(VOVworld) – Prime Minister Nguyen Xuan Phuc urged Vietnamese and Russian enterprises to raise two-way trade to 10 billion USD by 2020 at the Vietnam-Russia business forum in Moscow on Wednesday. He hailed the two countries’ special friendship and comprehensive strategic partnership. They have witnessed significant development in investment ties, Russia is now the 17^th largest investor in Vietnam with 114 projects worth more than 2 billion USD in energy, mining, machinery, and tourism, while Vietnam has 20 projects in Russia worth 2.9 billion USD in oil and gas exploitation and services.

Prime Minister Nguyen Xuan Phuc delivers a speech at the forum. (Photo: VOV)

Prime Minister Phuc asked participants to work out ways to remove barriers to bilateral trade and to seize opportunities created by the Viet Nam-Eurasian Economic Union Free Trade Agreement. He suggested the two governments create the best possible conditions for business operation.

Phuc said:  “The two countries have a great potential for investment growth. Russian firms can take advantage of Vietnam’s favorable business environment, trade ties with 210 countries, membership of the ASEAN community, and now the Viet Nam-Eurasian Economic Union Free Trade Agreement. Vietnam can export to Russia its farm produce, seafood, and fruit, and import from Russia wine, meat, and housewares.”

On Wednesday, Prime Minister Phuc attended the opening of a representative office of the Bank for Investment and Development of Vietnam (BIDV) in Moscow. BIDV is the sole Vietnamese bank that has a trade representative in Moscow.