Making news

Expo Vietnam-Russia 2019 attracts 500 enterprises

As many as 500 Vietnamese and Russian enterprises have registered to attend the Expo Vietnam – Russia 2019, which will take place at the National Exhibition Construction Centre in Hanoi from November 14-16.

At a press conference held on November 12, President of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said the businesses will showcase their latest products in the fields of building materials, transportation, energy, telecommunications, healthcare and education, among others.

The Vietnam-Russia Interregional Business forum will be held in tandem with the expo, he said, adding the two events are organised as part of the activities within the Vietnam-Russia Year and Russia-Vietnam Year 2019, approved by the Prime Minister on March 6.

Loc spoke highly of coordination from the Zarubezh-Expo JSC and the Russian trade representative office in Vietnam, stressing the events are expected to boost collaboration between enterprises from both sides.

Russia has been a long-standing strategic economic partner of Vietnam for years, while Vietnam is the only strategic partner of Russia in the ASEAN, and is a gateway for Russia to get access to this potential market, Loc said, adding trade revenue between the two nations has experienced sound growth of average 30 percent per year since the free trade agreement between Vietnam and the Eurasian Economic Union was signed in 2015.

Currently, Vietnam is Russia’s 23rd largest trade partner in the world, and 6th in the Asian region. Russia has poured some 1 billion USD in oil and gas projects in Vietnam, while the Southeast Asian country has run more than 20 projects in Russia with total capital of nearly 3 billion USD, notably TH Group’s dairy farms with registered capital of 2.7 billion USD.

Loc highlighted that Vietnam and Russia boast huge potential to enhance trade cooperation as they have fruitful relations in the past 70 years, and their markets share a number of complementary features.

Russia holds strengths in finance, manufacturing engineering, mining, automation, agriculture and environment, and Vietnam wants to cooperate with Russia in the fields to bolster bilateral trade, he said.

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.