Enterprises from Viet Nam and Russia should utilise new business opportunities to cement the comprehensive relationship between the two countries.

Deputy Prime Minister Trinh Dinh Dung said this at Expo-Russia Vietnam 2017, which opened its doors here yesterday. More than 500 businesses are taking part.

“The future of bilateral ties depends not only on the expectations of the two governments, but also on the dynamism and determination of the two business communities," the deputy PM said.

Russia is an important trade partner for Viet Nam with two-way trade reaching to more than US$3.2 billion in the 11 months of the year to date, up 26.7 per cent year-on-year. This figure, however, still lags behind the trade target of $10 billion by 2020 set earlier by the two countries’ leaders, Dung said.

The deputy PM said he hoped the country’s key staples, such as textiles and garments, footwear, seafood, farm produce, timber and electronics and consumer products could better penetrate Russia.

Meanwhile, he said Viet Nam was ready to import products from a wide range of sectors from Russia, including industrial, farm goods, petrochemicals, industrial equipment, cars and parts as well as raw materials.

Vietnamese firms had shown rising interest in the Russian market, the Viet Nam Chamber of Commerce and Industry vice-chairman Hoang Quang Phong told a business forum at the expo.

As of July 2017, Viet Nam had 18 investment projects in Russia with a total investment capital of $2.4 billion. The projects mainly concerned energy and mining industries. Meanwhile, Russian firms have pumped more than $1 billion into 115 projects in Viet Nam.

Phong said, Expo-Russia Vietnam 2017 would accelerate two-way economic ties by showcasing products and services for export and investment projects and research findings of businesses, universities and research agencies.

It would also introduce achievements in energy, machine manufacturing, transport and telecommunications, as well as mining, chemical industry, healthcare, agriculture and hi-tech industries.

At the expo, organised by VCCI and Russian company Zarubezh Expo, Vietnamese firms have an opportunity to learn about Russia’s investment environment and seek business partnerships.

The event, which will run until tomorrow, also includes a workshop on economic co-operation between member countries of the Eurasian Economic Union and Viet Nam, and roundtables on agriculture, energy, transport and healthcare.

At the first event in December 2015, the Russian side signed 172 agreements with Vietnamese partners. — VNS