Hanoi (VNA) –𒈔 Vietnam commits to continuing to improve the investment environment and streamline administrative procedures, creating the most favourable conditions for Russian enterprises to develop their operations in the country, Prime Minister Pham Minh Chinh said on January 15.

Joining his Russian counterpart Mikhail Vladimirovich Mishustin at a high-level business dialogue in Hanoi, PM Chinh affirmed that the Vietnam - Russia comprehensive strategic partnership has been built on their historical backgrounds, the two Governments’ support, and business communities’ efforts over the past 75 years. He called on the countries to promote diversification across products, supply chains, and markets to boost their products' access to each other's markets. He also asked ministries, sectors, localities, and businesses from both sides to strengthen connectivity and share information about their respective needs and potentials. It is necessary to enhance links in air, maritime, and railway transport to ensure that goods could reach more consumers in both markets, he told nearly 100 leading businesses from the two countries. The Vietnamese leader also announced that Vietnam has recently issued a decree on the establishment, management, and use of an investment support fund, expressing his hope that Russian firms will continue to expand their investment in the Southeast Asian country, particularly in the areas of infrastructure, energy, transport, and logistics. PM Chinh pledged to work with the Russian Government to address business obstacles, emphasising that both sides should listen and understand each other, share visions and actions, and work together to bolster investment cooperation for the development of each nation and the bilateral relations. PM Mishustin, for his part, laid stress on Russia's readiness to assist Vietnamese businesses to expand operations and seize opportunities in Russia. Pledging support for fostering logistics infratructure connectivity, creating an optimal business environment, and encouraging strategic cooperation projects, he expressed his belief that bilateral economic ties will be further reinforced, particularly in key areas such as energy, high-tech agriculture, and logistics, towards sustainable development and contributions to the two countries’ common interests. Bilateral trade reached 4.57 billion USD in 2024, marking a 25% increase from 2023. As of November 2024, Russia had 199 investment projects in Vietnam with total registered capital of approximately 990 million USD, while Vietnam maintained 16 active investment projects worth 1.6 billion USD in Russia. However, the economic cooperation has yet to be on par with the robust political and diplomatic relations as well as their potential and competitive advantages. Business representatives at the dialogue vowed long-term and stable investment in the two countries, but also pointed out several challenges, including complex customs clearance procedures in Russia, inadequate logistics infrastructure, and the need for improved investment policies. Thai Huong, Chairwoman of TH Group's Strategy Council, which operates dairy farms and milk processing plants in Russia, called for additional policy support and infrastructure development to expand cooperation in food processing and high-tech agriculture. Meanwhile, leaders of several Russian firms highlighted cooperation potential between the two sides in such strategic areas as energy, trade and investment. Replying to businesses' opinions, the two PMs underlined the commitment to tackling bottlnecks and facilitating bilateral business partnerships./.