Politics

Vietnam, Russia seek to remove bottlenecks in economic cooperation

Two-way trade has continued to grow, with Russia exporting products such as fertilisers and potash to Vietnam, while importing Vietnamese goods including garments-textiles and coffee. However, both sides agreed that overall trade turnover remains modest relative to the potential and the level of the comprehensive strategic partnership between the two countries.

Vietnamese Minister of Finance Ngo Van Tuan (Photo: VNA)
Vietnamese Minister of Finance Ngo Van Tuan (Photo: VNA)

Moscow (VNA) – Vietnamese Minister of Finance Ngo Van Tuan has held talks with Russian Minister of Economic Development Maxim Reshetnikov in Kazan, the capital of the Republic of Tatarstan, on the sidelines of the ASEAN-Russia Commemorative Summit.

At their June 16 meeting, the two ministers reviewed recent developments in bilateral economic, trade and investment cooperation and discussed orientations and measures to strengthen ties in the coming period.

Tuan affirmed that Vietnam consistently values its longstanding friendship and comprehensive strategic partnership with Russia, stressing that deeper economic and investment cooperation is important in reinforcing bilateral relations amid global economic uncertainty.

The two sides acknowledged positive progress in bilateral trade and investment, particularly through flagship projects in the oil, gas and energy sectors. As of May 31, Russia had 223 valid investment projects in Vietnam with total registered capital of approximately 996.4 million USD, while Vietnam had 19 projects in Russia with combined registered capital of around 1.64 billion USD.

They also noted that two-way trade has continued to grow, with Russia exporting products such as fertilisers and potash to Vietnam, while importing Vietnamese goods including garments-textiles and coffee. However, both sides agreed that overall trade turnover remains modest relative to the potential and the level of the comprehensive strategic partnership between the two countries.

The ministers welcomed ongoing technical-level discussions on a draft Memorandum of Understanding (MoU) aimed at establishing an official and long-term cooperation mechanism. They agreed to continue coordination to finalise procedures and move towards signing the agreement at the earliest opportunity. Once concluded, the two ministries plan to develop a joint action programme covering policy exchanges, investment promotion and business support initiatives.

Tuan welcomed Russia’s sharing of experience in developing electronic tax administration systems to modernise Vietnam’s tax sector, as well as customs cooperation to enhance electronic data connectivity and make better use of the free trade agreement between Vietnam and the Eurasian Economic Union.

He pledged to report to competent authorities on Russian proposals relating to tourism and labour cooperation.

While recognising a number of existing difficulties and obstacles, both sides noted their determination to address them as soon as possible.

Concluding the meeting, Tuan stated that Vietnam’s Ministry of Finance stands ready to work closely with Russia’s Ministry of Economic Development to implement the agreed outcomes and further deepen the comprehensive strategic partnership in a more practical and effective manner. Both ministers also expressed their wish to strengthen future exchanges and working visits between the two ministries./.

VNA
#Vietnam Russia economic cooperation #Ngo Van Tuan #Maxim Reshetnikov #ASEAN-Russia Commemorative Summit Russia Vietnam
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