Vietnam’s T&T Group has announced its overseas establishment, T&T Russia Co., Ltd, which starts its operation in Moscow on May 22.
The inaugural ceremony of T&T Russia Co. Ltd in Moscow has taken place within the framework of Prime Minister Nguyen Xuan Phuc’s official visit to Russia from May 20 – 23.
The overseas arm of T&T Group is looking to tap into areas of renewable energies, high-tech agriculture, healthcare, logistics, import-export, retail and banking.
According to T&T Group chairman and CEO Do Quang Hien, the potential for trade and investment development between Vietnam and Russia is rather vast and T&T Group afiliate in Russia will thus help turn such potential into reality.
Hanoi-based T&T Group is a multifaceted corporation operating on a wide range of businesses including trading, manufacturing and investing in sectors of industry, finance, real estate, trade and ex-import, and sports.
At the opening ceremony of T&T Russia Co., Ltd., the group has also signed an action programme with the Eurasian Business Union (EABU).
Accordingly, both parties will be connecting retailers and wholesalers under EABU and T&T Group to promote the bilateral trade.
T&T Group has also signed a framework cooperation agreement with Russia’s Kaluga province to promote T&T Group’s investment in the areas of high-tech agriculture, healthcare, and coal mining and exploration.
In addition, T&T and Zarubezhneft Petroleum Corporation have produced a memorandum of understanding, in which both parties pledge to cooperate in various renewable energy projects, with a total investment fund of over $4.5 billion.
Earlier in 2015, the group was granted with an investment certificate in Russia with the total investment capital of $25 million, to venture into the fields of exports of consumer goods, handicraft products, agro-aqua-forestry exports and real estate.
Last September, T&T Group signed strategic cooperation agreements with three Russian partners including the EABU, Food City (Interprod EXPO) and Demi-Group, within the framework of Vietnamese Communist Party General Secretary Nguyen Phu Trong’s official visit to Russia.
Under the agreement with EABU, T&T Group will cooperate with the union to implement projects and business activities in member countries of the Eurasian Economic Union and partner countries of EABU.
T&T Group and EABU planned to build the Food City model in Vietnam, in which T&T Group will provide capital and payment facilities to cooperation activities between Vietnamese businesses and members of EABU via its banking arm of Saigon Hanoi Bank.
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