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Russia and Vietnam Discuss Trade and Economic Relations

7 June 2019
Россия и Вьетнам обсудили развитие торгово-экономических отношений

Adviser to the Russian President Anton Kobyakov held a meeting with Nguyen Van Binh, Member of the Politburo, Secretary of the Central Committee, and Chairman of the Economic Commission of the Vietnam Communist Party, at the St. Petersburg International Economic Forum 2019 during which the officials discussed the development of trade and economic relations between the two countries, the participation of Vietnamese representatives in key business events in Russia as well as joint activities dedicated to the bilateral year of Vietnam in Russia and Russia in Vietnam (2019–2020).

Kobyakov thanked Nguyen Van Binh for attending the St. Petersburg International Economic Forum and noted that relations between the two countries are intensifying: «I am certain that the participation of Vietnamese representatives in the St. Petersburg International Economic Forum and Eastern Economic Forum will mark a new milestone in the development of our partnership. In recent years, we have seen positive dynamics in the development of both political and economic contacts between Russia and Vietnam, and a regular dialogue between the leaders of the two countries. Relations between Russia and Vietnam can be described as a comprehensive strategic partnership. I hope that our meeting will serve as another step towards strengthening the friendship between our countries».

The last high level visit took place on 21–24 May of this year, when Russian President Vladimir Putin and Prime Minister Dmitry Medvedev met with Vietnamese Prime Minister Nguyen Xuan Phuc. The meeting agenda included a discussion of ways to further deepen the comprehensive strategic partnership between the two countries. During the meeting in the Kremlin, Vietnam was lauded for its role in the successful implementation of the free trade zone of the Eurasian Economic Union (EAEU). The officials also pointed out an increase in mutual trade turnover to USD 6 billion, or more than 30 percent over the latest period.

«The free trade agreement that was signed has facilitated growth in mutual trade turnover and the strengthening of trade and economic ties between its parties and will also help solve the problem of connecting the EAEU to the rapidly developing integration processes in the Asia-Pacific region. Since the agreement was signed, we can see a marked increase in mutual trade and a number of positive effects for business. Most importantly, these effects are absolutely balanced and mutually beneficial», Nguyen Van Binh said.

The activities of the Russian-Vietnamese Intergovernmental Commission on High-Level Trade, Economic, and Scientific, and Technical Cooperation are a key component in the promotion of cooperation in practical areas.

In addition, the events of the Roscongress Foundation provide an excellent opportunity for cooperation in investment. For example, the Russia—ASEAN Business Dialogue is held each year at the Eastern Economic Forum, where Russia and ASEAN countries discuss important aspects of interaction and prospects for investment cooperation.

The meeting participants also discussed the prospects for Russian-Vietnamese cooperation as part of the 2019–2020 bilateral year of Vietnam in Russia and Russia in Vietnam.