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NEW UPDATES Asean Affairs  26 May  2015  

Viet Nam, Russia to lift bilateral trade

 Vietnamese enterprises should try to raise the bilateral trade turnover with Russia to US$20 billion by 2020 following a Free Trade Agreement between Viet Nam and the Europe-Asian Business Alliance to be signed later this month, President Truong Tan Sang said  the day before yesterday.

He expressed his hope of doubling the present goal of US$10 billion by 2020 at the meeting with Vietnamese enterprises currently investing in Russia, and explained that the agreement would remove trade barriers.

Regarding the establishment of a Viet Nam's light industrial park in Russia, Sang said that enterprises should choose the location with well-established infrastructure to invest in. They should form a joint stock company to manage the park, which Russia holds a 51 per cent stake in.

When the park opened, Vietnamese workers residing in Russia should be given priority to work there and provided with all necessary support in social insurance and housing, he said.

Garments and textiles, wood, plastics, aqua-culture and food processing were the country's best opportunities for investment in the Russian market, he said.

Tran Bac Ha, chairman of the Bank for Investment and Development of Viet Nam (BIDV), said the light industrial park in Russia aimed to create more chances for Vietnamese enterprises to invest in Russia and improve the production of consumer goods for the market.

The light industrial park will cover 100-120 ha and is expected to provide production and trade assistance, product distribution, as well as legal and logistics services.

There are 19 Vietnamese enterprises operating in Russia with 3,600 employees signing up to move in the park which is expected to open in September this year.

According to BIDV, Viet Nam's investment in Russia hit US$2.5 billion this year from US$100 million in 2008. Last year, bilateral trade turnover between the two countries reached US$2.6 billion.

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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