The Vietnam-Russia Interregional Business Forum and the Expo Russia-Vietnam 2019 officially kicked off at the National Exhibition Construction Centre in Hanoi on November 14.

At the event (Photo: VNA)

Opening the forum, Nguyen Tuan Hai, Director of the International Relations Department under the Vietnam Chamber of Commerce and Industry (VCCI), spoke highly of the Zarubezh-Expo JSC’s close coordination in organizing the events.

Hai said the event drew the participation of a large number of businesses from both countries, proving that Vietnam has become an attractive destination for many Russian enterprises.

Just two years after the signing of a free trade agreement between Vietnam and the Eurasian Economic Union, Vietnam-Russia trade has seen strong growth, at around 30 percent each year, he said.

According to the official, Russia currently ranks 24th out of 129 countries and territories investing in Vietnam with 123 projects worth 932 million USD. Meanwhile, Vietnam has invested almost 3 billion USD in 22 projects in Russia.

The forum was expected to serve as a chance for Vietnamese companies to meet and seek partnerships with Russian businesses in a bid to approach the potential Russian market, Hai added.

Strozhaeva Lyubov Viktorovna, a representative from the State Duma (lower house) of Russia, said Vietnam is a long-standing and reliable friend of Russia in Southeast Asia.

The bilateral relationship was elevated to the level of comprehensive strategic partnership which has given a boost to economic and commercial cooperation, she added.

As many as 500 Vietnamese and Russian enterprises are showcasing their latest products in the fields of building materials, transportation, energy, telecommunications, healthcare and education, among others.

Last year, Vietnam exported 2.5 billion USD worth of products to Russia while spending 3.5 billion USD on Russian imports. Most of the goods are machines, equipment, food and chemicals, among others.