VN invests in fertilizer project in Russia

VGP - Việt Nam will spend US $1.5 billion to build a joint venture fertilizer plant located in the Republic of Kalmykia, a constituent republic of the Russian Federation, announced the Foreign Investment Agency under the Ministry of Planning and Investment.

August 05, 2009 5:00 PM GMT+7

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The plant is scheduled to make the first batch of fertilizer in 2013, which will be exported back to Việt Nam.

Việt Nam spent US $969 million to import Russian goods in 2008, including US $156 million for fertilizers.

Now, the country is running 19 investment projects with the total registered capital of US $1.7 billion in Russia.

Among 46 foreign destinations for Vietnamese investors, Russia is the second biggest one, after Laos.

Several large-scale projects there include Rusvietpetro joint-venture company (US $1.25 billion), an oil exploring project in Nagumanov (US $255 million), Hà Nội Trade Center (US $120 million), and a tile producing mill (US $15 million).

By Ngọc Vân