Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said the event will generate momentum to boost bilateral economic and commercial relations.

It is also an opportunity for businesses from both nations to clearly understand the potentials, advantages and difficulties of each other, he said.

Russian acting commercial counselor to Vietnam, Melnikov Sergey Fedorovich, said Russian businesses should promote cooperation and investment with Vietnamese partners especially in the fields of construction, mineral exploitation and trade.

The Vietnam – Russia business council was formed at the forum to act as a dialogue channel between businesses and governmental agencies.

Bilateral trade between the two countries in the first half this year increased 229 percent compared to the same period last year and is expected to reach US$1.6 billion in 2008.

Russia has invested in 55 projects in Vietnam with a total investment of $300 million.

Vietnam has 11 investment projects in Russia totaling more than $33 million, mainly in textile, cooking processing and construction materials.

Source: VNA