State President Nguyen Minh Triet and his wife will officially visit Russia from October 27 to 29 and Mongolia from October 30-31 at the invitation of Russia’s President Dmitry Medvedev and Mongolia’s President Nambaryn Enkhbayar.

The visits come at a time when Vietnam is successfully implementing the renewal process, consistently pursuing foreign policy of independence, openness, multi-lateralisation and diversification, achieving a high economic growth rate and deeply integrating into the region and the world elevating the position of the country in the international arena. Despite socio-economic difficulties in 2008, Vietnam is still a potential destination for foreign investors. President Triet’s visits to Russia and Mongolia affirmed that the Vietnamese Party, State and people always attach great importance to consolidating and strengthening the comprehensive strategic partnership with Russia and traditional relations of friendship with Mongolia and raising these relations to new heights for mutual benefit.

Vietnam welcomes Russia’s great achievements in development. Since 2000, under the leadership of former President Vladimir Putin, Russia has covered and developed strongly. Mr Putin implemented a series of measures to stabilise society, consolidate power and State sanctions, reform the political system, ensure territorial integrity and restore order in Kavkaz. Handing over power took place in a peaceful and constitutional manner. D. Medvedev’s becoming President and Mr Putin’s undertaking the Prime Minister position have created stability for Russia in its internal and external policies as well as economic policies.

Regarding the economy, after serious difficulties due to a crisis in the 90s, since 2001 the Russian economy has developed stably at an annual growth rate of 6-8 percent in terms of GDP. Russia has become one of the world’s top ten economies. GDP in 2007 increased by 8.3 percent to US$1,200 billion, industrial production (up 6.3 percent), foreign trade value (up 20.8 percent) and investment capital (up 25.5 percent). The stabilisation fund of the Russian Federation reached nearly 3,700 billion rubles. Gold and foreign currency reserves went up strongly to more than US$590 billion by early August 2008, ranking third in the world. The inflation rate fell to 12 percent in 2007 and average per capital income was around US$8,000.

Vietnamese and Russian relations have been strengthening through high-ranking exchange visits. In 2001, the two countries established the strategic partnership during former President V. Putin’s first visit to Vietnam.

The strategic partnership between the two countries has been constantly strengthened since then. The Russian Federation highly values its relationship with Vietnam and the position of Vietnam in its Asia-Pacific strategy. The Russia visit by Prime Minister Nguyen Tan Dung on September, 2007, is of great significance in the implementation of high-level agreements signed by both sides.

The two countries’ economic, trade and investment ties have also developed strongly on a par with bilateral political relations. Two-way trade between Vietnam and Russia hit more than US$1 billion in 2007, an increase of 16 percent from the previous year. Russia currently has about 58 direct investment projects in Vietnam with a total capital of US$370 million. Many major enterprises from the Russian Federation are exploring the Vietnamese market. Bilateral cooperation is also effective in many other fields such as culture, and education and technology. The recent Vietnamese Days in Russia and Russian Days in Vietnam received great applause from the public.

Vietnam-Mongolia cooperative friendship relations continue to grow in the new era. In April 2000, Vietnamese President Tran Duc Luong visited Mongolia and signed a Friendship and Cooperation Pact, raising bilateral relations to a new height. Mongolia was later visited by National Assembly Chairman Nguyen Van An (in 2003) and Prime Minister Phan Van Khai (in 2004). Meanwhile, Mongolian PM Nambaryn Enkhbayar and President Natsagiin Bagabandi paid visits to Vietnam in 2002 and 2005 respectively.

In 2004, Vietnam and Mongolia celebrated the 50^th anniversary of their diplomatic relations. In 2006, the Intergovernmental Committee met in Ulan Bator and greatly appreciated bilateral efforts in boosting cooperative economic and trade ties. However, further efforts are still needed to make these ties on a par with the two countries’ fine political relationship.

President Nguyen Minh Triet’s visit to the Russian Federation this time is aimed at enhancing mutual understanding and trust between the two countries’ leaders, strengthening the Vietnam-Russia strategic partnership, and discussing specific measures for the implementation of some high-level agreements between Vietnam and Russia. And the visit to Mongolia is to affirm Vietnam’s wishes to accelerate its traditional ties of cooperation, especially in the fields of trade and business and at both regional and international forums./.