Monday, January 20 2020


Viet Nam, Russia agree to boost two-way trade to $10b by 2020

Update: April, 07/2015 - 09:09
Prime Minister Nguyen Tan Dung and his Russian counterpart Dmitry Medvedev (right) review the Guard of Honour in Ha Noi yesterday. The two leaders agreed to increase two-way bilateral trade to $10b by 2020. — VNA/VNS Photo Duc Tam
HA NOI (VNS) — Prime Minister Nguyen Tan Dung and his Russian counterpart Dmitry Medvedev have agreed to promote the Viet Nam-Russia Comprehensive Strategic Partnership in all fields in an effort to bring two-way trade to US$10 billion by 2020.

Dung and Medvedev, who spoke yesterday morning in Ha Noi during Medvedev's official visit, agreed that ministries, sectors and enterprises in both countries should enact proper measures to reach the goal, including speeding up the signature of a free trade agreement between Viet Nam and the Eurasian Economic Union.

During their meeting, the two prime ministers reviewed the implementation of key projects. They looked at achievements and shortcomings in areas of co-operation, especially in economics, investment, trade, oil and gas, nuclear electricity and military technology.

They said they'd consistently carry out directions to promote their strategic partners, benefiting the people of both countries. They said they understood that current two-way investments had not reached their potential or kept up with demand.

Dung and Medvedev also told banks on both sides to examine the feasibility of using each others' domestic currencies to help promote mutual trade.

The two PMs applauded ministries, sectors and related bodies from Viet Nam and Russia for co-operating in the fields of oil and gas, nuclear electricity, mining and agriculture, among others.

Global economic hardships taking their toll on every nation have caused the two leaders to consent to boosting incorporation, ensuring capital for energy projects (including oil and gas projects in Viet Nam's continental shelf and in Russia) and the construction of Ninh Thuan 1 Nuclear Power Plant. The move aimed not only to increase co-operation in exploitation and exploration, but also in processing, oil refinery and petrochemistry.

Regarding the two countries' political relationship, Dung and Medvedev agreed to continue visit exchanges at all levels, particularly with high-ranking officials, to diversify co-operation channels through the Party, State, Government, Parliament and social organizations. They would also continue co-ordinating with each other in the international arena.

The two PMs said they highly valued their mutual defence-security relationship, especially in military technology and soldier training, and affirmed their continued co-operation in this area.

Dung and Medvedev agreed to expand relations in science and technology, education and training, and culture. They would also advertise their tourism potential to deepen their relationship.

They also exchanged ideas about the settlement of disputes in the East Sea with peaceful measures based on international law, including the United Nations Convention on the Law of the Sea 1982, the Declaration on the Conduct of Parties in the East Sea (DOC) and a possible Code of Conduct of Parties in the East Sea (COC).

The two PMs applauded ministries, sectors and related bodies from Viet Nam and Russia for co-operating in the fields of oil and gas, nuclear electricity, mining and agriculture, among others. — VNA/VNS Photo Duc Tam
During their meeting yesterday, as part of the Russian PM's official three-day visit from Sunday to Tuesday, Dung expressed his thanks for Russia's help supporting the Vietnamese community living abroad there. He said he hoped the Vietnamese there would continue playing their role as a cultural bridge between two countries.

On the occasion, Medvedev invited his Vietnamese counterpart to visit Russia. Dung accepted the invitation with pleasure.

After their talk yesterday, the two PMs witnessed the signing of a series of documents in the fields of energy, investment, banking, healthcare and transport:

1. Joint statement between the two co-chairmen of the Viet Nam-Russia committee on priority investment projects.

2. Viet Nam-Russia Working Team plan on priority investment projects for 2015

3. Co-operation Plan for the 2015-2017 period on implementing a programme that will supervise the protection of consumer rights, facilitated by Viet Nam's Ministry of Health and Russia's Federal Service for Supervision of Consumer Rights

4. Frame Agreement on Gazprom Neft's purchase of 49 per cent of shares in Binh Son Refining and Petrochemical.

5. Memorandum of Understanding on seeking, exploiting and exploring oil and gas between the Viet Nam Oil and Gas Group, PetroVietnam and Gazprom Neft.

6. Co-operation agreement between the Viet Nam-Russia Friendship Association and the Russia-Viet Nam Friendship Association in the 2016-2020 period.

7. Memorandum of Understanding between Viet Nam's North Power Service Joint Stock Company and InterRao – Export, the Russian exporter of power equipment, to co-operate on repairing and modernising power plants manufactured by the former Soviet Union in Viet Nam.

8. Co-operation agreement between Viet Nam Railways and Russian Railways.

Party chief greets Medvedev

Party General Secretary Nguyen Phu Trong receives visiting Russian PM Dmitry Medvedev (left) in Ha Noi yesterday. — VNA/VNS Photo Tri Dung

During a reception yesterday for visiting Russian Prime Minister Dmitry Medvedev who also acts as the chairman of United Russia Party, the Secretary General of the Communist Party of Viet Nam (CPV), Nguyen Phu Trong, said his country attached much importance to developing traditional ties with Russia.

Trong said he was delighted to the great development of the relationship in all fields and appreciated the two Governments' close directions which enabled ministries and sectors to implement high-profile agreements.

The Secretary General said he looked forward to a free-trade agreement between Viet Nam and the Eurasian Economic Union to speed up economic, trade and investment ties.

Trong spoke of the fine relationship between CPV and the United Russia Party. He said that on the basis of the agreement reached in 2009, the Memorandum of Understanding on expanding and deepening the comprehensive co-operation for the 2015-17 period signed yesterday would act as a firm foundation for closer co-operation.

Medvedev said Russia regarded Viet Nam as of top importance in Southeast Asia.

He also consented to an increased exchange of information between the two parties, and experience sharing in the work of party, social management and State management as well as exchange of visits at all levels.

Hearty welcome

State President Truong Tan Sang meets with visiting Russian PM Dmitry Medvedev (left) in Ha Noi yesterday. — VNA/VNS Photo Nguyen Khang

State President Truong Tan Sang and National Assembly Chairman Nguyen Sinh Hung also held receptions for Russian PM yesterday.

This highlighted the significance of Medvedev's visit to celebrate the 65th anniversary of diplomatic ties.

The President echoed the Russian PM's opinion that accelerating the signing of a free-trade agreement between Viet Nam and the Eurasian Economic Union in the first half of this year will lead to the targeted US$10 billion in trade between the two nations by 2020.

The President said he was pleased at the active implementation of agreements on oil and gas, and nuclear power between the two nations, including the Ninh Thuan 1 Nuclear Power Plant.

He also spoke of the need to apply advanced technology, ensure the highest level of security and safety and boost the co-operation in military technology and personnel training.

The Russian PM said his country continually backed Viet Nam at multi-lateral forums.

He conveyed Russian President Vladimir Putin's invitation to President Sang to visit Russia for the 70th anniversary of the great victory in early May.

The same day, NA Chairman Hung met the Russian PM, saying that the outcomes of the talks between the two PMs would serve as a new driving force for strategic ties.

He said the NA strongly supported agreements between the two governments, adding that the NA would strengthen its monitoring to ensure effective implementation of agreements between the two nations.

Medvedev praised Viet Nam's significant achievements in recent years, adding that the Russian Government and parliament would support Viet Nam at international and regional forums. — VNS

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