Vietnam, Russia accelerate investment ties

Vietnamese Deputy Prime Minister Hoang Trung Hai on Wednesday proposed Vietnam and Russia to accelerate investment projects in fields of each side's strengths. Addressing the Vietnam-Russia Economic Forum held in Vietnam's capital Hanoi on Wednesday, Hai said the two sides should further cooperate in high technology, mechanics, machinery, health care and education. The Vietnamese official briefed Russian side on Vietnam's economic development as well as its incentives for foreign investors, reported Vietnam News Agency. Russian First Deputy Prime Minister Igor Shuvalov, for his side, expressed his hopes that the implementation of existing bilateral economic, trade and investment projects will boost the two countries' economic and trade ties, especially after the signing of a Free Trade Agreement (FTA) between Vietnam and the Customs Union of Russia, Belarus and Kazakhstan. During the forum, over 130 participants from the two countries' ministries, economic sectors, associations and businesses discussed the situation and potential for bilateral cooperation in electricity, oil and gas. At the meeting with Igor Shuvalov earlier on Tuesday, Vietnamese Prime Minister Nguyen Tan Dung urged both sides to discuss concrete measures to enhance future areas of cooperation as agreed by high-ranking leaders, adding that both countries would strive to exceed the target of four billion U.S. dollars bilateral trade turnover in 2013. The Vietnamese prime minister requested both sides speed up the implementation of key projects, including the construction of a nuclear power plant in Vietnam's south central Ninh Thuan province. The Russian First Deputy PM Igor Shuvalov paid a visit to Vietnam from Oct. 15-16 for the 16th session of the Vietnam-Russia Intergovernmental Committee for Economic, Commercial, Scientific and Technological Cooperation, which prepares for the upcoming visit to Vietnam by Russian President Vladimir Putin. In 2012, bilateral trade between Vietnam and Russia reached 3.2 billion U.S. dollars, a year-on-year increase of 19.7 percent. As of August 2013, Russia has invested in 92 projects in Vietnam, worth nearly 2 billion U.S. dollars, ranking 19th among countries and territories investing in the country while Vietnam has had 17 investment projects worth 2.4 billion U.S. dollars in Russia.