Moscow (VNA) – A webinar aiming to bolster trade between Vietnamand Russia was held on October 15.

The event was jointly organised by the Department of Trade Promotion (Vietrade)at the Ministry of Industry and Trade, the Trade Office at the Embassy ofVietnam in Russia in collaboration with the Russian Embassy in Vietnam, theChambers of Commerce and Industry of Saint-Petersburg and Primorsky Krai.

It drew representatives of more than 30 Vietnamese firms and nearly 80 Russianones in industrial-agriculture, pharmaceutical industry and cosmetics,exports-imports, transport-logistics, e-commerce and legal consultancy, amongothers.

In his remarks, Vietrade Deputy Director General Le Hoang Tai affirmed that cooperationin economy, trade and investment between Vietnam and Russia has made strides overthe years.

Vietnam is an important partner of Russia in Southeast Asia as bilateral trademakes up about one third of the total ASEAN-Russia trade value.

Vietnam has poured nearly 3 billion USD in 22 projects in Russia, especiallythose in oil and gas, dairy farming and the Hanoi-Moscow multipurpose tradecentre. More than 200 small- and medium-sized enterprises are operating in theEast Asian nation.

Meanwhile, Russia ranks 24th among 129 countries and territories investing inVietnam. Russia had channelled close to 1 billion USD into Vietnam as of lastOctober.

Given that the two economies are supplementary, bilateral trade value stillremains modest compared to the countries’ potential, Tai noted.

In the face of the negative impact brought by COVID-19 to global economiccooperation and trade, Vietnam has emerged as a destination for foreignbusinesses and investors. Therefore, enhancing economic cooperation, trade andinvestment between Vietnam and Russia in such context holds significant meaning,together with incentives on technology transfer, in helping raise Vietnam’stechnology level and production capacity, he added.

During the webinar, the Russian side spoke highly of the Vietnamese market’spotential and the implementation of the Vietnam-Eurasian Economic Union FreeTrade Agreement.

Vietnam earned 2.2 billion USD from exports to Russia in the first nine monthsof this year, up 3.8 percent. Shipments of fisheries, fruits and electroniccomponents expanded in the period.

Vietnam imported goods worth 1.5 billion USD from Russia in nine months, a riseof 14 percent./.