Russia- Vietnam trade contracting rapidly

(VOV) - Vietnam’s commercial trade with Russia has tapered off dramatically in 2015 having registered just US$1.8 billion during the first 10 months of 2015, far off the target set for the year.

Deputy Prime Minister Hoang Trung Hai made the revelation at a meeting of the Vietnam-Russia Inter-Governmental Committee for Economic Trade and Scientific Technological Cooperation Committee on December 16th in Hanoi.

“It looks virtually certain the figures for calendar year 2015 will be far off the record pace of US$2.5 billion reached last year as well,” said Hai.

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Others at the meeting explained Russia’s exports and imports have plummeted across the board with economies around the globe on the back of the drop in the Russian rouble and oil prices.

Russia First Deputy Prime Minister Igor I Shuvalov in turn expressed confidence the Vietnam Eurasian Economic Union (EEU) Free Trade Agreement  would help turn the shrinking economic figures around.

At the meeting, the two sides discussed measures to foster cooperation in fields such as mining, banking, communications and technology. They also agreed to engage in an array of new projects.