Russia, Vietnam eye $7b in trade

Bilateral trade turnover between Russia and Vietnam reached US$3.5 billion last year, up 40 per cent from 2011 and is expected to increase to $7 billion in 2013, officials said.

Bilateral trade turnover between Russia and Viet Nam reached US$3.5 billion last year, up 40 per cent from 2011 and is expected to increase to $7 billion in 2013, officials said on Tuesday.

Goods are loaded onto a ship at Vietsovpetro Vung Tau Port, a joint venture between Vietnam and Russia.

The figures were released by Anatoly V. Borovik, the Russian Consul General in HCM City at a press briefing held to mark the 63rd anniversary of diplomatic ties between the two countries.

He summarised Russia’s major current investments in Vietnam, including their role in the construction of the Ninh Thuan nuclear power plant, which is a key project of both the countries and the wider region. Russia is providing Vietnam with state-of-the-art technology to ensure the safety of the plant, said Borovik.

Outside of the energy sector, Russia is also co-operating with Vietnam in several projects in southern provinces, including titanium exploitation in Binh Thuan Province.

In addition, the number of Russian tourists to Vietnam in recent years has increased sharply and last year Vietnam welcomed more than 200,000 Russian visitors. The effort of tourism companies in both countries and the opening of direct routes between Russia and Vietnam have contributed to this success, he added.

Borovik declared that the potential to promote co-operation between the two countries further remains huge and the results achieved in 2012 provide motivation for this to happen.