HANOI, October 16 (Itar-Tass) - Ways to give greater scope to interaction between Russia and Vietnam in trade, economic and investment sphreres will be the main subjects of discussin at the 16th session of the bilateral intergovernmental commission (IGC) for trade, economic, scientific and technical cooperation. The session opens here on Wednesday. As a result of the session, which will be co-chaired by RF First Vice-Premier Igor Shuvalov and his counterpart, Hoang Trung Hai, Vice-Premier of the Socialist Republic of Vietnam (SRV), a Joint Protocol is to be signed.
Alexei Likhachyov, deputy chairman of the IGC and Russian Deputy Minidter of Economic Devrlopment, told Itar-Tass, "Matters aimed at creating favourable conditions for the launch of large-scale investment projects, a list of which has been already fixed at experts' level, will be one of the main subjects of discussion at the forthcoming talks.
Likhachyov mentioned such projects as the construction of a plant, contemplated by the VSMPO-AVISMA Corporation, for the production of titanium sponge and titanous slag in the territory of Vietnam; the modernization and creation of new elecric power generation facilities, worked out by the INTER RAO UES Group and the Silovyye Mashiny (power machines) holding; participation by GazpromNeft in the operation and upgraiding of the Dung Kuat oil processing plant, as well as cooperation between the Zarubezhneft and the Vietnamese PetroVietnam state-run oil and gas corporation in joint oil and gas projects on the shelves of the RF and the SRV.
The sides are also discussing the construction of a hotel comlex on Camranh sandspit in the central Vietnamese province of Khanh Hoa through the efforts of the "Russian Camran Development" joint venture and Uralvagonzavod project to build an entetprise in Vietnam for the manufacture of railway rolling stock.
The RF Deputy Minister of Economic Development also outlined another subject of discussion at the IGC session: measuress to boosy trade turnover. "We have achieved quite positive redults in bilateral trade-and-economic cooperation in recrnt years, doubling trade turnover within several years. But still it is not yet up to the sides' existing potential," Likhachyov said. His opinion is that an agreement on a Free Trade Area (FTA) between the Customs Union and the SRV will be a powerful stimulus to a further growth of trade-and-economic contacts between Russia and Vietnam both qualitatively and quantitatively.
"At the IGC session, we shall discuss headway in the talks on FTA which would remove barriers and limitations for our reciprocal trade. A fourth round of the FTA talks is due to be held soon. We hope that it will be held successfully and, as regards trade in goods, basic terms will be formulated. It is essential to complete all preparatory work in 2014 so as to reach out to the signing of the FTA agreement in 2015," the RF Deputy Minister pointed out.