to hit up to 10 billion USD in 2020.

As he stated, the creation of a free trade zone with the Eurasian Economic Union enabled an quick increase in goods turnover between Vietnam and the Russian Federation. "Both of our respective nations have the opportunity to increase the effectiveness of this multilateral cooperation in all of its aspects so as to attain a trade turnover amounting up to 10 billion USD in 2020" as stated mister Tô Anh Dũng.

Russian exports to Vietnam amounted to 2.5 billion USD in 2018, and imports from Vietnam to Russian amounted to 3.6 billion USD in the same year.

According to mister Tô Anh Dũng's words, Vietnam is interested in exporting agricultural products, seafood, rubber, textiles, wood and wood products, electronic supplies to the Russian Federation. And Vietnam is ready to import Russian iron, steel, coal, fertilizers and other primary goods.

The Vice-Minister also emphasized the perspectives in terms of investment cooperation by mentioning the fact that Vietnam aims at attracting Russian investments in the sectors in which Russia excels or has advantages, such as energy, mining industry, mechanical engineering and infrastructure. "At the same time we endeavour to increase our investments in Russia, especially in the oil and gas sector, in service and trade sectors and in the development of common manufacture. Besides that both countries have the potential to cooperate in new sectors, such a atomic and renewable energy, cyber security and pharmaceutics" as the diplomat declared.

Tô Anh Dũng declared that from the perspective of Vietnam, the Russian Far East is a key region for cooperation in numerous sectors such as mining, agriculture, maritime transport and tourism. "Vietnam is asking its Russian counterpart to consider the possibility to create a cooperation mechanism between Vietnam and the Russian Far East, that would establish privileges such as the free circulation of goods, services and work force in both of those regions" as mentioned the Vice-Minister of Foreign Affairs of Vietnam.

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