Russia - Russian firm seek business in Vietnam

Many big Russian firms are looking to make inroads into key Vietnamese businesses sectors.

A delegation of 57 Russian companies, the largest ever to visit these shores, are exploring opportunities in the energy, engineering, pharmaceuticals, medicine and biological technology fields.

Kostrukov, vice director of Geostar STC, a manufacturer of machines and equipment for exploiting oil and gas, said the company was on the hunt for Vietnamese partners to distribute its products.

"Vietnam is a lucrative market for our products. The investment climate here is also very good. If everything goes smoothly, we can invest in the country," he said.

A representative from Agrovetzashchita also said his firm had also come to Vietnam to find partners for its products.

"We would like to expand our business activities to Vietnam. It is a good country for investment because it has cheap labour," he said.

Agrovetzashchita develops and produces veterinary medicines for pets.

Meanwhile, Heavy Engineering Ormeto-Yumz wants to re-enter Vietnam. Earlier the firm shut up shop here.

"We want to resume work in Vietnam. The Vietnamese market is going places and we have good products and good machines with good prices for Vietnam. If we get interesting deals, investment in the country is possible," said Ormeto-Yumz project head Halil Efendiev.

In 2010, bilateral trade between Vietnam and Russia reached $2.4 billion in 2010, up 400 per cent against 2000. This is expected to reach $3 billion in 2011 and $10 billion in 2020.

Currently, Russia has 74 projects in Vietnam with total investment capital of $910 million. Vietnam has 18 projects capitalised at $1.67 billion in Russia.

Kieu Linh | vir.com.vn

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