Increased Viet Nam-Russia business ties expected
A series of agreements and contracts worth over 1 billion USD were signed between Viet Nam and Russia during Prime Minister’s Nguyen Tan Dzung recent visit to the country.
Two Ha Noi and Ho Chi Minh City business centres with a combined investment capital of 220 million USD will be built in Moscow. As agreed, the Viet Nam Bank for Investment and Development will provide 90 million USD and 70 million USD, respectively, to the centres.
Construction of the Ho Chi Minh City’s business centre, to be funded by the Viet Nam-based Viet So Joint Stock Company, is slated for this November, according to Pham Hoang Ha, Director of HCM City’s Trade Department.
The centre, once completed, will not only facilitate business operations of the Vietnamese community but also act as a distributor of Vietnamese goods, Ha added.
Russia and Viet Nam also signed a contract on building a 20MW hydropower turbine manufacturing facility worth 150 million USD and an agreement on excavator and construction machine production technology transfer.
According to Deputy Minister of Industry and Trade Bui Xuan Khu, Viet Nam has not been successful in manufacturing turbines for hydropower equipment. The turbine manufacturer will give a much needed boost to the power sector.
The two countries also signed agreements on real estate worth over 400 million USD, construction of a 150 million USD seafood processing plant in Viet Nam and a 270 million instant food processing plant in Russia’s Serpukhov city.
Recently, a delegation of 10 travel agents from Russia’s St. Petersburg city and the northwestern region paid a fact-finding tour to Ha Noi and Quang Tri to seek tourism cooperation opportunities. (VNA)
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