T&T Group establishes subsidiary in Russia

Thursday, May 23, 2019 16:00

The T&T Group from Viet Nam on Wednesday officially opened its T&T Russia Company Ltd in Moscow. — VNA/VNS Photo Thong Nhat

The T&T Group on Wednesday officially inaugurated its T&T Russia Company Ltd in Moscow with the attendance of Prime Minister Nguyen Xuan Phuc.

The opening marked the group’s new development in the trade and investment sector as well as its expansion of its operations in foreign markets.

Through the subsidiary, Viet Nam’s T&T Group will study Russia’s advanced technologies in agriculture, industry, healthcare and services, with the aim of applying them in Viet Nam.

The group will also partner with major Russian firms to implement projects in fields in which Russia is strong, such as clean energy, industry, healthcare and agriculture.

The T&T Group also plans to increase exports to Russia of Viet Nam’s agricultural products such as tra and basa fish, shrimp, vegetables, fruit, pepper and cashew nuts, along with electronic devices and consumer goods.

In addition, the group will seek high-quality Russian products, including frozen poultry meat, dairy products, nutritional supplements and industrial products, to distribute in Viet Nam through its supermarkets.

Do Quang Hien, chairman and general director of the T&T Group, said that trade and investment potential between Viet Nam and Russia was huge and that the group’s expansion in Russia would enhance investment and exchange in science and technology between the two countries.

To promote the two countries' potential, the T&T Group will also help connect Vietnamese and Russian businesses.

Tran Tuan Anh, Minister of Industry and Trade, said the Government expected co-operation from the business community of the two countries to realise bilateral trade turnover of US$10 billion by 2020.

At the event, T&T Russia Company Ltd and and the Eurasian Business Unions (EABU) signed an action programme to realise their commitments.

Accordingly, the two sides will connect wholesalers and retailers from the EABU and T&T Group to promote trade of Russian goods in Viet Nam and vice versa.

EABU will also introduce potential projects in Russia to the T&T Group, as well as sign an exclusive contract appointing the T&T Group as the representative of EABU in Viet Nam and Southeast Asia in the third quarter of the year.

In addition, T&T Group signed a co-operation agreement with Kaluga Province to promote its investment in several sectors such as hi-tech agriculture, healthcare and coal exploration and exploitation in the locality.

It also signed a memorandum of understanding with the Zarubezhneft Group to develop renewable energy and LNG electrification projects in Viet Nam, worth $4.5 billion, with a total capacity of 4,000MW.

Earlier, the T&T Group was licensed to invest $25 million in Russia. — VNS

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