Vietnam seeks to deepen investment cooperation in Russian Far East

Photo: Nguyen Viet Cuong

The talks took place on September 2 on the sidelines of the 11^th Eastern Economic Forum in Vladivostok between Minister Tuan and Vitaly Vladimirovich Altabaev, Deputy Minister for the Development of the Far East and the Arctic of the Russian Federation.

Highlighting the Far East's significant potential in natural resources, energy, minerals, agriculture and fisheries, as well as its preferential investment mechanisms such as Priority Development Areas and the Free Port of Vladivostok, the minister called on the Russian side to provide wider access to projects currently seeking investors.

To turn these opportunities into concrete cooperation, Minister Tuan called on the Russian Ministry for the Development of the Far East and the Arctic to create stronger conditions for Vietnamese businesses to access and implement projects in the region.

Three key areas were identified for closer cooperation:

• Agriculture, fisheries and food processing: Combining the Far East's abundant raw materials with Vietnam's processing capacity and broad market access.
• Energy, minerals and processing and manufacturing: Making greater use of the natural resources and technical capabilities of both sides.
• Logistics and infrastructure: Studying the establishment of a Far East-Vietnam-ASEAN transport corridor, including direct maritime routes linking ports, cold-storage facilities and distribution centres.

Minister Tuan also stressed the importance of two-way investment promotion and encouraged businesses from the Far East to invest in Vietnam, which offers an increasingly open business environment and an extensive network of free trade agreements (FTAs), particularly the Vietnam-Eurasian Economic Union FTA.

Photo: Nguyen Viet Cuong

Addressing financial barriers, the minister identified payment mechanisms and banking connectivity as the biggest issues currently facing bilateral business cooperation.

The two sides should therefore work together to develop stable and convenient payment mechanisms, while promoting financial instruments and funding arrangements through development institutions to reduce risks and costs for businesses.

Vietnam also introduced new opportunities for financial cooperation, including international financial centres in Ho Chi Minh City and Danang, as well as free-trade zones designed to attract Russian investment funds.

In terms of implementation, the two sides agreed to establish a "one-stop" investment support mechanism to assist businesses throughout the process, from licensing to project operations.

As an immediate step, the two ministries will select one or two pilot projects for priority support, designate specific technical focal points to coordinate implementation, and link the results to the upcoming meeting of the Vietnam-Russia Intergovernmental Commission.

Minister Tuan expressed confidence that closer coordination between the two sides would soon deliver tangible results and create new momentum for economic relations between Vietnam and Russia.

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