As a Eurasian economic powerhouse, Russia’s look east policy is in line with the interests of regional countries, including Vietnam, said a Vietnamese official at a seminar on September 4 as part of the ongoing 5th Eastern Economic Forum (EEF) in Russia.

Deputy Foreign Minister To Anh Dung (centre) at the seminar (Photo: VNA)

Deputy Foreign Minister To Anh Dung stated the policy, which focuses on promoting global integration and encouraging nations to join free trade agreements with the Eurasian Economic Union (EAEU), reflects Russia’s efforts to boost trade liberalization, serving its social-economic development and at the same time being in line with regional country’s interests.

He believed Russia and its partners will obtain practical results in contribution to peace, stability and prosperity in the region and in the world.

The official pointed to similarities in economic development directions of Vietnam and Russia, which prioritise technological development, free trade and high-quality investment.

He highlighted the significant achievement in the two pillars of the two countries’ economic cooperation which are oil & gas – energy and trade. Bilateral oil & gas joint ventures like Vietsovpetro, Rusvietpetro, and Gazpromviet are operating effectively in the territories and continental shelves of Vietnam and Russia, while bilateral trade surged after the signing of the EAEU – Vietnam Free Trade Agreement in 2015, reaching 4.5 billion USD in 2018.

He suggested both nations make oil & gas – energy a traditional and long-term strategic sector in a bid to realise their goal of reaching 10 billion USD in bilateral trade in 2020.

Vietnam is willing to supply skilled labourers for and export agro-forestry-fishery and consumer products to the Far East, Dung affirmed.

In an interview with the Vietnam News Agency, Andrey Bystritsky, Chairman of the Valdai Discussion Club, said Vietnam plays an important role in Russia’s look east policy, which benefits both sides. 

The Vietnamese delegation to the 5th EEF is led by Deputy Prime Minister Trinh Dinh Dung. The forum opened in Russia’s Vladivostok on September 4, drawing the participation of around 8,000 delegates from more than 50 countries worldwide.