PM urges Russia bilateral trade

May 19, 2016 - 01:00

Prime Minister Nguyễn Xuân Phúc asked Vietnamese and Russian firms to raise two-way trade to US$10 billion by 2020 during a business forum in Moscow yesterday.

Prime Miniter Nguyễn Xuân Phúc addresses a talk on economic and trade promotion and tourism co-operation between Việt Nam and Russia during his visit to Russia yesterday. – VNA/VNS Photo Thống Nhất
Viet Nam News

MOSCOW – Prime Minister Nguyễn Xuân Phúc asked Vietnamese and Russian firms to raise two-way trade to US$10 billion by 2020 during a business forum in Moscow yesterday.

Việt Nam continually provides all possible support for Russian investors and Russia also facilitates Vietnamese investment in the country, he informed participants about the outcomes of his talks with leaders of the host country.

Reviewing bilateral ties in his speech, Phúc said Russia ranks 17th out of 112 countries and territories investing in Việt Nam with 114 valid projects worth $2.08 billion, mostly in the fields of energy, mining, machinery engineering and tourism.

Việt Nam has invested in 20 projects capitalised at $2.93 billion in Russia, focusing on oil, gas and services, among others.

He asked business circles to analyse obstacles to trade and propose policies conducive to business co-operation on the back of the signed Vietnam-Eurasian Economic Union Free Trade Agreement.

To shore up tourism links, he suggested increasing the frequency of flights between the two countries and promoting investment in this field.

The PM reminded Russian firms of Việt Nam’s advantages such as its membership of ASEAN and 13 major international trade agreements, together with a contingent of workers in the golden population stage and a large potential consumer market.

Meanwhile, he urged Vietnamese firms to export farm produce, electronic products and apparel to Russia and to import Russian goods at competitive prices.

He wished that the two governments would accelerate the fine-tuning of business mechanisms in the future.

A leader of the Russian Ministry of Economic Development also expressed willingness to share experience with Việt Nam in renewable energy and eco-friendly technology.

Russia welcomes Việt Nam’s projects in the country and will facilitate bilateral coordination, he said.

Dairy project kicks off

PM Phúc said Russia is a large potential market for dairy products at a ceremony marking the start of a Vietnamese dairy investment project in Russia yesterday.

TH True Milk began the first phase of its large-scale cow breeding and farming project in Moscow. It is the firm’s first offshore investment project, according to its chairwoman Thái Hương.

The firm set a budget of $2.7 billion for a ten-year investment in the three-phase project, of which $500 million has been earmarked for the first phase, reported Vietnam News Agency.

In the last phase, the company will expand its herd to 350,000 cows on 140,000ha of land. The project will be capable of processing 5,900 tonnes of milk on a daily basis.
The company also plans to run a distribution network of 300 stores across the country.
PM Phúc said the free trade agreement signed last year between Việt Nam and the Eurasian Economic Union will facilitate and stimulate cooperation in the sector.
The dairy project will create jobs and contribute to local agricultural development, he said. Both countries hope the dairy project will be a diverse and effective partnership for them.

Moscow Governor Andrey Vorobiev welcomed TH True Milk’s operations. He praised the firm’s efforts to launch the project on the agreed time schedule.
He expressed his confidence in the project, which he hopes will become an example for farming collaboration between the two countries.
He vowed to create favourable conditions for the implementation of all Vietnamese projects in his region.
Stronger legislative ties urged

Việt Nam and Russia should increase legislative ties through the exchange of information and experience in law-making and supervision activities, PM Phúc said at a meeting with Speaker of the Federation Council (Upper House) of Russia’s Parliament Valentina Matviyenko on Tuesday.
He noted with pleasure the rapid changes and significant achievements Russian people have attained during national development. These changes are mainly attributable to the Federation Council.
The PM conveyed National Assembly Chairwoman Nguyễn Thị Kim Ngân’s invitation to the Russian Speaker to visit Việt Nam in 2016.
Stressing the Russian Parliament’s backing for the comprehensive strategic partnership with Việt Nam, Matviyenko said the legislative body has always approved agreements and recommendations of the Russian State and Government about fostering multi-faceted cooperation with Việt Nam.
According to the Speaker, the council’s Russia-Vietnam Friendship Parliamentary Group is helping Russian ministries, agencies and localities to actualise agreements with the Southeast Asian nation.
Host and guest said that bilateral relations have made big strides. The two sides are implementing multiple strategic cooperation agreements, economically benefiting the two countries and elevating their role and position in the region and the world.
The Vietnamese leader also visited Gazprom, one of the largest oil and gas companies in Russia.
Gazprom CEO Alexey Miller briefed PM Phúc on his company’s operation, as well as on outcomes of cooperation with the Vietnam National Oil and Gas Group (PetroVietnam).
Despite economic difficulties, the Russian State and Government have created optimal conditions for the oil and gas sector, as well as for collaboration with Việt Nam in this field, he said.
For his part, PM Phúc emphasised that energy cooperation is one of the major pillars of the Vietnam-Russia comprehensive strategic partnership.
The Vietnamese Government always creates the best possible conditions for Russian businesses, including Gazprom, to operate in the country, he said. He noted his hope that the group will increase their investments in traditional realms, like oil and gas exploration and exploitation and crude oil supply, while expanding its presence in new spheres, such as petrochemistry, and producing gas to power auto engines.
While in Russia, PM Phúc also visited the Vietnamese Embassy, where he praise the efforts of the diplomat and staff in beefing up relations between the two countries. — VNS