Viet Nam and Russia seek to further boost economic ties

MOSCOW (VNS)— The 15th session of the Viet Nam-Russia Inter-Governmental Committee on Economic-Trade and Scientific-Technological Co-operation opened yesterday in Moscow.

During the meeting, the co-chairmen of the committee, Deputy Prime Minister Hoang Trung Hai and his Russian counterpart Igor Shuvalov, briefed each other on the economic development of each country.

The two sides focused their discussions on measures to remove difficulties and further promote the effectiveness of bilateral co-operation to match the comprehensive strategic partnership between the two countries, which was established during President Truong Tan Sang's visit to Russia in July.

The two sides agreed that although economic-trade co-operation between the two countries had developed positively, it was still modest compared with the potential and demand of both nations.

Two-way trade between Viet Nam and Russia is estimated to reach about US$3 billion this year.

The two Deputy PMs shared views on specific priorities that Russia could give to Vietnamese businesses operating in Russia, especially in the Far East region.

The two sides applauded the completion of a research project on the possible impacts of a free trade area between Viet Nam and the Customs Union of Russia, Kazakhstan and Belarus. They agreed to finish the necessary procedures in order to officially launch four-party negotiations in the first quarter of 2013.

They also reached a consensus on the implementation process of the Viet Nam-Russia Joint Plan of Actions in economic-trade and investment co-operation until 2015 and the establishment of a high-level joint working group led by Viet Nam's Minister of Industry and Trade and Russia 's Minister of Economic Development, aiming to step up bilateral co-operation projects.

Deputy FM Hai and the Vietnamese delegation are scheduled to visit Yekaterinburg and conclude their working visit in Russia on October 20. — VNS