Top legislator meets with Vietnamese businesses in Russia

Representatives of the businesses briefed the top legislator on advantages as well as challenges of investing and operating in Russia.

A representative of the Vietnam-Russia oil joint venture (RUSVIETPETRO) reported that after more than a year of operating in Russia, the company has welcomed its first oil products, and the application of science and technology has helped reduce costs. The firm expected to receive additional support from Russia regarding taxes and the signing of projects based on the signed intergovernmental agreement.

A representative of TH Group (TH RUS) shared the success story of building dairy farms and milk processing plants in Russia, and asked for support in logistics services to facilitate goods transportation. Additionally, TH RUS also called for more relaxed regulations regarding the employment of Vietnamese workers in Russia to address the labour shortage faced by the firm.

Acknowledging businesses’ proposals, Man said that Vietnam and Russia have treasured a good traditional friendship, saying the two countries are not only special traditional friends but also comprehensive strategic partners.

He welcomed the growing investment operations of both sides, saying Vietnamese businesses have so far invested approximately US$3 billion in Russia, while Russian businesses have poured US$1 billion into Vietnam.

The level of investment remains modest and that should be higher to match the excellent relationship between the two countries, said Man.

The legislator urged the business community to continue their solidarity, comply with local laws, and contribute to the development of both Russia and Vietnam, thereby deepening the comprehensive strategic partnership between the two countries.

He requested that the Vietnamese Embassy in Russia continue fostering relations with local authorities and relevant ministries of both countries to enhance bilateral economic cooperation.