The Viet Nam Chamber of Commerce and Industry held a meeting for Vietnamese and Russian businesses in Ha Noi on Thursday to exchange co-operation opportunities in numerous fields.

Vice Chairman of the VCCI Hoang Quang Phong said Viet Nam and Russia boasted long-standing economic and trade relations.

Viet Nam wanted to co-operate with Russia in areas such as energy, infrastructure development, oil and gas, and mechanical industry, he said.

Viet Nam would create favourable conditions for and share relevant information with Russian firms to carry out specific projects in the Southeast Asian country, he added.

Viet Nam is a large market with over 90 million consumers and political stability.

The country welcomed co-operation activities and investment from Russia, he added.

In 2018, two-way trade reached US$4.57 billion. The two countries are aiming for $10 billion in bilateral trade by 2020.

Viet Nam mainly imports machinery, industrial equipment, iron and steel from Russia; while exporting rice, coffee and seafood to the market.

Vietnamese firms have been implementing investment projects in Russia in the fields of telecommunications, oil and gas exploitation, construction, operation of trade centres and milk processing, which have achieved encouraging results. — VNS