Vietnam, Russia vow to boost economic cooperation
(VOV) - Vietnamese and Russian government officials vowed on December 8 to upgrade economic cooperation and achieve common development based on the principle of equality and mutual benefits.
The officials made the pledge at a business forum in Ho Chi Minh City discussing the economic impact of the recently signed Vietnam-Eurasia Free Trade Agreement and the opportunities it presents for heightened cooperation, trade and investment.
In making the declaration, the officials agreed that practical cooperation provides a material base for developing a strategic partnership— saying economic and trade cooperation should become an important component of the partnership.
They vowed to make joint efforts to upgrade the trade structure, create conditions more conducive to importing products from each other, expand trade volume, and improve the laws and regulations governing trade exchanges.
The two sides also agreed to encourage the establishment of new joint ventures. Director Le Van Khoa of the HCM City Department of Industry and Trade said the total volume of trade with Russia has remained relatively paltry when compared to its potential, registering only US$226.24 million year-to-date through November.
Likewise, foreign direct investment by Russian businesses in the city has been lacklustre at just US$32.45 million in 21 business ventures.
For his part, Saint Petersburg Governor Georgy Poltavchenko extended an invitation to Vietnamese businesses to visit and invest in commerce in St Petersburg, particularly in the pharmaceutical, food and tourism industries.