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Ample room for Vietnam, Russia to foster trade relations

Malie Nguyen Malie Nguyen

Dieuhuong270198@gmail.com

May 19, 2021 | 11:07

Despite global trade uncertainties and COVID-19, trade between Vietnam and Russia has grown significantly, heard an online seminar in Moscow on May 18.

Vietnam-Russia Friendship Association holds online activities to mark founding anniversary Vietnam-Russia Friendship Association holds online activities to mark founding anniversary
Study of East Sea conveyed by Vietnamese experts from Russian vessel Study of East Sea conveyed by Vietnamese experts from Russian vessel
Sixth Vietnam Day in Moscow State Institute of International Relations Sixth Vietnam Day in Moscow State Institute of International Relations

The bilateral trade in the first 10 months of last year hit 10.34 billion USD, a year-on-year rise of 17.98 per cent, according to Dr Vu Thuy Trang, Director of the Centre for Russian and CIS Studies at the Institute for European Studies under the Vietnam Academy of Social Sciences.

The seminar, which brought together more than 20 Vietnamese and Russian scholars, looked into trade and investment cooperation outcomes between the two countries since the free trade agreement between Vietnam and the Eurasian Economic Union (EAEU) came into force in October 2016, Vietnamplus reported.

Ample room for Vietnam, Russia to foster trade relations
Trade between Vietnam and Russia in the first 10 months of last year hit 10.34 billion USD, a year-on-year rise of 17.98 per cent. (Photo: VNA)

The participants also pointed out limitations and proposed solutions and recommendations for boosting the ties.

Many said Vietnam’s export revenue to the EAEU has still remained modest as compared with their potential.

Vietnam has signed an array of FTAs with countries worldwide and posted marked economic growth, they said, noting that there is ample room for Vietnam and Russia to step up their economic and trade links.

Previously, Foreign Minister Bui Thanh Son held phone talks with his Russian counterpart Sergei Lavrov on April 27.

During his phone talks with the Russian minister, Son affirmed that Russia is among the leading important partners in Vietnam’s foreign policy, and congratulated the country on its success in containing COVID-19, especially in vaccine research and production.

Despite the pandemic, Vietnam and Russia have maintained exchanges, with many phone talks held between their high-ranking leaders, contributing to promoting the bilateral cooperation across spheres, Son said.

Ample room for Vietnam, Russia to foster trade relations

Vietnamese Foreign Minister Bui Thanh Son (Photo: VNA)

The ministers discussed Vietnam-Russia collaboration, covering politics-diplomacy, security-national defense, economy-trade, investment, energy-oil and gas, and COVID-19 prevention and control.

They also compared notes on cooperation between the two foreign ministries and coordination between the two countries at multilateral forums, including the United Nations Security Council (UNSC) and ASEAN.

Both expressed their hope to well organize activities during the Vietnam-Russia and Russia-Vietnam Year in 2021.

Minister Son used the occasion to thank Russia for supporting Vietnam’s ASEAN Chairmanship in 2020, and non-permanent membership of the UNSC for 2020-2021.

Vietnam is willing to closely coordinate with Russia and other ASEAN countries in organizing activities marking the 25th anniversary of the ASEAN-Russia relations (1996-2021), Son said.

For his part, the Russian minister lauded Vietnam’s performance in external affairs, as well as the country’s increasingly impressive role in the regional and international arena.

On this occasion, Lavrov invited Son to visit Russia at a convenient time. The Vietnamese minister accepted the invitation with pleasure.

On April 5, Party General Secretary Nguyen Phu Trong also held phone talks with Russian President Vladimir Putin.

He said the Party and State of Vietnam attach great importance to the traditional friendship and comprehensive strategic partnership between Vietnam and the Russian Federation.

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Malie Nguyen