Vietnam, Russia target 5 bln USD in trade by 2015

Vietnam and Russia have agreed to double two-way trade to 5 billion USD by 2015 thanks to significant steps of development in bilateral relations, which was lifted to the strategic partnership ten years ago.

The target was set at the first meeting between the co-chairmen of the Vietnam-Russia Inter-Governmental Committee on economic trade and scientific and technological cooperation since the mechanism was upgraded to deputy prime minister level.

Vietnamese and Russian Deputy PM Hoang Trung Hai (R) and Suvalov (L) meet media. (Photo: Nguyen Dan/VNA
At the meeting, Deputy Prime Minister Hoang Trung Hai and First Russian Deputy Prime Minister Shuvalov worked on measures to promote bilateral trade towards the target, including starting early negotiations, establishment of a free trade area between Vietnam and the Customs Union, including Russia, Belarus and Kazakhstan, and implementation of the policy to promote import and export of their products.

They discussed and agreed on important measures to boost the traditional friendship, strategic partnership and comprehensive cooperation between the two countries.

The two Deputy PMs were pleased with expanding investment between Vietnam and Russia , and committed to continue to encourage and create favourable conditions for the two countries’ firms to invest in each other’s markets.

They emphasised the role of energy cooperation, considering it as a key, strategic cooperative field for development of both countries as well as for bilateral ties.

They expressed their pleasure with development of bilateral cooperation in oil and gas, particularly the smooth and efficient operations of the Vietsovpetro oil and gas joint venture, the newly established Rusvietpetro, Gazpromviet and Vietgazprom joint ventures in Vietnam , Russia and third countries.

The two Deputy PMs affirmed that nuclear energy is among strategic, potential and promising cooperative areas between Vietnam and Russia .

Deputy PM Hai spoke highly of the signing of the agreement on Russia ’s provision of credit to Vietnam to build the Ninh Thuan 1 nuclear power plant and Russia ’s funding for the project’s feasibility report.

Both sides also agreed to cooperate in building a nuclear science and technology centre in Vietnam.

They agreed on a series of measures to increase bilateral cooperation in industry, finance, banking, agriculture, telcom, science and technology, education and training.

The two sides agreed to step up cooperation within the ASEAN-Russia cooperative mechanism framework and the Asia-Pacific Economic Cooperation (APEC) forum in the context of Russia hosting the APEC Summit in 2012.

After the meeting, the two Deputy PMs signed documents on their meeting and witnessed the signing of cooperative documents in industry, finance and credit, nuclear technology and agriculture.

Also the same day, First Russian Deputy Prime Minister Shuvalov was separately received by General Secretary Nguyen Phu Trong and President Truong Tan Sang.

The Russian Deputy PM affirmed the Russian government always attaches importance to developing the strategic partnership with Vietnam and expressed his belief that with both sides’ efforts, all-round cooperation will be further promoted and developed in future.

The Vietnamese leaders hailed outcomes of the Russian Deputy PM’s working visit, saying that these will make practical contributions to deepening the two countries’ ties, particularly as they celebrate the 10th anniversary of their strategic partnership./.

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