Deputy Prime Minister Hoang Trung Hai and Russia’s First Deputy Prime Minister Igor Shuvalov discussed ways to further promote future economic and trade links between Vietnam and Russia during their talks in Hanoi on December 16.
Hai and Shuvalov, who co-chair the Vietnam-Russia Intergovernmental Committee for Economic-Commercial and Scientific-Technological Cooperation, reviewed the implementation of the minutes of the committee’s 17th meeting in Vladivostok in September last year.
They assessed that bilateral cooperation in trade and investment has developed, with key projects being implemented effectively.
Russia had 113 direct investment projects with a total capital of US$2 billion in Vietnam as of the end of October this year, ranking 17th among 101 countries and territories investing in Vietnam.
Two-way trade reached US$2.5 billion last year and US$1.8 billion in the first ten months of this year. Vietnam has invested US$2.4 billion in 20 projects in Russia.
The two sides stressed the need to accelerate the ratification of the free trade agreement between Vietnam and the Eurasia Economic Union, aiming to step up economic and trade links between Vietnam and the union’s members in general and Russia in particular.
Regarding energy cooperation, the two sides focused on the construction of the Ninh Thuan 1 nuclear power plant and other projects in oil, gas and electricity.
The two Deputy PMs expressed their pleasure with the effective operations of Vietnam-Russia oil and gas joint ventures, saying that the two sides continue to expand new projects on Vietnam’s continental shelf, Russian territory and third countries.
They also agreed on future measures to promote collaboration in other fields such mining, finance, banking, information and communications, science, technology, education and training.
The two Deputy PMs signed the minutes of the talks, which affirmed commitment to fostering bilateral cooperation in the future