Vietnam channels $2.5bn in Russia at end of February

Vietnam channels $2.5bn in Russia at end of February

Vietnam’s investment in Russia reached US$2.47 billion at the end of February, Dau Tu (Investment) newspaper reported last week, citing the latest figures from the Ministry of Planning and Investment.

The Southeast Asian country has had 19 investment projects in the European country, with the state-owned Vietnam National Oil and Gas Group, or PVN, owning two of them worth $2.145 billion, the newspaper under the management of the ministry said on Thursday.

PVN’s two projects include a $2.02 billion joint venture, licensed in 2008, to prospect for oil at the Nhenhexky oil field and another $125 million joint venture, licensed in 2013, to explore and exploit the same mineral at the Nagumanov oil field, located in the Ural Mountains region.

Another big project, costing $190 million, is the Hanoi-Moscow Culture, Trading and Hotel Center, whose investment license was granted on April 16, 2008 and which opened in November last year.

Russia ranks 18 among 101 countries and territories placing their investments in Vietnam, providing $1.95 billion in registered capital for 97 investment projects.

The manufacturing and processing sector attracts the most Russian investment with 34 projects, posting $1.1 billion in registered capital and accounting for 57.5 percent of the total.

Mining follows with seven projects, totaling $581.2 million and occupying 29.9 percent of the overall investment.

The real estate industry places third with three projects with a total registered capital of $72.7 million.

Others that have also attracted investment from Russia include construction, retail, agriculture, forestry, and aquatic products.

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