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Vietnam to work on tripling its bilateral trade with Russia by 2020

Vietnam to work on tripling its bilateral trade with Russia by 2020

The prime ministers of both countries agreed to nearly triple their countries’ two-way trade to $10 billion by 2020, an increase from $3.55 billion last year

Speaking to reporters after talks in Hanoi, Russian Prime Minister Dmitry Medvedev stated the countries will expand their cooperation in the oil and gas industries and transportation.

According to Russian prime minister Dmitry Medvedev, Moscow wants to boost economic ties with Hanoi. He stated that the two countries have agreed to nearly triple trade turnover by the end of next year.

The volume of Russia-Vietnam trade amounted to $3.37bn in January-August 2018. Last year, trade turnover increased by 36.2% to $5.23bn. Russia’s exports to Vietnam include machinery and equipment, grain crops, food products, mineral raw materials, metals, etc. Imports included electrical engineering and components, mobile phones, textiles, food, and agricultural raw materials.

Vietnam was also the fourth largest buyer of Russian wheat after Egypt, Turkey and Bangladesh in the previous marketing season. The Southeast Asian country has imported 1.2mn tons of Russian wheat since the start of the current 2018/19 marketing season.

Russia also currently invests in over a hundred projects in Vietnam–totaling $990mn, many in oil and gas exploration and exploitation.

Medvedev is currently on an official visit to Vietnam where he has already met with the Vietnamese Prime Minister Nguyen Xuan Phuc. He has emphasised the need for the two countries to support joint energy investment projects.

According to Medvedev, the sides will expand their cooperation in the oil and gas industries and transportation. Three years ago, Vietnam joined the Russia-led Eurasian Economic Union (EEU), becoming the first non-regional country to enter the bloc. The free trade zone agreement allows Russian car manufacturers to produce vehicles in Vietnam

 “We emphasized that energy companies from Russia and Vietnam have had successful cooperation and we wish that cooperation will continue to be consolidated,” Medvedev stated through a translator.

Vietnamese Prime Minister Nguyen Xuan Phuc stated that cooperation in defense and security and other areas has seen positive results. He further added that the two countries will be able to cooperate more effectively through the Russian-led Eurasian Economic Union trade deal which took effect in 2016, and is set to boost bilateral trade to $10bn by 2020.

Medvedev was scheduled to meet with Vietnamese President Nguyen Phu Trong and National Assembly Chairwoman Nguyen Thi Kim Ngan later Monday before concluding his visit.

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