Vietnam, Russia Ready to Kick-start $10-Billion Projects

Tuan Minh

19:02 15/11/2015

BizLIVE - Vietnam and Russia are about to jointly launch projects worth up to $10 billion in the time to come, according to Sputnik News. 

Vietnam, Russia Ready to Kick-start $10-Billion Projects

Russia’s Deputy Minister of Economic Development Alexey Likhachev speaks at the Russia-Vietnam Business Forum on Nov. 12. (Photo: thanhtra.com.vn)

Russia’s Deputy Minister of Economic Development Alexey Likhachev made the statement at the Russia-Vietnam Business Forum in Moscow on November 12, which drew the participation of government officials and representatives of 450 enterprises.
The investment capital of potential projects that can be implemented by businesses of both countries can exceed $10 billion. “The projects ready for kick-off have capital of nearly $10 billion,” the Russian official said.
At the intergovernmental session in Hanoi on November 25, the two governments will discuss a number of issues, including measures to boost trade and investment activities between the two countries, the Vietnam News Agency cited Mr. Likhachev as saying.
The business forum took place in the context that a free-trade agreement between Vietnam and the Eurasian Economic Community (EAEC), which consists of Russia, Belarus, Kazakhstan, and Armenia, will come into force soon.
Trade between Vietnam and Russia could grow 50% annually once the FTA is effective, but the two countries need to remove a number of hindrances related to settlement, customs and tax policies, said Tran Bac Ha, chairman of Bank for Investment and Development of Vietnam, the second largest lender in the country.
Russian investors have invested in 113 projects worth a combined $1.96 billion in Vietnam as of October 20, making Russia the 17th-largest among 105 countries and territories investing in the Southeast Asian country, according to data of the Foreign Investment Authority under the Ministry of Planning and Investment.
They have invested in six oil and gas projects worth a combined $531.2 million offshore Vietnam.
 

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