Vietnam and Russia boast huge potential for cooperation in economy, trade and investment. (Photo: Vneconomy)

Oleg Vladimirovich Deripaska, founder of aluminum giant RUSAL, and Russia’s largest auto maker GAZ Group, said over the past 15 years, two-way trade has grown stably, hitting a record high of 25.9% last year.

He stressed that to maximise the potential, the two countries need to perfect common legal frameworks and implementation mechanisms, develop networks of logistics and infrastructure, with new sea routes, streamline customs procedures and resume direct air routes.

The two countries should consider forming a single payment platform and use their currencies in payments to ease damage to exporters and importers, Deripaska proposed.

He suggested that Russian businesses should provide raw materials for factories in the Southeast Asian nation, noting energy, transportation and logistics, maritime communications, diamond processing, forest management, pharmacy and health care, tourism and humanitarian sectors are Russia’s priority investment areas.

Deripaska also expressed his hope that the bilateral collaboration in education, science and culture will grow further in the time ahead.