The event was attended by Vietnamese Deputy Prime Minister Trinh Dinh Dung and Russian Deputy Prime Minister Igor Shuvalov.
The two sides discussed measures to boost cooperation in trade, agriculture, energy, mining, finance, education, transportation, culture, sports and tourism.
They agreed to effectively implement the free trade agreement between Vietnam and the Eurasian Economic Union and increase two-way trade turnover to US$10 billion by 2020.
Vietnam and Russia also agreed to work closely to improve the quality of exported and imported goods, and assure food security.
In his opening speech, Deputy PM Dung hailed the long-standing friendship and the comprehensive strategic partnership between Vietnam and Russia, which, he said, has grown steadily across a variety of fields, contributing to national construction and development in each country.
The annual meeting of the committee aims to materialise political commitments and determination of the two countries’ high-ranking leaders, by putting forth specific and inclusive solutions in order to advance the bilateral relationship in a more effective and practical manner, he said.
The Deputy PM noted that bilateral trade has regained its growth rate, having reached nearly US$2 billion in the first seven months of 2017, up 27% year-on-year, especially after the Vietnam-EAEU FTA took effect.
At a press conference after the meeting, Dung said the two sides agreed to speed up the implementation of joint projects on industry, energy, oil and gas, and infrastructure construction, and consider possibilities for partnering in urban railway and metro projects.
The two sides concurred to bolster the export of Vietnam’s agro-forestry-fishery and consumer products to Russia, while continuing to work with each other to improve the quality of exports, ensuring product quality and food hygiene and safety.
In the field of energy, they agreed to cooperate in building and upgrading thermo-electric and hydro-electric plants in Vietnam.
Russia’s First Deputy PM Igor Ivanovich Shuvalov said he is satisfied with the outcomes of the 20th meeting of the intergovernmental committee, adding that bilateral trade remains modest.
He said his nation will pay heed to the import of Vietnamese seafood and agricultural products and is willing to establish joint ventures specialising in farm produce with Vietnam.
The Russian official also held that the two countries have potential for cooperation in industry such as auto assembly, and education-training. Russian enterprises wanted to join in the construction of underground railways in Hanoi and Ho Chi Minh City.
He said he hopes his nation will continue to be Vietnam’s important partner and wished that Vietnamese enterprises will secure a firm foothold in the Russian market.