At a press briefing in Moscow last Thursday, Vladimir Lebedev, deputy director of the Moscow Foreign Trade and International Relations Department, praised the progress Vietnamese businesses have already made in implementing major projects that have brought practical benefits to both Moscow and the two largest Vietnamese cities.

He also expressed optimism about the further prospects for growing economic ties among the cities, noting that Moscow Mayor Yury Luzhkov would visit Ha Noi and HCM City starting today to review projects for which Viet Nam has issued a call for investment. He will also consider additional major projects of mutual benefit, such as the urban railway in HCM City and other infrastructure and transportation projects.

Luzhkov plans to discuss with Ha Noi authorities possible co-operation in organising cultural and trade promotion events to coincide with the celebration of the upcoming 1,000th anniversary of Thang Long-Ha Noi.

Bilateral trade between Viet Nam and the city of Moscow reached US$600 million in 2007, accounting for 60 per cent of total trade between the two countries, the trade counselor of the Vietnamese Embassy in Moscow, Vu Trong Nghia, said at the press briefing.

Two-way trade between Viet Nam and Russia was projected to hit $1.5 billion in 2008, rise to $3 billion per year by 2010 and to as much as $10 billion per year by 2020, he added.

Moscow mainly exports metals, fertiliser and machinery to Viet Nam, while importing rice, seafood and food staples from Viet Nam. Food security was one of Russia’s primary concerns, Lebedev noted, particularly in the context of the current food crisis which has driven up food prices alarmingly. Viet Nam was considered to be a reliable food supplier for Russia, he added.