Inaugural Vietnam - Russia economic forum opens in Hanoi

The event, jointly held by Vietnam's Ministry of Industry and Trade and Russia's Ministry of Economic Development, saw the attendance of Vietnamese Deputy Prime Minister Hoang Trung Hai and Russia's First Deputy Prime Minister Igor Ivanovich Shuvalov.

In his speech, Deputy PM Hai briefed Russian enterprises on the current situation of the Vietnamese economy and the country's policy on attracting foreign investment.

He affirmed that the Vietnamese Government would do its best to improve the business environment, refine the legal system and create favourable conditions for foreign enterprises to do business in Vietnam.

Russian Deputy PM Igor Ivannovich Shuvalov stated that the early conclusion of negotiations on a free trade agreement between Vietnam and the Customs Union of Belarus, Kazakhstan and Russia would foster economic and trade ties between the two countries.

In 2012, merchandise trade value between Vietnam and Russia was estimated at US$3.7 billion, up 19.7% from the previous year, of which Vietnam's exports to Russia totalled US$2.3 billion, up 32% year on year.

Two-way trade in 2013 is expected to reach US$4 billion.

As of August 2013, Russian businesses had poured nearly US$2 billion into 92 projects in Vietnam, ranking 19th among countries and territories investing in Vietnam.

Russia is currently the third largest recipient of Vietnamese investment with US$2.4 billion invested in 17 projects.

(Source: Nhandannewspaperonline)