HANOI - The Vietnam Chamber of Commerce and Industry (VCCI) and Moscow Businessmen's Association (MBA) held on Thursday the Vietnam-Russia Business Forum to boost bilateral cooperation and investment.

Addressing the conference, deputy chief representative of commerce at Russian trade office in Vietnam, Nikolai Kapustkin, said that two countries'potentials for bilateral cooperation in the coming years are huge. In 2010, total trade turnover between the two countries reached $2.45 billion, an increase of 400 percent over those ten years ago.

According to the Vietnam-Russia mid-term plan of action in trade and investment, two-way trade turnover plans to reach $three billion in 2012. To date Russia has nearly 20 projects with Vietnam's investment, with total capital of $1.7 billion, said Nikolai.

The Vietnam-Russia trade turnover has increased over the years. However, there is not yet a breakthrough to boost it equivalent to both sides' potentials and comprehensive strategic partnership, said VCCI General Secretary Pham Thi Thu Hang.

The two-way import-export ratio in total value of each side is still modest. In 2010, Vietnam's import-export turnover with Russia accounted for only 0.3 percent of Russia's total import- export turnover. Of which Vietnam's exports made up 0.24 percent of Russia's total import value, and Russia's exports to Vietnam was only 0.46 percent of Russia's total export value, Hang reported.

Representatives of more than 40 Russian companies attended the conference to learn more about the Vietnamese market and seek partnership in the fields of bio-technology, medicine, pharmacy, energy saving, machinery, oil and gas, metallurgy, mining, transport and general trading.

An agreement on cooperation was signed between VCCI and MBA, which was expected to open new opportunities for cooperation and investment among the two countries' businessmen.