Rustam Minnikhanov: Tatarstan and Vietnam have great potential to increase bilateral trade turnover

On September 8, during his working visit to Vietnam, Tatarstan President Rustam Minnikhanov had a meeting with representatives of Ministry of Industry and Trade of the Socialist Republic of Vietnam to discuss prospects for mutually beneficial cooperation in the field of industry, increase of trade turnover between Vietnam and Tatarstan as Russia’s region.

Rustam Minnikhanov briefly told about the industrial potential of the region. He said that the oil industry is the basis of the economy of the republic, with more than 30 million tonnes of oil being produced annually in Tatarstan, which makes six per cent of the total oil production in the country. About half of the extracted raw materials is processed at two oil refineries in Tatarstan. We have been producing oil for more than 70 years, providing the full cycle, including geology, exploration, drilling, production, and oil refining, Rustam Minnikhanov said.

Tatarstan also produces 1.4 million tonnes of plastics (polystyrene, polypropylene, ABS plastics, etc.), which is half of all plastics produced in Russia, as well as 640 thousand tonnes of synthetic rubber.

As for the machine building, Tatarstan is represented by OAO "KAMAZ", an auto giant with an output capacity of 45,000 vehicles per year as well as the Ford Sollers Joint Venture.

Moreover, the Kazan Helicopter Plant, the leading enterprise of the Russian Helicopters Holding, is located in Tatarstan, Rustam Minnikhanov reminded. This year, the enterprise will produce 105 helicopters to be delivered in more than 80 countries around the world.

Tatarstan President also told about other production facilities of the republic, such as Kazan Aircraft Production Association named after Gorbunov, Kazan Compressor Plant, Zelenodolsk Gorky Plant, etc.

Among the most promising projects, being implemented in Tatarstan, Rustam Minnikhanov, mentioned the construction of the ethylene complex for 1 million tonnes, the Ammony project for the production of mineral fertilizers in Mendeleevsk, implementation of the Moscow - Kazan high-speed rail project, as well as participation of Tatarstan in the construction of the Western Europe - Western China International Transit Corridor.

Tatarstan President said that trade turnover between Vietnam and Tatarstan makes 30 million US dollars and this volume should be increased, as both republics have a great potential for this. He offered to arrange a visit of Vietnamese businessmen to Tatarstan to see into the economic possibilities of the republic to establish production facilities and enter into new business relations.

Representatives of the Ministry of Industry and Trade of Vietnam also said that there are good opportunities for further strengthening and enhancing relations between Tatarstan and Vietnam.

Vietnamese colleagues also noted that a free trade zone agreement signed between Vietnam and the Customs Union will contribute to strengthening of relations between the countries.

As for the trade turnover, the representatives of the Ministry of Industry Trade of Vietnam noted that seafood and agricultural products are delivered to Russia, while Russia exports grain (wheat) to Vietnam.

Rustam Minnikhanov also told about the development of two special economic zones, Alabuga and Innopolis, in Tatarstan and suggested that the Vietnamese party should consider the possibility to establish textile and wood-processing production facilities at the Alabuga Special Economic Zone.

According to him, there is also a huge potential in the field of tourism. This segment of the market will continue to grow, Rustam Minnikhanov said, noting the need to create conditions for its development to increase the tourist flow, both to Vietnam and Tatarstan.