Hanoi promotes business cooperation with the Republic of Tatarstan (Russian Federation)

The event was attended by Mr. Rustam Minnikhanov, Head of the Republic of Tatarstan; Ambassador Extraordinary and Plenipotentiary of the Russian Federation to Vietnam Gennady Bezdetko, and representatives of leaders of establishments, departments, branches and businesses of both sides.

In his opening speech, Vice Chairman of the Hanoi People's Committee Nguyen Manh Quyen expressed his delight at welcoming the high-ranking Tatarstan delegation to visit and work in Hanoi. He emphasized that the friendly relations between Vietnam and the Russian Federation have been consolidated over many generations, becoming an important foundation for providing economic and trade cooperation.

Vice Chairman of Hanoi People's Committee Nguyen Manh Quyen speaks (Photo: TL).

In 2024, Vietnam-Russia bilateral trade turnover will reach 4.58 billion USD, an increase of 26% over the same period in 2023. However, according to the Vice Chairman of the City People's Committee, economic cooperation between the two countries is still not commensurate with their potential, requiring more active participation from the government and business community.

Hanoi currently maintains cooperative relations with Moscow and Saint Petersburg. In terms of investment, the city has so far attracted about 153.7 million USD in foreign direct investment (FDI) from Russia, with 61 valid projects with a total capital of 76.25 million USD, 12 increased capital with a total registered capital of 27.2 million USD, and 57 capital flows reaching 50.21 million USD. In the first two months of 2025, Russian consultants contributed capital to Vietnamese enterprises with a total registered capital of 0.17 million USD.

The Vice Chairman of the Hanoi People's Committee affirmed that Hanoi always welcomes Tatarstan enterprises to invest and do business in the long term, in accordance with the strengths of each side. He also hopes that cultural and tourism cooperation between Tatarstan, Vietnam and Hanoi will increasingly develop.

Thanking the Hanoi People's Committee for the warm welcome, Mr. Rustam Minnikhanov highly appreciated the development of the city and affirmed that the investment environment here is getting better and better. He emphasized that Vietnam and the Russian Federation are long-standing economic partners, with stable trade growth. The Tatarstan leaders wish to expand cooperation with Hanoi in the fields of petrochemicals, mechanics, textiles, and healthcare, and proposed opening a direct route between Hanoi and Tatarstan to promote tourism and trade.

At the event, representatives of the Department of Finance and the Management Board of Hanoi High-Tech Parks and Industrial Zones introduced the city's investment resources, focusing on high technology and innovation. Deputy Prime Minister of the Republic of Tatarstan Oleg Kobchenko and Chairman of the Tatarstan State Committee SE Ivanov also shared about Tatarstan's strengths in information technology, healthcare, communications, industry and transport.

Through the discussions, the two sides had an overview of the economic and trade situation, identified priority areas for cooperation and moved towards long-term agreements. Vice Chairman of the Hanoi People's Committee Nguyen Manh Quyen believes that this meeting is an important first step for the partnership between Hanoi and Tatarstan, and hopes that Tatarstan's leaders will continue to create conditions for connecting businesses of both sides, bringing economic cooperation to a new level.