Bilateral trade between Vietnam and Russia hit a record high of more
than US$3.6 billion last year, according to the Ministry of Industry and Trade.
Both countries maintained an
upward trend in their trade exchange despite the negative impact of the global
economic slowdown last year.
Vietnamese exports rose more than
32 per cent to $2.3 billion, while Russian exports also increased 16 per cent
to $1.3 billion. The figures were exclusive of oil trading.
The main Vietnamese exports to
Russia are textiles and garments and agricultural and fishery products. Russia
exports petrol, steel, fertiliser and machinery to Vietnam.
Vietnam and Russia hope to
achieve $7 billion in bilateral trade by 2015 through expanding various trade
channels and strengthening trade in the sectors of science-technology,
education and training and tourism.
Domestic trade officials expected
that Vietnamese exports to Russia would surge significantly after Russia lowers
import taxes on Vietnamese agricultural products by 30-50 per cent in the next
three to four years.
The move is one of the trade
commitments that Russia made when it became a member of the World Trade
Organisation (WTO). Import taxes on clothes, leather items and seafood will
also fall.
Moreover, tariffs could fall to
zero on other goods if Vietnam and the customs unions of Russia, Belarus and
Kazakhstan sign a Free Trade Agreement. The two sides will start talks over
this FTA in the first quarter of 2013 and aim to sign it two years later.
The two countries' bilateral
trade turnover reached $1.98 billion last year, an increase of 8.1 per cent
from 2010.
Russia is ranked 23rd of the countries
that invest in Vietnam. Most of the investment is in the fields of mining,
processing, manufacturing, banking and telecommunications.
Russian investors recently agreed
to implement several major investment projects in Vietnam, including a titanium
slag plant, a power generator manufacturing plant and a hotel complex.
Viet Nam News
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