Vietnam attends Eastern Economic Forum in Russia
Updated : Wednesday, September 12, 2018 9:20 AM (GMT+0700)

AVietnamese delegation led by Minister of Planning and Investment Nguyen ChiDung is attending the fourth Eastern Economic Forum (EEF) held in the Russiancity of Vladivostok. 

Minister of Planning and Investment Nguyen Chi Dung - Source: VNA

During the first working dayon September 11, the minister delivered a speech at the Russia – ASEANdiscussion session. He said Vietnam now has trade ties with nearly 220countries worldwide with total value worth 425 billion USD and average grossdomestic product per capita of roughly 2,400 USD. In the first seven months ofthis year, the Vietnamese economy grew by over 7 percent. The country hasattracted a total 334 billion USD of foreign direct investment from 129countries and territories worldwide. 

With political stability,constantly improving business environment, competitive costs, upgradedtransport infrastructure, numerous business incentives, a golden population,promising market and widespread global integration, Vietnam has become anattractive and strategic destination for foreign investors, he said.

In recent years, Vietnam hasactively invested abroad, mostly in ASEAN member states. Besides, Russiaaccounts for 13 percent of Vietnam’s outbound investment, ranking third among75 countries and territories with Vietnamese investment. 

Dung said Vietnam nowinvests in 23 projects worth nearly 2.9 billion USD in Russia, mostly in oiland gas exploration, telecommunications, shopping malls, agriculture, milch cowfarming and milk processing. 

The minister affirmed thatVietnam wants to continue promoting investment in traditional markets such asRussia and ASEAN. As Vietnam was the first country to sign a Free TradeAgreement with the Eurasian Economic Union (EAEU), which took effect on October5, 2016, he said economic ties between Russia and Vietnam, and between EAEU andVietnam will continue to thrive in the near future. 

Vietnam will help Russiaexpand ties with ASEAN Economic Community – a dynamic market with a populationof over 600 million people and gross domestic product of around 2.5 trillionUSD, he said. 

Minister Dung said thefreshly-concluded visit to Russia by General Secretary of the Communist Partyof Vietnam Central Committee Nguyen Phu Trong brought new opportunities for Vietnam-Russiaties to reach a new high. During meetings as part of the Vietnamese Partyleader’s visit, both sides vowed to create favourable conditions for theirbusiness communities to cooperate in energy, oil and gas, agriculture, urbantransport infrastructure, information and telecommunications. 

Dung expressed his beliefthat on the back of Vietnam – Russia comprehensive strategic partnership,Vietnamese firms will invest more in Russia in general and the Far East inparticular, and bilateral trade will increase in the near future. 

At the forum, the Vietnameseminister was updated about Russian government’s investment incentives in theFar East such as tax reduction and waive, land support policy, Aqaba SpecialEconomic Zone development and free seaport mechanism in Vladivostok which holdspotential of attracting investment in energy, infrastructure, agro-forestry,technology. 

The three-day eventattracted delegates from 60 countries worldwide. The Vietnamese delegationdelivered speeches in several sessions.


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