Russia is an important commercial partner of Vietnam, especially in the field of investment cooperation, said President of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc.

Addressing the Vietnam-Russia business forum in Hanoi on October 25, Mr Loc said this event will help create momentum for bilateral economic and commercial relations and help the businesses from the two countries to clearly understand each other’s potentials, advantages and difficulties.

The Russian acting commercial counselor to Vietnam, Melnikov Sergey Fedorovich, said Russian businesses should promote cooperation and investment with Vietnamese partners, especially in the fields of construction, mineral exploitation and trade.

The VCCI also introduced the Vietnam – Russia business council and expected it to be an effective dialogue channel between businesses and governmental agencies.

In the first six months of this year, Vietnam - Russia two-way trade increased by 229 percent compared to the same period last year and it is expected to reach US$1.6 billion in 2008.

Russia has 55 projects in Vietnam at a capitalization of US$300 million.

Vietnam has 11 investment projects in Russia, with a total investment of more than US$33 million, mainly in the fields of textile, food processing and construction materials production.

Source: VOV