Russian fund, Vietnamese firm to invest $500 mln in trade platform
A Russian state fund and a Vietnamese state firm plan to invest $500 million to promote trade between the two countries.
The Russian Direct Investment Fund (RDIF) and Vietnam's State Capital Investment Corporation will each invest $250 million in the Russian-Vietnamese platform, RDIF said.
The funds will be directed to projects that promote bilateral trade and foreign direct investment flows between the two countries and to Vietnamese businesses in Russia, RDIF said in a statement on Monday.
A memorandum of understanding was signed during a ceremony in Moscow in the presence of Russian prime minister Dmitry Medvedev and his Vietnamese counterpart Nguyen Xuan Phuc, who is on his first foreign trip since being sworn in in January.
Vietnam last year signed a free trade agreement with a Russian-led economic union which includes Armenia, Belarus. Kazakhstan and Kyrgyzstan.
"RDIF has identified a major opportunity to strengthen cooperation between the two countries in a broader range of sectors beyond commodities," the statement quoted RDIF chief executive officer Kirill Dmitriev as saying.