Việt Nam and Russia have agreed to effectively implement the Việt Nam-Eurasian Economic Union Free Trade Agreement in order to create breakthroughs in economic, trade and investment ties between the two countries, gearing towards bilateral trade of US$10 billion in 2020.— VNA/VNS Photo Thanh Vũ

HCM CITY — Việt Nam and Russia have agreed to effectively implement the Việt Nam-Eurasian Economic Union Free Trade Agreement in order to create breakthroughs in economic, trade and investment ties between the two countries, gearing towards bilateral trade of US$10 billion in 2020. 

The consensus was reached during the 20th meeting of the Việt Nam-Russia Intergovernmental Committee for Economic-Commercial and Scientific-Technological Co-operation in HCM City yesterday.

The event was co-chaired by Deputy Prime Minister Trịnh Đình Dũng and his Russian counterpart Igor Ivanovich Shuvalov. 

The annual meeting of the committee aims to materialise political commitments and determination of the two countries’ high-ranking leaders, by putting forth specific and inclusive solutions in order to advance the bilateral relationship in a more effective and pragmatic fashion, he said. 

At a press conference following the meeting, Deputy PM Dũng announced that the two sides had agreed on concrete measures to step up co-operation in a wide range of areas, from economy, trade, agriculture, energy, mining, finance and banking to education-training, science-technology, transport, health care, construction, labour, culture, sports and tourism.

As part of efforts to boost bilateral trade, the two sides will increase the export of Việt Nam’s agro-forestry-fishery and consumer products to Russia, while continuing to work with each other to improve the quality of exports, ensuring product quality and food hygiene and safety. 

Dũng said the two sides agreed to accelerate the implementation of joint projects on industry, energy, oil and gas, and infrastructure construction, and consider possibilities for partnering in urban railway and metro projects. 

In the field of energy, the two sides hailed the operation of Việt Nam-Russia joint ventures in oil and gas exploration and exploitation in Việt Nam’s continental shelf and Russia’s territory. 

They agreed to co-operate in building and upgrading thermo-electric and hydro-electric plants in Việt Nam. 

Shuvalov, meanwhile, said that Russia will pay attention to the import of Vietnamese seafood and agricultural products and is willing to establish joint ventures specialising in farm produce with Việt Nam. 

The Russian official also held that the two countries boast potential for co-operation in industry such as auto assembly, and education-training. Russian enterprises wanted to join in the construction of underground railways in Hà Nội and HCM City. — VNS