Vietnam, Russia aim to triple two-way trade by 2020

(VOVWORLD) - Vietnam and Russia reached consensus on various measures to strengthen bilateral ties during the 21st session of the Vietnam-Russia Inter-Governmental Committee for Economic-Commercial and Scientific-Technological Cooperation in Moscow on Monday.
Vietnam, Russia aim to triple two-way trade by 2020 - ảnh 1Vietnam and Russia aim to triple two-way trade by 2020 (Photo: VGP/Xuan Tuyen) 

Vietnamese Deputy Prime Minister Trinh Dinh Dung and his Rusian counterpart Maksim Akimov agreed that economic, trade, and investment ties between Vietnam and Russia have developed dynamically, with the effective realisation of the free trade agreement between Vietnam and the Eurasian Economic Union, of which Russia is a member. Two-way trade reached more than 3.5 billion USD last year, up 31 percent for the year but the two countries have a potential for even closer collaboration in energy, agriculture, industry, transportation, science, technology, education, and training.

The two agreed to consider lifting non-tariff trade barriers, particularly in agriculture and fisheries, to raise bilateral trade to 10 billion USD by 2020, and to create more favourable conditions for oil and gas projects, while expanding collaboration in other fields like liquefied natural gas (LNG) and electricity.

On this occasion, Vietnamese and Russian businesses and organisations signed cooperation agreements on banking, telecommunications, education and training.