Local cooperation significant to Vietnam-Russia partnership

The agreement was reached by National Assembly Chairwoman Nguyen Thi Kim Ngan and Chairwoman of Russia’s Federal Council Valentina Ivanovna Matvienko at a seminar on strengthening the partnership among localities of both countries in Hanoi on February 22.

The two top legislators noted that localities of both sides have shared twin relations and high potential of cooperation in investment, trade, tourism, and culture.

They called for NA deputies to exert more efforts to seek measures to deal with obstacles and barriers hindering the collaboration along localities, adding that participants should discuss the current situation as well as solutions to further boost their partnership.

The Vietnamese NA leader affirmed that the outcomes of the seminar will be sent to relevant agencies of each country, enabling them to seek to make local cooperation more hectic.

She pledged that Vietnam will do its utmost to create optimal legal conditions for respective ministries, sectors, localities, organizations and businesses to forge stronger ties in all fields.

For her part, Matvienko stated that Vietnam has always been among Asia-Pacific countries with high GDP growth, which is a chance for Vietnam and Russia to continue expanding their bilateral cooperation.

The two sides are working together for a target of US$10 billion in two-way trade in 2020 by exploiting untapped potentials to match the sound comprehensive strategic partnership, she said.

The Russian legislator noted that in 2016, after the receiving the ratification of the respective parliaments, the Eurasian Economic Union-Vietnam free trade agreement became effective, opening new opportunities for Vietnam and Russia to beef up their trade cooperation as the Eurasian Economic Union with five member countries is a promising market with a population of 190 million.

At the seminar, the two sides agreed that Vietnam-Russia ties have been growing fruitfully, with eventful affiliations at local level as shown in the relations between Hanoi and Moscow, Ho Chi Minh City and Saint Petersburg and Moscow, Da Nang and Yaroslavl, Khanh Hoa and Khabarovsk, Nghe An and Ulianop, and Ba Ria Vung Tau and Nenetski.

The localities’ partnership, rooted from the traditional solidarity of both peoples and demand for cooperation for mutual growth, has significantly contributed to the development of Vietnam-Russia ties, they added.

Participants at the event, including representatives of seven Russian localities, Russian diplomatic agencies and the Russian Business Association in Vietnam as well as 12 Vietnamese localities, also held that amidst the effectiveness of the Eurasian Economic Union-Vietnam free trade agreement, the two sides should focus more on economic, trade and investment cooperation.

Last year, two-way trade reached US$2.7 billion, with total Russian FDI in Vietnam hitting about US$1.1 billion in 118 projects, ranking 23rd among 116 countries and territories investing in Vietnam.

The two countries should create more favourable conditions for investors of both sides, especially in areas of common strength and high demand.

The Russian side invited Vietnamese localities to join the Orient Economic Eastern Economic Forum in Vladivostok in this September.

The two sides also concurred to form a local working group with the participation of localities of both sides, with its meeting held in turn in Vietnam and Russia, aiming to make cooperation among localities more practical and effective.