Dialogue seeks to boost Vietnam - Udmurtia trade cooperation

Saturday, 2020-11-28 11:59:54
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A representative from Udmurtia Republic introduces about their potentials.
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NDO – An online dialogue entitled “Udmurtia calling Vietnam” was held on November 27 to promote trade relations between Vietnam and Udmurtia Republic (Russian Federation) amid difficulties in global trade exchanges due to the COVID-19 pandemic.

The event was jointly held by the Department of Trade Promotion under the Vietnam’s Ministry of Industry and Trade, the Vietnamese Embassy in Russia, the Russian Embassy in Vietnam, and other relevant agencies.

Speaking at the event, Director of the Department of Trade Promotion Vu Ba Phu affirmed that economic, trade and investment cooperation between Vietnam and the Russian Federation, including Udmurtia Republic, has seen great strides over the past years.

Vietnam and Russia posted a total trade volume of US$4.5 billion in 2019. Vietnam is the 23th largest trade partner of Russia, the leading trade partner of Russia among ASEAN countries and the 6th largest trade partner of Russia among APEC economies.

Phu said that amid the difficulties in global trade exchanges due to the COVID-19, the promotion of trade and investment between Vietnam and the Russian Federation and Udmurtia is an important task.

Head of Udmurtia Republic Alexander Brechalov affirmed that the Russian Federation and Vietnam have great opportunities to increase trade revenue but the cooperation between enterprises of both sides remains modest.

He also called on Vietnamese enterprises to invest in Udmurtia which has strengths in both industry and agriculture in addition to convenient transportation.

He emphasised that enterprises can invest in the areas of metalworking machine manufacturing, equipment and sensors for smart cities, medical equipment, paint and industrial coatings, pumps and compressors, digital electrical equipment, telecommunications equipment, animal feed, and others.

Delegates of both sides also discussed solutions to bring about practical and effective cooperation opportunities for enterprises of the two sides.