Vietnamese President Visits Moscow, Trade Deals Signed

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Vietnamese President Nguyen Xuan Phuc with Russian President Vladimir Putin

The Vietnamese President Nguyen Xuan Phuc has been in Russia, meeting with Russian President Vladimir Putin, and helping both countries make comprehensive analysis on their bilateral achievements and sketch out future plans to further accelerate bilateral ties across different sectors.

Andrey Vladimirovich Yatskin, First Deputy Chairman of the Council of Federation said that the Vietnam-Russia relationship is experiencing a period of strong growth and need to be further reinforced. He noted that the two countries share a special relationship not only in terms of politics but also with the elevation of bilateral ties to a comprehensive strategic partnership.

The economic partnership between Vietnam and Russia is rapidly expanding, with bilateral trade reaching US$5.7 billion in 2020, up 15% year on year despite the impact of COVID-19.

The 2021 figure is expected to reach US$6.5 billion, with growth attributed to the free trade agreement between Vietnam and the Eurasian Economic Union (EAEU).

Yatskin said that Russian atomic firm Rosatom is supporting the building of an atomic science and technology centre in Vietnam, as well as cooperating in information security and both parties look towards the digital economy as a new economic and cooperation pillar.

Yatskin said Vietnam and Russia have given each other great support, with  Vietnam among the first countries in Southeast Asia to permit the use of Russian-made Sputnik V vaccine and one of the first to produce it vaccine domestically.

Education has also been an important cooperation area, with thousands of Vietnamese experts being trained in Russia. In 2021, despite Covid problems, about 1,000 Russian scholarships have been granted to Vietnamese students. Currently, Russia is hosting about 6,000 students, post-graduates and apprentices from Vietnam.

Yatskin highlighted that during the Vietnamese leader’s visit, a series of cooperation agreements were signed between the two countries in trade and trade as well as other sectors. These include mutual investments in electricity generation, including renewable, industry, production of mineral resources, an expansion of cooperation in the energy sector, the construction of gas-powered electricity plants, supplies of liquefied natural gas to Vietnam and building corresponding infrastructure.

According to the Kremlin, Russia and Vietnam will develop cooperation in the spheres of industry, agriculture, forestry, credit and finance. They will also continue cooperation in the area of electronic government and will encourage closer ties between regions.

“The sides advocate deepening of the regional economic integration and implementation of initiatives related to the inter-regional interconnection, including the Greater Eurasian Partnership project, as well as strengthening of economic ties between ASEAN and the Eurasian Economic Union (EAEU). Russia and Vietnam will facilitate the further increase of cooperation between ASEAN, EAEU and the Shanghai Cooperation Organization.”

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