Vietnam, Russia target US$7 billion in bilateral trade by 2015

  • October 07, 2014

Vietnam and Russia are actively negotiating a free trade agreement between Vietnam and the Customs Union (Russia, Belarus, Kazakhstan). 

Once the agreement is signed it will help fulfil a target for raising Vietnam-Russia bilateral trade to US$7 billion in 2015 and US$10 billion in 2020.

The statement was made by Doan Duy Khuong, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) at the Vietnam-Russia Business Forum in Hanoi on October 6.

Khuong said businesses from the two countries play a leading role in promoting bilateral economic and trade cooperation, helping to consolidate and develop friendship ties.

In recent years, economic, trade, industry and investment cooperation between the two countries have been developing strongly. Two-way trade turnover hit nearly US$4 billion last year and nearly US$2 billion in the first seven months of this year.


VCCI is willing to cooperate with Russian trade representative offices and trade promotion agencies to accelerate bilateral meetings, Khuong stressed.

Russian ambassador to Vietnam, Andrey G.Kovtun said Russia-Vietnam relations have developed dynamically in recent years. Vietnam is among prioritised countries in Russia’s foreign-policyorientations in Asia-Pacific region.

The forum will help expand bilateral coordination between businesses and diversify comprehensive strategic partnership.

The forum involved 25 Russia’s leading businesses which want to seek Vietnamese partners in the fields of information technology, information and telecommunications, biotechnology, new materials, nanotechnology, health care, pharmaceuticals, environment, energy, automation, automobile industry, metallurgy, oil and gas.

source: VOV


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