Hanoi - Moscow promote economic cooperation at business forum

Attending the forum were: Mr. Sergey Cheremin, Minister of the Moscow Government, Director of the Department of Foreign Economic Relations and International Relations of Moscow City; Member of the Standing Committee of the City Party Committee, Vice Chairman of the Hanoi People's Committee Nguyen Manh Quyen; and representatives of hundreds of businesses, departments, branches and sectors.

Moscow - Hanoi Business Forum. Photo: Quynh Duong

Speaking at the opening of the forum, Mr. Sergey Cheremin, Minister of the Moscow Government, Director of the Department of Foreign Economic Relations and International Relations of Moscow City, highly appreciated the traditional and long-standing friendly and cooperative relationship between Moscow and Hanoi. Since the signing of the Memorandum of Understanding on Cooperation and Friendship in 1997, the relationship between the two sides has continuously developed in depth in a practical and effective direction. Hanoi regularly participates in important events in Moscow, such as the urbanization forum, the self-government forum, etc. The two sides have continuously strengthened cooperation in the fields of health, education and especially culture.

According to Moscow Government Minister Sergey Cheremin, in 2024, the trade exchange index between Moscow and Vietnamese localities increased by nearly 30%, with trade turnover increasing by nearly 2.5 billion USD. Goods imported from Vietnam to Moscow are mainly equipment, clothing, and electronics. Moscow mainly exports to Vietnam pharmaceuticals, energy, metals, etc. Mr. Cheremin hopes that the relationship between the two sides will continue to develop strongly in the coming time.

Moscow Government Minister Sergey Cheremin speaks at the forum. Photo: Quynh Duong

Introducing the socio-economic situation of Moscow, Minister Sergey Cheremin said that the city regularly ranks first among localities in terms of investment in many areas of strength and potential. Every year, the number of investment projects in Moscow increases, focusing on construction, science, industry, etc. The business investment environment is considered favorable. The city has implemented more than 150 measures to support businesses.

For foreign investors, Moscow also applies many preferential policies to promote the advantages of a large city in Eastern Europe, and at the same time a gateway for trade with the Commonwealth of Independent States. Although there are currently many Western sanctions being imposed on Russia, the amount of foreign investment is constantly increasing, about 250 billion USD...

In recent years, the city government has implemented many development policies associated with environmental protection and focused on improving the quality of life of its people. Moscow is one of the typical examples of a sustainable city. In 2024, at the BRICS Urban Future Forum called "Cloud City", the Russian capital was honored in the category of Sustainable Cities & Communities - recognizing sustainable development projects, applying modern technology, including environmental technology, urban management, etc.

At the forum, Vice Chairman of the Hanoi People's Committee Nguyen Manh Quyen emphasized that this is an important event within the framework of the 75th anniversary of the establishment of diplomatic relations between Vietnam and Russia (1950-2025). Over the past 7 decades, the Vietnam - Russia relationship has overcome many ups and downs of history, becoming a symbol of sincere friendship, loyalty and political trust. This forum continues to be an opportunity for the two sides to look to the future together, focusing on promoting economic, trade and investment cooperation between the two countries, especially between Hanoi and Moscow.

Vice Chairman of the City People's Committee Nguyen Manh Quyen said that Hanoi, as the capital, the political, administrative, cultural, scientific and educational center, one of the two largest economic centers of Vietnam, is developing strongly in the direction of a modern, green and sustainable urban area, with an increasingly synchronous infrastructure system and a young and dynamic workforce, helping to create an attractive investment environment.

Vice Chairman of Hanoi People's Committee Nguyen Manh Quyen speaks at the forum. Photo: Quynh Duong

In recent years, trade turnover between Vietnam and Russia has grown significantly, reaching more than 4.59 billion USD in 2024, up 26% compared to 2023, with many cooperation projects in the fields of energy, high technology, agriculture and tourism. The two countries strive to bring bilateral trade turnover to about 15 billion USD by 2030.

In Hanoi, accumulated from 1986 to present, foreign direct investment (FDI) from Russia has reached 167.5 million USD. Russian investors focus on the following areas: Manufacturing and processing industry, information technology, accommodation and catering services, wholesale and retail, construction. Meanwhile, the proportion of Russian FDI in Hanoi is still limited and there is much room for development with the prospect of increasingly deep economic cooperation between the two countries and the two capitals.

In order to implement the selective investment attraction plan, in the coming time, Hanoi city will prioritize attracting and inviting Russian investors in a number of priority areas, including high-tech industries and fields that create great added value such as: High-tech industry, production of smart electronic equipment, precision mechanics, automation, biotechnology, new materials; digital economy and information technology; trade, tourism and transportation; attracting environmentally friendly projects, sustainable development, FDI projects with commitments to technology transfer, human resource training and linkages with domestic suppliers...

Vice Chairman of the Hanoi People's Committee Nguyen Manh Quyen affirmed that Hanoi is committed to the highest political determination, will take drastic actions, create the most transparent, fair and attractive investment environment, and create all favorable conditions for Russian enterprises to operate in Hanoi. In the opposite direction, Hanoi also encourages enterprises to expand their market to Russia and take advantage of the Vietnam - Eurasian Economic Union Free Trade Agreement.

At the forum, Minister Counselor, Deputy Head of the Russian Embassy in Vietnam Ivan Nesterov said that this forum not only helps promote inter-local cooperation, but also contributes to strengthening substantive cooperation between the two countries.

According to Mr. Ivan Nesterov, developing relations with Vietnam has always been a priority in Russia's foreign policy in the Asia-Pacific region. Over the years, bilateral relations have been based on a foundation of high trust. This is the driving force for the two sides to enhance cooperation in the fields of economics, education, science, culture as well as cooperation channels between localities of the two countries. The two sides are discussing to sign an agreement to build the Ninh Thuan Nuclear Power Plant, as well as the project of the Nuclear Science and Technology Research Center in Dong Nai.

Counselor Ivan Nesterov hopes that the forum will be an opportunity to enhance bilateral cooperation in the coming time.

Source: https://hanoimoi.vn/ha-noi-matxcova-thuc-day-hop-tac-kinh-te-tai-dien-dan-doanh-nghiep-725301.html