Huge potential for broader Vietnam-Russia cooperation

During the meeting, both sides scrutinized the implementation of the minutes of the committee’s previous session and agreed on a score of measures to augment bilateral cooperation, including the implementation of high-level agreements reached during Party General Secretary Nguyen Phu Trong's official visit to Russia in September, 2018.

They applauded fruitful Vietnam-Russia cooperation on economics, trade and investment and the effective implementation of the Free Trade Agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU), to which Russia is a member.

As a result, Vietnam-Russia trade turnover hit US$3.55 billion in 2017, up 31% from 2016, while the figure rose to US$3.4 billion for the first nine months of this year, an increase of 36.8 % over last year’s corresponding period.  Notably, investment cooperation between the two countries has largely expanded, as particularly seen in Vietnam’s major investment projects in Russia.

The two co-chairmen compared notes  on specific measures to advance Vietnam-Russia cooperation against a background of Industrial Revolution 4.0, especially in trade and investment, information technology, transportation infrastructure, finance- banking, energy, science-technology, and education - training.

Two Deputy PMs sign the minutes of the 21st session of the Vietnam-Russia Intergovernmental Committee for Economic-Commercial and Scientific-Technological Cooperation

Regarding trade, the duo consented to consider the removal of non-tariff barriers in imports and exports, especially for agro and fishery products with the aim of raising two-way trade turnover to US$ 10 billion by 2020 as set by senior leaders.

On finance-banking, they looked into a package of measures to boost bilateral transactions with the use of domestic currencies.

For the energy sector, the two sides pledged to offer favorable conditions for oil and gas exploration projects, and expand cooperation in other fields, particularly the supply of liquefied natural gas (LNG) and electrified gas.

They also exchanged views on transport cooperation projects with a major focus on railway transport in Vietnam.

They were unanimous in regular coordination to ensure the effective implementation of the minutes reached at the 21st session of the Intergovernmental Committee and the organization of the next meeting in Vietnam in 2019.

At the end of the session, the two Deputy PMs signed the minutes of the 21st session and witnessed the signing of a number of cooperation agreements on banking, telecommunications, and education- training.

In responding to a media interview, both Deputy PM Trinh Dinh Dung and his Russian counterpart Maksim Akimov highlighted the great success of the 21st session based on both sides’ frank, open, substantive and comprehensive exchanges on areas of cooperation, thereby working toward solutions for stronger cooperation across multiple fields, including economics, trade and investment.