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Vietnam expects trade turnover with Russia to soar to $10 bln by 2020

Last year Russia’s exports to Vietnam amounted to $2.5 bln, while Vietnamese imports totaled $3.6 bln

VLADIVOSTOK, September 4. /TASS/. Vietnam and Russia are able to boost trade turnover to $10 bln by 2020, the republic’s Deputy Foreign Minister To Anh Dung said at the Eastern Economic Forum in Russia’s Vladivostok on Wednesday.

The creation of a free trade zone with the Eurasian Economic Union (EAEU) would provide a fast increase in the Russian-Vietnamese trade turnover, the diplomat said. "Both sides have the possibilities to improve the efficiency of comprehensive cooperation in all aspects, thus turning the goal of raising trade turnover to $10 bln by 2020 into reality," he said.

In 2018, Russia’s exports to Vietnam amounted to $2.5 bln, while Vietnamese imports totaled $3.6 bln.

Vietnam is interested in expanding exports of agriculture products, seafood, rubber, textiles, timber and timberware, brown goods to Russia, deputy minister said, adding that Hanoi is ready to import iron, steel, mineral coal, fertilizers and other commodities from Russia.

He also noted the prospects of investment cooperation development, adding that Vietnam intends to attract Russian investment in the fields, in which Russia has strength, including energy, mining industry, engineering, and infrastructure. "Meanwhile, we are keen to boost investments in Russia, particularly in the oil and gas sector, service sector, trade and joint production development. Moreover, both sides have huge potential to develop collaboration in new areas, such as nuclear energy and renewable sources of energy, cybersecurity, pharmaceuticals industry," he emphasized.

For Vietnam, Russia’s Far East is the key region for cooperation in the mining industry, agriculture, sea transport and tourism, the diplomat said. "Vietnam is asking the Russian side to consider the possibility of creating a cooperation mechanism between Vietnam and Far East providing incentives, which will enable goods, services and workforces to move without impediment in those regions," he added.