Vice Chairman of the Hanoi People’s Committee Nguyen Van Suu introduced Hanoi’s investment potential to Russian companies at a seminar to promote trade and investment between Hanoi and Moscow on May 11.

Suu said Hanoi will develop into a high-quality service hub for the country and region, with the development of hi-tech industries, a modern infrastructure network, a highly skilled workforce and a potential science and technology centre for national development.

Deputy Minister of Industry and Trade Hoang Quoc Vuong highlighted the 20.22 percent year on year increase in two-way trade between Vietnam and Russia in the first three months of the year, reaching US$519.6 million.

However, he added, Vietnam’s export businesses have no stable partners in Russia and only a few of them have representative offices or branches in the country. In addition, tariff and non-tariff barriers remain popular, especially for farm and seafood products.

Therefore, Vietnamese exporters have proposed the Vietnamese and Russian Governments lift trade barriers and remove complicated customs procedures and import/export payment hindrances, to increase trade liberalisation between the two countries.

Participants were briefed on the Hanoi-Moscow Trade and Culture Centre complex in Moscow, a US$200 million cooperation project between the two cities. This will be an ideal location for Vietnamese companies and businesses to establish representative offices and showrooms./.