High-level dialogue seeks to facilitate Vietnam – Russia business connections
VOV.VN - The governments of Vietnam and Russia will work closely together to iron out snags impeding economic, trade and investment cooperation between the two countries, in an effort to facilitate operations of their businesses and investors.
Prime Minister Pham Minh Chinh of Vietnam and Prime Minister Mikhail Mishustin of Russia made the commitments after businesses to the Vietnam-Russia High-level Business Dialogue held in Hanoi on January 15 talked difficulties, including in customs procedures, insufficient logistics infrastructure, and the need for clearer investment policies.
Vietnam will continue improving the investment environment, simplifying administrative procedures, and facilitating Russian businesses operating in the country, Chinh assured delegates.
He affirmed that the comprehensive strategic partnership between Vietnam and Russia is built not only on historical ties but also on mutual government support and the efforts of businesses from both sides.
He highlighted that bilateral economic ties do not fully match the political and diplomatic relations between the two countries, and there is significant untapped potential in trade and investment. He stressed the importance of direct feedback from business representatives, who play a crucial role in fostering economic ties and finding solutions to remove obstacles and enhance cooperation.
According to Chinh, Vietnam has signed 17 FTAs with 65 global economies, giving it a competitive market advantage. He encouraged businesses from both sides to be proactive, creative, and collaborative in addressing challenges.
The government will support efforts to implement high-level agreements between businesses and ensure favourable conditions for expanding market access, he said.
As the two sides have agreed to raise bilateral trade turnover, he said, they should diversify markets, products, and supply chains, expedite the licensing process for products and goods, and encourage businesses to be flexible and innovative in connecting the two markets.
The PM expected breakthroughs to be created in energy cooperation by expanding the scope of collaboration in oil and gas exploration and production. He suggested strengthening cooperation in the field of nuclear energy for peaceful purposes, including training human resources, technology transfer, financial incentives, and experience sharing.
Regarding logistics and transportation, Chinh suggested key areas of cooperation, such as maritime transport, railways, and metro systems. This includes connecting railway networks, collaborating on technology, management, human resource training, and manufacturing rolling stock, which would not only improve transport efficiency but also foster regional economic connectivity.
Mishustin for his part, emphasized Russia’s commitment to creating favourable conditions for Vietnamese businesses to expand operations in Russia. He extended an invitation for Vietnamese investors to explore opportunities in Russia, particularly in the Far East, which offers land, transport, and financial incentives.
Russia views Vietnam as a key partner in the region, he said, noting Vietnam was the first country to sign a free trade agreement with the Eurasian Economic Union, of which Russia is a member.
He praised Vietnam’s logistics and digital management advancements, as well as the high growth of e-commerce in Vietnam, suggesting new areas for cooperation.
Russia seeks to strengthen bilateral economic relations, particularly in energy, high-tech agriculture, and logistics, he told the dialogue.
In his views, the current trade volume of around US$5 billion is yet on par with the two countries’ potential, and Russia is eager to expand transport and logistics partnerships, offer industrial products, and cooperate on nuclear energy projects.
The dialogue focused on three key areas: trade, investment, agriculture; energy cooperation (oil and gas, nuclear energy); and transportation and logistics.
Business representatives from both countries openly shared challenges and discussed solutions to increase trade and investment.
TH Group, the largest Vietnamese investor in Russia in the field of agriculture, shared its experiences with Russia’s transparent and attractive agricultural investment policies.
Russian representatives from the Russian Export Center and Rosatom, the national nuclear energy corporation, highlighted the strategic potential for cooperation in energy, trade, and investment with Vietnam.
