Vietnam-Russia economic cooperation prospects under spotlight

 Cooperation prospects between Vietnam and Russia in the fields of industry, energy, information and technology and agricultural exports were discussed at several workshops held in the framework of the 28th Vietnam International Trade Fair (Vietnam Expo 2018) in Ha Noi from April 9-11.  
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The events were attended by representatives from the Eurasian Economic Commission’s Department for Industrial Policy, and many Russian corporations such as Russian Railways Logistics JSC, Alfa Robotics, Intelligent Security Systems and GOST group.

vietnam russia economic cooperation prospects under spotlight
Cooperation prospects between Vietnam and Russia are discussed at several conferences held in the frame work of the Vietnam Expo 2018. (Photo: VNA)

How to apply new technologies and artificial intelligence in Vietnam in an effective way as well as opportunities for Vietnamese education and healthcare to access the world’s scientific achievements were tabled for discussion, along with measures to promote cooperation between Vietnamese and Russian enterprises.

According to Doan Duy Khuong, Vice President of the Vietnam Chamber of Commerce and Industry, Russia has long-standing relations and close cooperation with Vietnam, its only strategic partner in the Asia-Pacific. Economy and trade have been always the highlights in the bilateral cooperation after the two countries upgraded their ties to a strategic partnership in 2001.

Four pillars in the cooperation are trade, investment, oil and gas and electricity power. The bilateral economic ties have been elevated to a new height thanks to the free trade agreement between Vietnam and the Eurasian Economic Union (EAEU), which took effect in October, 2016.

Russia holds strengths in economy, finance and technology while Vietnam has advantages in human resources, natural resources and geographical location along with its stable politics-economy-society.

Those strengths, once combined, will help consolidate the strategic cooperation between the two countries, Khuong stated.

In the past years, Vietnam has reaped crowing achievements in economic reforms, business climate improvement, completion of legal regulations and simplification of administrative procedures, he said, adding that Vietnam will continue with the work to facilitate conditions for foreign investors, particularly those from Russia.

Khuong said that the Southeast Asian nation is prioritising investment in renewable energy, support industry, green industry, manufacturing mechanics, petrochemical, pharmaceuticals, information and technology, education, healthcare and tourism, among others.

The VCCI pledged support for the Russian Embassy, trade representative offices and trade promotion organisations to connect companies of both sides, Khuong stressed.

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(Source: VNA)