Russian investors can join in setting up oil refinery and metallurgy businesses, executing power projects, building hotels and business centres, providing machinery and equipment as well as manufacturing cars in Vietnam , Mr Petrov said.

Vietnamese Ambassador Bui Dinh Dinh applauded the organisation of the seminar, saying that similar activities will help promote traditional friendship and strategic partnership between the two countries.

Last year, two-way trade recorded a year-on-year rise of 4 percent, fetching more than US$1.7 billion in 2009, said Ambassador Dinh.

Deputy Minister of Planning and Investment Cao Viet Sinh briefed the participants on the country’s political stability and social security, a high economic growth and huge investment demand which made Vietnam a destination for foreign investors. He called for closer cooperation between Russian and Vietnamese businesses for mutual benefits.

Russian businesses discussed issues related to investment in manufacturing construction cranes, energy projects, realty market and housing, training officials, a free economic area in Vietnam and the framework of ASEAN.