Russia sees Vietnam as regional key business partner: Russian Deputy PM

Russia considers Vietnam one of its key partners in Southeast Asia, Russian Deputy Prime Minister Dmitry Chernyshenko said.

At his meeting with Vietnamese Prime Minister Pham Minh Chinh in Hanoi Thursday, Chernyshenko said one of the reasons for this importance is Vietnam is the only Southeast Asian country to sign a free trade agreement with the Eurasian Economic Union (EAEU).

He said bilateral business ties have benefited significantly from the trade pact, which also has Belarus and Kazakhstan as members.

As the deal took effect in October 2016, bilateral trade between Vietnam and Russia doubled in the period 2016-2021 to more than $5.5 billion in 2021. The average annual growth rate for the performance was about 15%, he said.

Chernyshenko expressed the desire for both sides to maintain contact and exchange to resolve issues timely and propose measures to implement bilateral cooperation.

Chinh told him that Vietnam does not take sides but chooses justice and righteousness and strives to be friends with all countries for peace and development.

Chernyshenko is in Vietnam for an official visit and to co-chair the 24th session of the Vietnam-Russia Inter-governmental Committee for economic, trade and scientific-technical cooperation.

Chinh reiterated Vietnam’s consistent foreign policy of independence, multilateralization and diversification of external relations, being a good friend and trustworthy partner of countries, and being a responsible member of the international community.

The Vietnamese government is committed to promoting mutually beneficial cooperation in various fields, including economic and trade cooperation, investment, science and technology, education and training, culture, tourism and sports, for the benefit of both countries and to strengthen the bond between the two peoples, the Vietnamese leader said.

The two sides noted with pleasure the progresses and achievements in bilateral ties, especially in political relations and traditional cooperation fields.

Chernyshenko said his government considers Vietnam as one of its key partners in the region. He expressed the desire for both sides to maintain contact and exchange to resolve issues timely and propose measures to implement bilateral cooperation.

Vietnam’s Deputy PM Tran Hong Ha and Chernyshenko co-chaired the 24th meeting of the countries’ Inter-Governmental Committee on economic, trade and scientific-technical cooperation the same day in Hanoi.

Ha affirmed Vietnam appreciates the comprehensive strategic partnership with Russia, wishing it to continue to develop and achieve many substantive results in the coming time. He said that the meeting is a favorable opportunity for the two sides to discuss and agree on measures to strengthen their bilateral cooperation.

Ha added the results from economic cooperation between Vietnam and Russia remain "modest" and that different agencies have proposed new projects to boost cooperation in various fields from commerce, infrastructure, and energy, to training and scientific research.

"We encourage Russian businesses to participate in more areas," he said, adding that Vietnam is focusing on drawing foreign investment into high tech, innovation, and green economy.

The two sides agreed to effectively implement the free trade agreement between Vietnam and the Eurasian Economic Union, creating favorable market access conditions for each other, especially concerning their products with strengths and without direct competition.

In education and training, they agreed to early sign a new treaty based on the 2005 agreement, hold the second Vietnam-Russia rectors' forum, and collaborate in the teaching of Vietnamese and Russian.

The two sides consented to hold Russian Cultural Days in Vietnam in 2023, better implement their cultural cooperation program for 2022-2024, and enhance collaboration in high-performance sports.

Concluding the session, the two deputy PMs signed its minutes and agreed to hold the next session of the committee in Russia next year. They also witnessed the signing of cooperation pacts in science and high technology.

By this March, Russia had 171 business projects operative in Vietnam, with registered capital of more than $970 million, making it the 28th largest investor among 143 countries and territories investing in Vietnam. More than half of the projects involve natural resource exploitation.