Russian Prime Minister Dmitry Medvedev advocated for expanding bilateral cooperation beyond oil & gas and energy during the Vietnam-Russia business forum held in Ho Chi Minh City on April 7.

He voiced his hope for the opening of a Russian automobile assembly line in Vietnam and other joint ventures in telecommunications and medicine.

As Vietnam and the Eurasian Economic Union move towards the conclusion of free trade agreement negotiations, more business incentives for investors are on the table, he said, adding that Russia offers incentives to Vietnam, especially in the light industry and other goods.

In finance-credit, Medvedev said both sides should work together to tap the potential of the Vietnam-Russia joint stock bank while looking for innovative cooperation models where payments in Vietnamese dong and Russian ruble are done.

In his speech, Deputy Prime Minister Hoang Trung Hai promised support to Russian investors, especially in oil & gas, energy, mining, education-training, mechanical engineering, science-technology, auto assembly, technology, trade, tourism and labour.

Vietnam is accelerating its economic reforms, including facilitating private involvement in businesses, fine-tuning legal and market economy regulations, and upgrading infrastructure to draw foreign investors, he said.

He said cooperating with Vietnam also means extending Russia’s reach to the 10 ASEAN economies, particularly as the ASEAN Economic Community debuts in late 2015.

At the forum, over 50 Vietnamese and Russian enterprises explored cooperative opportunities and discussed barrier mitigation options.

As of March 2015, Russia had invested in 106 projects worth nearly 2 billion USD in Vietnam. Meanwhile, Vietnam recorded 19 projects valued at roughly 2.5 billion USD in the European country. Trade in 2014 hit 2.6 billion USD.

On the occasion, the Bank for Investment and Development of Vietnam and the Russian Foreign Trade Bank signed a memorandum of understanding on developing a payment model using the currencies of both countries.

Russian Prime Minister wraps up Vietnam visit

Russian Prime Minister Dmitry Medvedev left Ho Chi Minh City on April 7, concluding his three-day official visit to Vietnam with a series of agreements reached across sectors.

During meetings with high-ranking Vietnamese leaders, both sides agreed to intensify the Vietnam-Russia comprehensive strategic partnership, increase delegation exchange and cooperation activities at all levels, and support each other at international forums.

They noticed the 2014 bilateral trade revenue of 2.59 billion USD still falls short of their affiliation potential and investment activities need a boost.

The acceleration of the signing of a free trade agreement between Vietnam and the Eurasian Economic Union in the first half of this year could improve the situation, paving the way for an expected 10-billion USD trade revenue between the two by 2020.

Meanwhile, the Bank for Investment and Development of Vietnam and the Russian Foreign Trade Bank recently signed a memorandum of understanding on developing a payment model using the currencies of both countries.

The two sides highlighted effective security and defence collaboration as well as the active implementation of agreements on oil and gas and the construction of nuclear power plant, including the Ninh Thuan 1 Nuclear Power Plant project.

The two sides welcomed cooperation between the Vietnamese and Russian localities, urging the establishment of a joint venture on seafood and wood processing in Primorye in the Far East region of Russia.

It is necessary to expand cooperation in science-technology, education-training, culture and tourism to deepen the bilateral comprehensive relationship, the leaders added.

The leaders also discussed and agreed that any East Sea disputes should be addressed through peaceful means with respect to international law, including the 1982 United Nations on the Law of the Sea (UNCLOS), as well as fully and effectively implement the Declaration on the Conduct of Parties in the East Sea and work towards the formation of a Code of Conduct in the East Sea.

VNA