Party chief Trong’s Russia visit expected to help consolidate strategic ties
14:21 | 03/09/2018
VGP – Party General Secretary Nguyen Phu Trong will pay an official visit to the Russian Federation from September 5-8 at the invitation of Russian President Vladimir Putin.

Party General Secretary Nguyen Phu Trong (L) and Russian President V. Putin.

Infographics: Overview of Viet Nam–Russia relationship 

The visit takes place one year ahead of the 25th anniversary of the signing of the Treaty on fundamental principles of the Viet Nam-Russian Federation friendly relations and 70th anniversary of the establishment of the Viet Nam-Russian Federation diplomatic ties.

The visit is expected to help consolidate political trust, strengthen strategic bonds and improve the effectiveness of bilateral cooperation.

The Soviet Union was among the first countries in the world to recognize and officially set up diplomatic ties with Viet Nam in 1950, laying foundation for bilateral long-lasting friendship and fine cooperation.

Since December 1991, the multifaceted and mutually beneficial cooperation between Viet Nam and the Russian Federation has grown remarkably and comprehensively.

The two countries inked the Treaty on fundamental principles of the friendly ties on June 16, 1994 on the occasion of Vietnamese PM Vo Van Kiet’s visit to Russia, opening up a new stage of the bilateral ties.

Viet Nam and the Russian Federation decided to lift up the bilateral ties to strategic partnership in 2001 and then to the comprehensive strategic partnership on July 27, 2012.

US$ 10 bln trade value goal

Viet Nam and the Russian Federation established an Inter-Governmental on economic, trade, scientific and technological cooperation in 1992 and decided to elevate the mechanism to Deputy Prime Minister level in 2011.

The free trade agreement between Viet Nam and the Eurasian Economic Union with four founding members-Russia, Kazakhstan, Belarus and Armenia- which came into effect since October 2016, is expected to help both sides realize the two-way trade goal of US$ 10 billion by 2020.

The Russian Federation is the 26th biggest importer and the 22nd supplier of Viet Nam. Last year, the two-way trade volume reached US $3.5 billion.

Key Vietnamese exports to the Russian Federation include phones, garments and textiles, seafood while Viet Nam mainly imported petrol, steel, fertilizers, machines among others.

On investment, the Russian Federation ranks 22nd out of 117 countries and territories investing in Viet Nam, with 116 valid projects worth US$ 990 million, focusing on petrol, manufacturing, energy, mineral exploitation.

Meanwhile, Viet Nam has poured nearly US$ 3 billion in 23 projects in the Russian Federation, mainly in such fields like petrol, trade, and agriculture./.

By Ngoc Van

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