A leading Russian aluminum producer, Rusal, is considering an investment of US$1 billion in mining and processing bauxite in Viet Nam.
The project will help strengthen economic ties with Viet Nam, of which investment remains a weak point, Igor Khovaev, Minister-Counselor of the Russian Embassy was quoted by Quan Doi Nhan Dan (People's Army) daily as saying.
Russia will not stop at investment in Viet Nam's bauxite reserves, Khovaev said, as the country also looks to building power plants and developing the aluminum industry in the Central Highlands, which is rich in Bauxite ores.
According to the minister-counselor, investment in Viet Nam was top of the agenda for his country: “In the modern trade trend, without investment there are no big results. The Russian embassy is actively working with companies and conglomerates to boost investment into the Southeast Asian economy,” said the Russian diplomat.
Viet Nam and Russia have been equal trade partners in recent import-export revenues, which stood at US$200 million in the first five months of 2007.
Khovaev also voiced the Russian Government’s expectation that consultation rounds with Viet Nam on Russia’s WTO membership would wrap up soon as a result of mutual understanding between the strategic partners.
“Consultations are what leaders from the two countries have agreed upon instead of negotiations on Russia’s WTO membership. These consultation rounds play a significant role in solving technical issues in economic and trade relations between the two countries. As a strategic partner, Viet Nam would fully understand what Russia is interested in,” said Khovaev.
He concluded by saying that once both countries have joined the World Trade Organisation, their economic relations will usher in a new chapter.
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