Vietnamese Prime Minister Nguyen Xuan Phuc addressed opportunities for cooperation between local and Russian businesses during an economic seminar as part of his official visit to Russia from May 16 to 21.

The Vietnamese premier attended the seminar on boosting the Vietnam-Russia ties in economic affairs, trade, and tourism, at the Incentra Event Center in Moscow on Wednesday.

PM Phuc, whose presence was celebrated with a large-photo portrait hung on the side of the building, received a grand welcome from the crowded conference hall.

“The success of business is the success of the government. My government always listens to the opinions and proposals of successful enterprises,” the Vietnamese head of government said at the event.

He spoke on his belief that Russia shares the same viewpoints in this regard before raising the question of why import limitations still exist in each of the markets.

The premier noted that cooperation between Hanoi and Moscow was still relatively low for a comprehensive strategic partnership, considering the potential of each nation and their traditional friendship.

With 114 projects totaling a combined investment capital worth US$2.08 billion, Russia is currently ranked 17 amongst 112 nations and territories investing in Vietnam.

The Southeast Asian country has established 20 projects in Russia with a combined investment of $3 billion.

PM Phuc encouraged Vietnamese and Russian businesses to conduct more research and discussion regarding the establishment of collaborative projects in various fields, primarily tourism.

Vietnam is a favorite destination amongst Russian travelers, with countless flight routes operating between the two countries to meet the high demand, he elaborated.

Vietnamese Prime Minister Nguyen Xuan Phuc’s portrait is hung at the Incentra center in Moscow on May 18, 2016. Photo: Tuoi Tre 

Phuc and his Russian counterpart Dmitry Medvedev, during a previous meeting, agreed on striving for bilateral turnover between the two sides to reach $10 billion by 2020.

According to the prime minister, the Vietnamese government has eliminated many investment obstacles in the country and has introduced policies that protect the legitimate interests of foreign investors.

Local authorities have introduced measures to fight corruption, bribery, and other transparency hurdles in order to create an optimal environment for domestic and international enterprises to operate.

“I believe that Vietnamese and Russian businesses can carry out effective collaboration, bridging the gap in our new phase of development,” PM Phuc concluded.

Vu Tien Loc, president of the Vietnam Chamber of Commerce and Industry, backed the prime minister’s speech by asserting that Vietnam was a faithful business partner, before extending his gratitude toward the premier.

The president added that Vietnamese authorities had been striving to improve their ranking in the ASEAN community in terms of creating favorable conditions for investors in 2017.

ASEAN is short for the Association of Southeast Asian Nations, which is a political and economic organization whose members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

Within the framework of the seminar, PM Phuc witnessed signing ceremonies for two cooperative contracts between Vietnamese and Russian firms.

The Vietnamese head of government, along with a delegation of other high-ranking officials, is scheduled to meet Russian President Vladimir Putin and his counterparts from other ASEAN member states in Sochi on Thursday in preparation for the ASEAN-Russia Summit.

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