Vietnam and Russia promote comprehensive strategic partnership

This is the second time Volodin has visited Vietnam, following his first trip in December 2018.

The visit demonstrates the importance the leadership of the Russian Federation attaches to Vietnam. It is an important highlight in the Vietnam – Russia comprehensive strategic partnership, as the two countries are implementing the Joint Statement on the vision of their comprehensive strategic partnership until 2030.

During the Oct. 15-16 visit, Russian State Duma Chairman Vyacheslav Victorovich Volodin and Vietnamese National Assembly Chairman Vuong Dinh Hue will co-chair the second meeting of the inter-parliamentary cooperation committee of the two legislative bodies, which was postponed from 2020 due to the COVID-19 pandemic.

The two sides are scheduled to review the implementation of agreements between the two countries, and examine issues to be adjusted and supplemented in order to make bilateral cooperation more fruitful moving forward. They will also discuss cooperation relationship between the two legislatures and exchange views on regional and international issues of mutual concern.

Vietnam and the former Soviet Union, now the Russian Federation, established diplomatic ties on January 30, 1950. The two countries lifted their bilateral ties to the strategic partnership in 2001 and the comprehensive strategic partnership in 2012. Nine years later, they issued a joint statement on the vision of the comprehensive strategic partnership until 2030.

Both Vietnam and Russia have maintained high political trust through regular high-level delegation exchanges, creating a strong driving force for the development of their comprehensive strategic partnership.

The two countries have also maintained many coordination and dialogue mechanisms, such as the annual defense-security strategic dialogue, regular political consultations, and the intergovernmental committee on economic-trade and scientific-technical cooperation.

Bilateral economic and trade cooperation has been enhanced dynamically in recent times, but is not commensurate with the potential of the two countries. Two-way trade turnover between the two countries reached US$3.55 billion, a fall of 35.4% compared to 2021. Notably, Vietnamese exports to Russia fell 51.4% to just US$1.55 billion.

Vietnam’s main export products to Russia include telephones, electronics, textiles, footwear, agricultural and aquatic products, while its major imports are coal, wheat, iron and steel, fertilizer, cars, machinery, and equipment of all kinds.

Notably, Vietnam and the Eurasian Economic Union (EAEU), of which Russia is a member, officially signed a free trade agreement on May 29, 2015, which was effective from October 5, 2016.

As of September, 20 2023, Russia ranked 27th among 144 countries and territories investing in Vietnam, with 184 valid projects valued at US$971.78 million. Russian investment focuses mainly on mining, oil and gas, processing and manufacturing industries.

Cooperation in other fields such as culture, tourism, science-technology and people-to-people exchanges has been strengthened. Cultural Days has been held annually and alternatively in Vietnam and Russia, contributing to strengthening understanding and friendship between the two countries’ people.