Vietnam and Russia consented to a score of measures to boost their bilateral relations during the 22nd session of the Inter-governmental Committee for Economic-Commercial and Scientific-Technological Cooperation in Hanoi on October 29.

At the 22nd session of the Inter-governmental Committee for Economic-Commercial
and Scientific-Technological Cooperation (Photo:VNA) 

The session was co-chaired by Vietnamese Deputy Prime Minister Trinh Dinh Dung and his Russian counterpart Maxim Akimov.

Both sides pledged to carry out high-level agreements reached during the official visit to Russia by Prime Minister Nguyen Xuan Phuc last May.

They noted with joy at the dynamic development of the bilateral economic, trade and investment ties over the recent past, with last year’s two-way trade touching US$4.5 billion, a rise of 30% over a year earlier, thereby making Vietnam the biggest trade partner of Russia in the Association of Southeast Asian Nations (ASEAN).

More and more Vietnamese and Russian businesses have invested in major projects on agriculture, energy and transport in the two countries, giving a boost to their investment cooperation.

Besides oil and gas, Russia is running 123 foreign direct investment (FDI) projects worth roughly US$1 billion in other areas in Vietnam while the Southeast Asian nation has poured close to US$3 billion in 20 projects in Russia.

However, trade cooperation has yet to match their full potential, they said, proposing that Vietnamese and Russian governments, ministries and agencies take drastic measures to enhance commercial cooperation.

The two Deputy PMs agreed to consider removing non-tariff barriers in trade, especially those related to farm produce, seafood, garments-textiles and footwear. 

Regarding the oil and gas field, Deputy PM Dung assured Vietnam’s readiness to offer optimal conditions for Russian companies to strengthen their presence and implement oil and gas exploration and exploitation projects in Vietnam’s continental shelf.

Deputy PM Akimov, in turn, affirmed his nation’s continued support for Russian oil and gas companies to expand cooperation with their Vietnamese partners, including partnerships in other spheres like liquefied natural gas (LNG) and gas-fuelled electricity.

The two sides also hailed the initial results of bilateral collaboration in e-Government and smart city building, and concurred to push ahead with a joint project on the construction of a research centre for science and nuclear technology in Vietnam.

Vietnam and Russia were said to relish good prospects for the expansion of partnerships in such areas as high-tech, health care, finance-banking, science and education-training, they said.

At the end of the session, the Deputy PMs witnessed the signing of cooperation agreements in the banking sector, and attended a ceremony introducing transactions using Russia’s MIR cards in Vietnam.
The next meeting of the committee is set to take place in Russia in 2020.

On this occasion, Deputy PM Dung and his Russian counterpart gave speeches at the 2019 Vietnam-Russia Business Dialogue, jointly held by the Vietnam Chamber of Commerce and Industry (VCCI) and the Russian council of entrepreneurs.
These activities are part of Deputy PM Akimov’s official visit to Vietnam from October 28-30.