VN-Russia trade has big potential

Thursday, Oct 17, 2013 09:53

A view of Nizhny Novgorod, 400km east of Moscow. Russia's Nordwind Airlines will launch a new air route from Nizhny Novgorod to Cam Ranh in October 25. — File Photo
HA NOI (Biz Hub)— Bilateral relations between Viet Nam and Russia have great potential to grow, Deputy Prime Minister Hoang Trung Hai said at a business conference here yesterday.

The recent opening of the Russian Trade Representative Office in HCM City indicated that Russia was willing to foster trade ties with Viet Nam, the Deputy PM said.

He also cited hi-tech industries, machinery and engineering, energy, education and training as promising sectors for bilateral co-operation between the two business communities.

New page

He hoped that yesterday's business forum would open up a new page for the two countries' relationship, which has significantly developed in the past few years.

Russian First Deputy PM Igor Shuvalov said that his country would help Viet Nam penetrate large markets, especially as Viet Nam was now engaging in negotiations on a Free Trade Agreement with the Customs Union of Russia, Belarus and Kazakhstan.

The Deputy PM also said the two nations had made great efforts to boost two-way trade. During the event, participants heard about Viet Nam's investment climate, its policies on trade and investment as well as opportunities for co-operation between Vietnamese and Russian companies. Business opportunities in Russia were also included.

Last year, bilateral trade turnover increased by 20 per cent year-on-year to US$3.7 billion with $2.3 billion coming from Viet Nam's exports, up 32 per cent year-on-year.

Two-way trade was expected to top $4 billion this year, If Viet Nam concludes an FTA with the Customs Union of Russia, Belarus and Kazakhstan, the figure may reach $12 billion by 2018.

As of August, Russia had 92 investment projects in Viet Nam with a total registered capital of approximately $2 billion, ranking 19th among countries and territories investing in the country. Viet Nam has invested $2.4 billion in 17 Russia-based projects.

Air link opens to Nizhny Novgorod

RUSSIA — Russia's Nordwind Airlines will launch a new air route from Nizhny Novgorod, 400km east of Moscow, to Cam Ranh in the central coastal province of Khanh Hoa on October 25, according to Voice of Russia radio.

This was the first flight from Nizhny Novgorod province to Viet Nam, according to Alexander Sinelnikov, Managing Director of the Nizhy Novgorod International Airport Joint Stock Company.

From Nizhny Novgorod, passengers will arrive on the Vietnamese coast in about 10 hours.

Cam Ranh is one of the most popular destinations for Russian tourists in central Viet Nam.

The country welcomed 189,000 Russian visitors in the past eight months, a year-on-year increase of 63 per cent. The figure is expected to rise to 250,000-280,000 by the end of this year and hit 350,000 in 2015. — VNS

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