The 20th meeting of the Vietnam-Russia Intergovernmental Committee for Economic-Commercial and Scientific-Technological Cooperation in Ho Chi Minh City on Sept. 8 (Source: VNA) HCM City (VNA) – Vietnam and Russia haveagreed to effectively implement the Vietnam-Eurasian Economic Union (EAEU) FreeTrade Agreement (FTA) in order to create breakthroughs in economic, trade andinvestment ties between the two countries, gearing towards bilateral trade of10 billion USD in 2020.
The consensus was reach during the 20th meeting of the Vietnam-RussiaIntergovernmental Committee for Economic-Commercial andScientific-Technological Cooperation in Ho Chi Minh City on September 8.
The event wasco-chaired by Deputy Prime Minister Trinh Dinh Dung and his Russian counterpartIgor Ivanovich Shuvalov.
In his opening remarks,Deputy PM Dung highlighted the long-standing friendship and the comprehensivestrategic partnership between Vietnam and Russia, which, he said, has developedfruitfully across fields, contributing to national construction and developmentin each country.
The annual meeting ofthe committee aims to materialise political commitments and determination ofthe two countries’ high-ranking leaders, by putting forth specific andinclusive solutions in order to advance the bilateral relationship in a moreeffective and pragmatic fashion, he said.
The Deputy PM notedthat bilateral trade has regained its growth rate, especially after theVietnam-EAEU FTA took effect, to reached nearly 2 billion USD in the firstseven months of 2017, up 27 percent year-on-year.
As of June 2017, Russiahad 115 foreign direct investment (FDI) projects worth 1.05 billion USD inVietnam, while Vietnam invested in 18 projects valued at 2.4 billion USD inRussia, Dung said, adding that the number and quality of projects oninvestment, science and technology have been increased.
At a press conference followingthe meeting, Deputy PM Dung announced that the two sides had agreed on concretemeasures to step up cooperation 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 toboost bilateral trade, the two sides will increase the export of Vietnam’sagro-forestry-fishery and consumer products to Russia, while continuing to workwith each other to improve the quality of exports, ensuring product quality andfood hygiene and safety.
Dung said the two sidesagreed to accelerate the implementation of joint projects on industry, energy,oil and gas, and infrastructure construction, and consider possibilities forpartnering in urban railway and metro projects.
In the field of energy,the two sides hailed the operation of Vietnam-Russia joint ventures in oil andgas exploration and exploitation in Vietnam’s continental shelf and Russia’sterritory.
They agreed tocooperate in building and upgrading thermo-electric and hydro-electric plantsin Vietnam.
Russia’s First Deputy PMIgor Ivanovich Shuvalov said he is satisfied with the outcomes of the 20th meeting of the intergovernmental committee, adding that bilateral trade remainsmodest.
He said Russia will payattention to the import of Vietnamese seafood and agricultural products and iswilling to establish joint ventures specialising in farm produce with Vietnam.
The Russian officialalso held that the two countries boast potential for cooperation in industrysuch as auto assembly, and education-training. Russian enterprises wanted tojoin in the construction of underground railways in Hanoi and Ho Chi Minh City.
He expressed his beliefthat Russia will continue to be Vietnam’s important partner and wished thatVietnamese enterprises will gain a firm foothold in the Russian market.-VNA
The consensus was reach during the 20th meeting of the Vietnam-RussiaIntergovernmental Committee for Economic-Commercial andScientific-Technological Cooperation in Ho Chi Minh City on September 8.
The event wasco-chaired by Deputy Prime Minister Trinh Dinh Dung and his Russian counterpartIgor Ivanovich Shuvalov.
In his opening remarks,Deputy PM Dung highlighted the long-standing friendship and the comprehensivestrategic partnership between Vietnam and Russia, which, he said, has developedfruitfully across fields, contributing to national construction and developmentin each country.
The annual meeting ofthe committee aims to materialise political commitments and determination ofthe two countries’ high-ranking leaders, by putting forth specific andinclusive solutions in order to advance the bilateral relationship in a moreeffective and pragmatic fashion, he said.
The Deputy PM notedthat bilateral trade has regained its growth rate, especially after theVietnam-EAEU FTA took effect, to reached nearly 2 billion USD in the firstseven months of 2017, up 27 percent year-on-year.
As of June 2017, Russiahad 115 foreign direct investment (FDI) projects worth 1.05 billion USD inVietnam, while Vietnam invested in 18 projects valued at 2.4 billion USD inRussia, Dung said, adding that the number and quality of projects oninvestment, science and technology have been increased.
At a press conference followingthe meeting, Deputy PM Dung announced that the two sides had agreed on concretemeasures to step up cooperation 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 toboost bilateral trade, the two sides will increase the export of Vietnam’sagro-forestry-fishery and consumer products to Russia, while continuing to workwith each other to improve the quality of exports, ensuring product quality andfood hygiene and safety.
Dung said the two sidesagreed to accelerate the implementation of joint projects on industry, energy,oil and gas, and infrastructure construction, and consider possibilities forpartnering in urban railway and metro projects.
In the field of energy,the two sides hailed the operation of Vietnam-Russia joint ventures in oil andgas exploration and exploitation in Vietnam’s continental shelf and Russia’sterritory.
They agreed tocooperate in building and upgrading thermo-electric and hydro-electric plantsin Vietnam.
Russia’s First Deputy PMIgor Ivanovich Shuvalov said he is satisfied with the outcomes of the 20th meeting of the intergovernmental committee, adding that bilateral trade remainsmodest.
He said Russia will payattention to the import of Vietnamese seafood and agricultural products and iswilling to establish joint ventures specialising in farm produce with Vietnam.
The Russian officialalso held that the two countries boast potential for cooperation in industrysuch as auto assembly, and education-training. Russian enterprises wanted tojoin in the construction of underground railways in Hanoi and Ho Chi Minh City.
He expressed his beliefthat Russia will continue to be Vietnam’s important partner and wished thatVietnamese enterprises will gain a firm foothold in the Russian market.-VNA
VNA
