Binh Duong signs cooperative agreement with Russia’s Oryol Oblast

Vietnam’s southern province of Binh Duong has signed a memorandum of understanding with Russia’s Oryol Oblast to explore opportunities for cooperation in trade, science and technology as well as culture.

The agreement was reached on July 7 during the visit of a delegation from Binh Duong led by Deputy Chairman Mai Hung Dung to the Russian oblast of Oryol.

The deal is expected to create an opportunity for the two localities’ businesses to meet and cooperate on the basis of equality and mutual benefit.

Speaking at the signing ceremony, Dung emphasised that the long-standing relationship between Vietnam and Russia has been continually realised through many forms of cooperation, including inter-regional cooperation.

He added that the Binh Duong-Oryol agreement is the foundation for the two sides to promote friendship and understanding and work towards further development of the two localities.

Dung noted that the signing is of significance as it came immediately after President Tran Dai Quang’s visit to Russia, during which the two countries’ leaders expressed their determination to increase bilateral trade to US$10 billion by 2020.

On the occasion, Dung introduced a number of Binh Duong province’s advantages such as being a manufacturing hub located only 25 kilometres from Ho Chi Minh City and proximity to air and sea ports as well as southern service centres.

Binh Duong is also one of Vietnam’s five largest recipients of foreign direct investment and to date has attracted more than US$27 billion in nearly 3,000 projects from 59 countries and territories.

For his part, Oryol Oblast governor Vadym Potomsky spoke highly of Vietnam’s economic development and emphasised Oryol’s advantages such as its proximity to Moscow and key transport routes.