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10 August 2009

Vietnam to build $1.5bn fertiliser plant in Russia

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Vietnam will invest $1.5 billion to build a fertiliser plant in Russia following an agreement reached during Vietnamese State President Nguyen Minh Triet’s official visit to Russia last year, reported.

The factory will be developed in the Republic of Kalmukya under a joint venture contract. The factory is expected to turn out its first products in 2013 that will be exported to Vietnam, said Vu Van Chung, head of the Foreign Investment Department under the Ministry of Planning and Investment.

The government may assign large State-run corporations to carry out the project due to the importance of the agreement between the two nations, Chung added. Vietnam imported nearly $970 million worth of commodities from Russia last year in which fertilizer accounted for $156 million.

Vietnam has now invested in 19 projects in Russia with total registered capital of $1.7 billion. Meanwhile, Russia has the second strongest investment activities in the country after Laos.

The projects in Russia include the $1.25 billion Rusvietpetro Joint Venture Co., the $255 million oil and gas exploitation project Nagumanov, and the $120 million Hanoi commercial center. Most of them have served trade between the two countries, Chung said.


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