Vietnam and Finland have agreed to step up cooperation in trade and investment to increase bilateral trade turnover to US$1 billion within the next few years.

Vanhanen began a three-day visit to Vietnam on Sunday.

The two premiers also agreed to raise Finland’s investment in Vietnam to $1 billion within the next few years.

Dung said Vietnam was committed to facilitating Finnish business investment in their areas of strength like telecommunications, shipbuilding and clean water supply.

Finland, on the other hand, will make it easier to import Vietnamese goods into the country, the Northern European market and the whole of EU.

Dung and Vanhanen also agreed to speed up a pilot labor export project and signed a Memorandum of Understanding on labor policies.

The Finnish PM on the same day also met with Communist Party General Secretary Nong Duc Manh, National Assembly Chairman Nguyen Phu Trong and Vice President Nguyen Thi Doan.

As one of the first countries to provide Vietnam with official development assistance, Finland has so far extended loans and non-refundable aid worth nearly US$400 million, mainly for poverty reduction, environmental protection and scientific and technological advancement, the government website said.

Reported by Huong Giang