Vietnam Attends 27th St. Petersburg International Economic Forum

Deputy Prime Minister Tran Luu Quang has highlighted the importance of solidarity, cooperation, and responsible conduct by all nations to overcome common challenges while addressing the ongoing 27th St. Petersburg International Economic Forum (SPIEF) in Russia.
June 08, 2024 | 09:19
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The forum, taking place from June 5-8, saw the participation of Russian President Vladimir Putin, high-ranking leaders from several Asian, African, Middle Eastern, Latin American, and Eastern European countries, and approximately 15,000 delegates representing governments, businesses, international organizations, expert communities, and youth from over 100 countries and territories.

Vietnam Attends 27th St. Petersburg International Economic Forum
The 27th St. Petersburg International Economic Forum is taking place from June 5-8. Photo: VNA

Quang affirmed Vietnam’s consistent foreign policy and active participation in international cooperation frameworks and initiatives, and economic connectivity, for peace, cooperation, and development in the region and the world, Viet Nam News said.

Stressing the importance of cooperation based on the principles of equality, mutual benefit, mutual respect, and adherence to the United Nations Charter and international law, he stated that cooperation should be open, inclusive, and encourage participation from all countries, taking into account their level of development and specific characteristics and ensuring environmental sustainability, social harmony, and economic efficiency.

Quang commended Putin's "Greater Eurasian Partnership" initiative, which aims to connect regional economic integration processes, including the Eurasian Economic Union (EAEU) and ASEAN, to create synergy and disseminate benefits to all parties.

To enhance connectivity and economic integration among Eurasian countries, the Deputy PM proposed the development of transnational transport corridors from East to West and North to South, linking ongoing transport projects in various regions of Russia with ASEAN's connectivity plans and other regional cooperation frameworks to form new corridors connecting economic centers across the continent.

It is necessary to strengthen trade and investment cooperation to continue opening markets, expanding investments, removing barriers, and facilitating trade and travel for people and businesses, he said. Vietnam is ready to serve as a bridge to promote collaboration between the EAEU and ASEAN and hopes both sides will soon explore the feasibility of a free trade agreement.

The Vietnamese delegation at the forum. Photo: VOV
The Vietnamese delegation at the forum. Photo: VOV

He went on to note the importance of cooperation in green transition and digital transformation. The Deputy PM suggested that countries leading in these processes share their experiences and support developing ones, including Vietnam, in building policies, attracting resources, applying technology, developing digital and green infrastructure, and training high-quality human resources.

Quang also called on Vietnamese and Russian business communities to increase exchanges and team up in priority areas such as goods trade, high-tech scientific research, renewable energy, digital transformation, green transition, and education. He remarked that the Vietnamese government always cares for and accompanies the business community.

Energy, oil, gas – pillar in Vietnam-Russia cooperation

Within the framework of the forum, the Vietnamese delegation on June 6 held working sessions with representatives from the Russian Ministry of Economic Development, St. Petersburg’s foreign affairs committee and Russian companies – Novatek and Sistema, according to VietnamPlus.

At the meeting with Deputy Minister of the Russian Ministry of Economic Development Vladimir Ilychev, the two sides discussed economic and trade cooperation between the two countries as well as their coordination in the Vietnam-Russia Inter-Governmental Committee on Economic, Trade and Scientific-Technological Cooperation.

Both sides agreed that the inter-governmental committee is an important mechanism to promote the implementation of high-level agreements, remove obstacles, and contribute to strengthening the comprehensive strategic partnership between Vietnam and Russia. The two countries’ ministries and sectors are actively preparing for the 25th meeting of the committee that will be held this year.

Ilychev highly appreciated the participation of the Vietnamese delegation in the forum, adding that it contributes to strengthening the two countries’ economic cooperation in general and creates an opportunity for the two sides to discuss responses to global challenges.

The two sides agreed that there remains large room for their bilateral cooperation and affirmed that energy and oil and gas are pillars of their cooperation.

They agreed to create favorable conditions for their businesses to cooperate effectively and expand their partnership towards new areas such as clean, green energy transition and sustainable development.

At the meeting between the delegation and the St. Petersburg authority, the two sides appreciated the cooperation between Vietnamese localities, especially Ho Chi Minh City and St. Petersburg.

Thứ trưởng Ngoại giao Lê Thị Thu Hằng và lãnh đạo Ủy ban Đối ngoại thành phố St. Petersburg.
Deputy Foreign Minister Le Thi Thu Hang and a representative of St. Petersburg’s foreign affairs committee. Photo:

They agreed to jointly organize celebrations of several major anniversaries of Vietnam and Russia in 2024 – 2025.

At the meeting with executives of Novatek and Sistema, the Vietnamese delegation was informed that the groups hope to seek cooperation opportunities in Vietnam including liquefied natural gas production, offshore wind power, textile and garment export, electric ship production, pharmaceutical industry, tourism, and hotels.

The Vietnamese side affirmed that Vietnam always creates favorable conditions for foreign businesses, including those from Russia, to seek investment and business opportunities in the Southeast Asian nation, based on compliance with the law and the bilateral comprehensive strategic partnership./.

One of the biggest and most important business events in the world. Over the past 26 years, the SPIEF has cemented its status as a leading international event focusing on key issues on the global economic agenda. It provides a platform for participants to exchange best practices and expertise in the interests of sustainable development.

SPIEF has been held annually since 1997. Since 2005, it has been held under the auspices of the President of the Russian Federation, who has also attended each event.

SPIEF offers an unrivaled space for dialogue and forging business ties. It provides an opportunity to find partners with the aim of securing business growth in Russia and abroad. Participants are also afforded the ability to expand their circle of customers and suppliers and to meet key decision-makers. There are also ample opportunities to attract the attention of potential investors and leading media outlets.

More than 17,000 participants from 130 countries took part in the SPIEF 2023 events in both offline and online formats. More than 900 agreements worth a total of RUB 3.860 billion were signed at the forum.

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