Vietnamese enterprises should expand their operations and increase their presence on the Russian market despite the challenges involved, Deputy Minister of Industry and Trade Do Thang Hai said in a seminar in Moscow on September 15th.

Russia is working to intensify production, gradually reduce its dependence on Europe and boost cooperation with Asian countries, including Vietnam, its comprehensive strategic cooperation partner.

Many Vietnamese enterprises will benefit from these changes. (Photo for illustration)

Additionally, Vietnam and the Customs Union of Russia, Belarus and Kazakhstan are entering the seventh round of negotiations on a free trade agreement, which is expected to be signed early 2015, thus facilitating Vietnamese businesses’ ventures in Russia.

Some 80 Vietnamese businesses operating at home and in Russia attended the seminar, which aimed to facilitate the exchange of opinions on the opportunities, potential and advantages of investing in and exporting goods to Russia. The seminar also came up with a number of effective measures to strengthen investment and trade between the two respective countries.

At the event, representatives of the Bank for Investment and Development of Vietnam (BIDV) pledged to provide a credit package worth VND 3 trillion (USD 141 million) for export to Russia and another package of USD 50 million for a light industrial zone project in the country.

Source: VNA