Two-way trade turnover between Vietnam and Russia was US$2.7 billion in the first seven months of 2013, and is expected to reach US$4 billion by the year-end.
The figures were released at the first Vietnam-Russia Economic Forum held in Hanoi on October 16 by the Vietnam Ministry of Industry and Trade and the Russia Economic Development Ministry.
Vietnamese Deputy Prime Minister Hoang Trung Hai highlighted Vietnam's recent economic development and transparent investment environment, and called on both sides to increase investment in the areas of their strengths, such as high technology, manufacturing, education, and health care.
He noted with satisfaction the fruitful cooperation in various areas between Vietnam and Russia, especially trade exchanges, hitting US$3.7 billion in 2012, up 19.7% from a year earlier.
By the end of August 2013, Russian businesses had become involved in 92 direct foreign investment (FDI) projects in Vietnam, with a total capitalisation of nearly US$2 billion, ranking 19th among the country's largest foreign investors, Hai said.
Russia is also among the top three investment destinations for Vietnamese investors, with 17 projects worth US$2.4 billion.
The two countries have established a high-level working group to facilitate their prioritised projects.
Hai also reaffirmed Vietnam's determination to boost administrative reform, complete legal systems, improve business climate and create the best possible conditions for foreign investors.
The Government of Vietnam encourages businesses to invest in high technology, support industry, infrastructure, and technology transfer, he said.
Russian Deputy Prime Minister Igor Ivanovich Shuvalov highly valued the huge potential for Vietnam-Russia cooperation.
He said the Customs Union of Belarus, Kazakhstan, and Russia and Vietnam are conducting negotiations of a free trade agreement (FTA), and the signing of the agreement, together with implementation of joint prioritised projects, will help bilateral economic, investment and trade ties to growth and flourish in the near future.
Nearly 70 Russian officials and business executives joined their 60 Vietnamese counterparts at the forum.
deputy prime minister hoang trung hai, ministry of industry and trade, industry and trade, deputy prime minister, hoang trung hai, and health care, free trade agreement, investment and trade, trade turnover, the first, seven months, economic forum, economic development, prime minister, investment environment
First Solar leaves, but its assets still stay in Vietnam(16:02 16/10/2013)
CEO of newly-merged SCB Bank resigns(14:05 16/10/2013)
Italian footwear industry praises Vietnam's potential(12:14 16/10/2013)
Banks reluctant to develop banking services(11:48 16/10/2013)
Banks gear up to disburse trillions of dong by year-end(08:16 16/10/2013)
Vietnam-China trade sees annual growth(19:01 15/10/2013)
Promoting Vietnam-Taiwan trade ties(18:35 15/10/2013)
Shopping services booming in Vietnam(17:04 15/10/2013)
Restructuring agriculture requires specific plans(14:02 15/10/2013)
Dismal trading drags on bourses(10:50 15/10/2013)
Gov't asked to get tough on cross ownership in banks(08:19 15/10/2013)