A meeting was held in Moscow on Wednesday to enhance ties between the small- and medium-sized enterprises (SMEs) of Viet Nam and Russia.

Opening the meeting, Vice President of the All Russia Business Association (Delovaya Rossiya) Nonna Kagramanian said the event was motivated by Russian entrepreneurs’ interest in partnerships with Vietnamese firms. It was part of the Vietnam Year in Russia 2019 – a time for both sides to intensify business links, launch projects and develop joint production.

She noted that an important goal of her organisation is to expand co-operation with businesspeople in Southeast Asia, with Viet Nam a key target.

Vietnamese Ambassador to Russia Ngo Duc Manh expressed his belief that co-operation between the two SME communities will help achieve the bilateral trade target of US$10 billion in 2020.

He welcomed partnerships between SMEs and efforts to create new development drivers this year, saying business-to-business meetings will be held more frequently in the two countries.

At the event, Commercial Counsellor of the Vietnamese Embassy in Russia Duong Hoang Minh gave an overview of Viet Nam’s economy and bilateral economic connections.

Russia now ranks 24th among Viet Nam’s trade partners with bilateral trade reaching approximately $6 billion.

Minh said that although boosting partnerships between Vietnamese and Russian SMEs is a promising move, they still lack information about each other. Therefore, the bridging role of representative economic and commercial offices and the Viet Nam Chamber of Commerce and Industry is more important than ever.

Representatives of about 40 Vietnamese and Russian firms introduced their strengths and demands to partners at the event. Some fields attracting great attention included technology transfer, workforce training, developing a digital economy and keeping up with the Fourth Industrial Revolution.

Founded in 2001, Delovaya Rossiya gathers more than 3,000 companies in various areas in Russia. Its members’ total annual revenue is estimated at more than $42.8 billion. — VNS