Major developments in bilateral ties
|Chairman of the State Duma of Russia Vyacheslav Volodin and National Assembly Chairwoman Nguyen Thi Kim Ngan signed an agreement to establish the Vietnam-Russia Inter-Parliamentary Cooperation Committee in December, 2018
Vietnam and Russia have regularly exchanged delegations at various levels. Last year Vietnamese Party and State leader Nguyen Phu Trong visited Russia and Russian Prime Minister Dmitry Medvedev visited Vietnam. This year, Prime Minister Nguyen Xuan Phuc visited Russia.
Last year two-way trade totaled 4.5 billion USD, 30% more than in the previous year. Trade totaled 3.4 billion USD in the first nine months of this year. Joint participation in the Eurasian Economic Union Free Trade Agreement has strengthened bilateral trade and investment which are expected to develop on a par with bilateral political ties.
Minister and head of the Government Office Mai Tien Dung said, “Vietnam and Russia have sound political ties with a high degree of trust. The relationship has been strengthened by regular visits and contacts between their leaders. Bilateral economic, trade, and investment cooperation has grown rapidly. Vietnam was the first country to sign a Free Trade Agreement with the Eurasian Economic Union to which Russia is a leading member. The two countries have also strengthened cooperation in traditional areas like oil and gas.”
Vietnam and Russia are promoting projects to build a Nuclear Technology and Science Research Center and develop urban transport and rail service in Vietnam and are expanding cooperation in digital technology, digital economy, e-government, renewable energy, farming, agricultural pesticide, medical equipment, and medicines. Russian Ambassador to Vietnam Konstantin Vnukov said: “With our joint efforts we are enriching our comprehensive strategic partnership. We are seeking new forms of cooperation, deepening bilateral ties at all levels, and strengthening coordination in politics, economics, trade, science, technology, and people-to-people exchanges.”
Orientations for parliamentary cooperation
Parliamentary cooperation is one of the main pillars of Vietnam-Russia cooperation. The Vietnamese National Assembly signed an Inter-Parliamentary Cooperation Agreement with the Federal Council of Russia in 2009 and signed an Inter-Parliamentary Cooperation Agreement with the State Duma in 2013.
The two agreements have created a full, practical legal framework for bilateral legislative ties. During an official visit to Vietnam last year, Chairman of the State Duma of Russia Vyacheslav Volodin and National Assembly Chairwoman Ngan signed an agreement to establish the Vietnam-Russia Inter-Parliamentary Cooperation Committee, the first and highest mechanism of bilateral parliamentary cooperation.
The top Vietnamese legislator said, “The agreement reflects the high degree of political trust between the two countries’ leaders and their determination to boost bilateral parliamentary ties. With this new cooperation mechanism, we hope to further cooperation in high potential areas.”
On the basis of close bilateral ties and political trust, Ngan’s official visit to Russia is of great importance in strengthening the Vietnam-Russia comprehensive strategic partnership.