HÀ NỘI — Việt Nam continues to speed up administrative reforms, improve the investment environment and create favourable conditions for Russian businesses to expand here, said Prime Minister Phạm Minh Chính. 

During the Việt Nam-Russia Business Dialogue in Hà Nội on Wednesday, PM Chính recommended that both sides continue to diversify products and supply chains so that more goods can penetrate each other's markets.

He requested ministries, branches, local areas and the two business communities to strengthen connections, look at their mutual needs and promote the transportation of goods by air, sea and rail.  

Adding that two-way economic cooperation failed to match the potential and expectations of the two nations, the PM said he hoped that Russian businesses would expand their presence in Việt Nam, especially in terms of infrastructure, energy, transportation and logistics.

For his part, Russian Prime Minister Mikhail Mishustin said the current two-way trade turnover still lagged behind the potential of the two countries. 

He affirmed that the bilateral economic relationship would continue to be strengthened, especially in key areas such as energy, high-tech agriculture and logistics, aiming towards sustainable development and contributing to their common interests.

The Russian PM also said his government is willing to offer Vietnamese businesses the right conditions to expand their operations and seize opportunities in Russia, thus cementing bilateral relations. 

Thái Hương, Chairwoman of TH Group which is investing in dairy farms and milk processing plants in Russia, shared experiences in implementing high-tech agricultural projects. She attributed her enterprise's decision to invest in Russia to the country's attractive and transparent agricultural policies. 

She proposed that the Russian government provide further policy and infrastructure support to facilitate bilateral cooperation in food processing and high-tech agriculture. 

At the event, Director General of the State Atomic Energy Corporation Alexey Likhachev outlined energy, trade and investment as potential areas for future cooperations, saying that these strategic fields would link to the goals of sustainable development, environmental protection and social security of the two nations. 

As of November 2024, Russia had 199 investment projects in Việt Nam, with a total registered capital of approximately US$990 million, ranking the country 26th out of 147 countries and territories investing in Việt Nam.

On its side, Việt Nam had 16 valid investment projects in Russia, with a total registered capital of $1.6 billion, ranking it fourth out of 81 countries and territories investing in Russia.

Two-way trade increased from $3.63 billion in 2023, to $4.57 billion last year.

Việt Nam’s main exports to Russia include seafood, vegetables, fruits, nuts, coffee, tea, pepper, rice, handicrafts, rubber, wood furniture, footwear and electronics. It imports from Russia large amounts of wheat, fertiliser, oil and chemicals, pharmaceutical supplies, steel,  and heavy machinery.

According to the Vietnamese Embassy to Russia, the Russian economy is looking for a large volume of imports and it is willing to purchase more goods from Việt Nam. — VNS