Deputy Prime Minister Trinh Dinh Dung (L) and his Russian counterpart Maksim Akimov at the meeting. (Photo: VNA)

Moscow (VNA) – Vietnam and Russia reached consensus on various measures to step up bilateral ties during the 21st session of the Vietnam-Russia Inter-Governmental Committee for Economic-Commercial and Scientific-Technological Cooperation in Moscow on October 29.

They concurred to implement high-level agreements reached during the official visit to Russia by General Secretary of the Communist Party of Vietnam Central Committee Nguyen Phu Trong last September.

Both sides held that economic, trade and investment ties between Vietnam and Russia have developed dynamically over the past time, with the effective realisation of the free trade agreement between Vietnam and the Eurasian Economic Union to which Russia is a member.

Two-way trade reached 3.55 billion USD in 2017, up 31 percent against the same period last year. The turnover stood at 3.4 billion USD in the first nine months of this year, up 36.8 percent year-on-year.

Investment cooperation has also been expanded as seen through Vietnam’s big investment projects in Russia.

They shared the view that the two countries have a lot of potential for collaboration, particularly in the areas of their strength like energy, agriculture, industry, transport, science-technology, and education-training.

Deputy Prime Minister Trinh Dinh Dung and his Russian counterpart Maksim Akimov, who co-chaired the meeting, discussed concrete measures to foster the bilateral affiliation amidst the Fourth Industrial Revolution, especially in trade-investment, information-technology, transport infrastructure, finance-banking, energy, science and education-training.

They consented to consider the lift of non-tariff barriers in import-export, particularly in agriculture and fisheries, aiming to raise the bilateral trade to 10 billion USD in 2020 as set by leaders of the two countries.

The two sides also compared notes on measures to enhance bilateral transactions by domestic currencies.

In the sphere of energy, they agreed to create more favourable conditions for oil and gas projects, while expanding the collaboration in other fields like liquefied natural gas (LNG) and electricity.

They looked into promising transport infrastructure cooperation projects, especially railway ones in Vietnam.

At the end of the session, the two Deputy PMs witnessed the signing of some cooperation agreements between Vietnamese and Russian businesses and organisations in the fields of banking, telecommunications and education-training.

The 22nd session of the committee is scheduled to be held in Vietnam in 2019.

The Deputy PMs told the press that the meeting was a success, further explaining that they discussed major cooperation areas in a candid, open, practical and comprehensive manner.-VNA