Vietnam-Russia economic, trade ties do well in 2012

March 02, 2013 | 09:20

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Vietnamese Trade Counsellor in Russia Pham Quang Niem made the statement in an interview with Vietnam News Agency after a meeting was held for the two countries’ businesses and media in Moscow on February 28.

The Vietsovpetro Port in the southern coastal province
of Ba Ria – Vung Tau Image: VNA

According to Counsellor Niem, Russia’s exports to Vietnam increased by nearly 4 per cent to $1.388 billion last year, while buying from Vietnam $2.272 billion worth of goods, up 32 per cent. Vietnam mainly imported petroleum, metals, chemicals, machineries and equipment, fertilisers and paper from Russia, and exported garments and textiles, footwear, seafood, noodles, vegetables, rubber, coffee and rice.

Russia has 83 FDI projects in Vietnam with total capital of $924 million in the fields of oil and gas, heavy and light industries, transport and fishing. Vietnam has invested $777 million in Russia . Two Russia-Vietnam oil and gas joint ventures, RusVietPetro and GazpromViet, have been operating effectively in Russia.

The two countries also established a high-level working group to promote priority joint projects, which is expected to increase bilateral trade to $7 billion by 2015.

The Counsellor Niem said Hanoi will host the first round of negotiations between Vietnam and the Customs Alliance of Russia, Belarus and Kazakhstan in March, and will discuss the establishment of a free trade area between the four countries.

Nhan Dan

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