Prime Minister Nguyen Xuan Phuc asked Vietnamese and Russian firms to raise two-way trade to 10 billion USD by 2020 during a business forum in Moscow on May 18.

At the Vietnam-Russia business forum.

Vietnam 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, Phuc said Russia ranks 17th out of 112 countries and territories investing in Vietnam with 114 valid projects worth 2.08 billion USD, mostly in the fields of energy, mining, machinery engineering and tourism.

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

He asked the business circles to analyse obstacles to trade and propose policies conducive to business cooperation on the back of the signed Vietnam-Eurasian Economic Union free trade agreement.

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

The PM reminded Russian firms of Vietnam’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 potential consuming market.

Meanwhile, he urged Vietnamese firms to export farm produce, electronic products and apparel to Russia and 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 Vietnam in renewable energy and eco-friendly technology.

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

VNA