The Chief Representative of the Russian Trade Office in Viet Nam, Maxim Golikov. — Photo laodong

Speaking at a press conference on Russia-Viet Nam investment prospects on Wednesday in Ha Noi, he stressed the need to focus on projects that boost socio-economic development via investment in new technologies, which would create jobs for the two sides.

He also told the media that attracting investment was a central issue raised during Russian Prime Minister Dmitry Medvedev's working sessions with Vietnamese leaders at his April visit to Viet Nam. A majority of the cooperation documents signed during his official visit related to investment cooperation.

To achieve investment cooperation targets, the two countries introduced new mechanisms, like an inter-governmental working group to handle prioritised investment projects.

The free trade agreement between Viet Nam and the Eurasian Economic Union of Russia, Belarus and Kazakhstan, once effective, will motivate investors and give rise to new preferential policies for important investment projects, he added. Last year was a difficult year for Russian economy, which affected the trade turnover between the two countries.

Bilateral trade turnover fell by 5.6 per cent compared to that of 2013, attaining only US$3.8 billion, Ha Noi Moi (New Ha Noi) Newspaper reports.

The total foreign direct investment capital (FDI) of the two states is estimated to be $4.3 billion. Russia has invested in more than 100 projects in Viet Nam worth $1.9 billion.

Russia ranks 17th out of 101 countries and territories investing in Viet Nam, according to the Ministry of Planning and Investment's Foreign Investment Agency (FIA).

Viet Nam currently runs 19 investment projects worth $2.47 billion in Russia, focusing on the fields of trade, oil and gas. Energy remains a strategic field for cooperation, bringing about significant revenues for both sides. — VNS