Vietnamese and Russian enterprises need to accelerate their cooperation in renewable energy, the circular economy, green development, digitization, and supporting industry as well as traditional fields of endeavor, the “Business Dialogue: Russia - Vietnam” forum heard, which is being held on December 15 and 16 and aims to promote business and investment cooperation between Vietnamese and Russian enterprises in industry.

Addressing the forum, Deputy Minister of Industry and Trade Dang Hoang An said the foundation for bilateral industrial cooperation began in the previous century with the Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation established in 1992, the establishment of the joint venture Vietsovpetro in 1993, and the completion of the Hoa Binh Hydropower Plant in 1994.

Since then, the Deputy Minister said, the bilateral cooperation mechanism has been completed through a range of documents signed at the State-level, which are significant grounds for enhanced cooperation in trade, energy, industry, and many other important fields.

Ministry of Planning and Investment figures show that as of November, Russia ranked 27th out of 141 countries and territories investing in Vietnam, with 164 projects and capital of $965.8 million. Projects mostly center on mining, accommodation and catering services, processing, and manufacturing.

Vietnam, meanwhile, has 16 projects in Russia with capital of over $1.6 billion. The most important and promising is an oil exploitation project of the Rusvietpetro joint venture in the Nhenhexky autonomous region.

However, Deputy Minister An believes these figures remain modest given the potential and existing bilateral cooperation.

He suggested the two sides direct future cooperation towards renewable energy, green industry, digital technology, and supporting industry besides traditional areas.

Director of the Department of the Countries of Asia, Africa, and Latin America at Russia’s Ministry of Industry and Trade, Nosov Sergey Sergeevich, said the forum demonstrates the attention of the two governments to promoting bilateral cooperation, creating impetus for cooperation between businesses from both sides.

The two-day forum has attracted the participation of nearly 70 Russian enterprises in various fields, including pharmaceuticals, medical equipment, mining, oil and gas, transport machinery and equipment, shipbuilding and repair, technology and electrical devices, and information technology, among others.