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The Russia Cam Ranh Development in Khanh Hoa Province is one of projects between Russia and Viet Nam. — Photo baomoi.com
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HCM CITY (Biz Hub)— The Russian Trade Representative Office - HCM City branch was officially launched on Friday, tasked with boosting trade and investment ties between Russia and Viet Nam.
"We will create the most favourable conditions for the newly established office to deepen the cooperation between the two countries," said Le Duong Quang, Deputy Minister of Industry and Trade.
According to A. E. Likhachev, Deputy Minister of Economic Development of the Russian Federation, bilateral trade turnover has increased fourfold with average annual growth of nearly 30 per cent during the period spanning 2007-12.
The two governments have set a bilateral turnover target of US$7 billion by 2015, while also aiming to raise cooperation to a new level and to expand the close trade relations between the two long-term allies.
In addition, the two sides aim to establish a free trade area in order to boost the bilateral trade turnover to US$12 billion by 2018.
According to the RTPO, over 60 per cent of Viet Nam's exports to Russia originated in southern provinces, the area in Viet Nam that Russian investors and tourists have traditionally paid most attention to.— VNS