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Official Gazette

Sunday, November 19, 2017

Vietnam, Russia to boost bilateral trade

Updated: 17:26’ - 26/11/2014

Party General Secretary Nguyen Phu Trong and Russian Prime Minister Dmitry Medvedev agreed to work harder to increase bilateral trade value to USD 7 billion by 2015 and USD 10 billion by 2020.

The agreement was made on November 25 in Sochi during Trong’s official visit to Russia starting from November 23.

Medvedev pledged to accelerate negotiations for a free trade agreement between Vietnam and the Customs Union of Russia, Belarus and Kazakhstan, which is expected to be signed in 2015, paving the way for the exchange of goods, services and investments between the two countries.

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Party General Secretary Nguyen Phu Trong (forth left) meets with Russian Prime Minister Medvedev (third right) in Moscow__Photo: Tri Dung/VNA

The two leaders agreed to create the most favorable conditions for Vietnamese and Russian state oil and gas firms to operate in each other’s territories by reducing taxes and expanding operation areas.

They also agreed to intensify cooperation in oil and gas exploration and exploitation in Vietnam’s continental shelf in accordance with international law, including the 1982 United Nations Convention on the Law on the Sea.

They pledged to step up negotiations for a deal to expand and modernize Dung Quat Oil Refinery and join hands in implementing Ninh Thuan nuclear power plant to ensure its safety, quality and efficiency.

Russia would make it easier for Vietnamese agricultural, forestry and fishery products to enter its market, Medvedev said, adding that Russia would consider a flexible conversion between the currencies of the two countries to facilitate payments and transactions.

Trong proposed Russia to help Vietnamese in Russia get lawful residence permits and to back the operation of Hanoi-Moscow Center for Culture, Trade and Hotel in Russia as well as an air route linking Vietnam with Vladivostok.

The Party leader said Vietnam was willing to help Russia heighten its role related to the maintenance of peace, stability, security and cooperation in the Southeast Asia and the Asia-Pacific region.

For his part, Medvedev affirmed Russia’s support for Vietnam’s bid for a seat in the United Nations Economic and Social Council for the 2016-18 tenure and as a non-permanent member of the United Nations Security Council for the 2020-21 tenure.-

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