VN, Russia pledge to effectively implement FTA

VGP – Viet Nam and Russia have committed to effective implementation of the Viet Nam- Eurasian Economic Union (EAEU) free trade agreement in order to make breakthroughs in the two countries’ economic, trade and investment ties and realize trade goal of US$10 billion by 2020.

September 08, 2017 6:01 PM GMT+7

The 20^th meeting of the Viet Nam-Russia Inter-governmental Committee for Economic-Commercial and Scientific-Technological Cooperation in Ho Chi Minh City on Sept. 8, 2016. Photo: VGP

The agreement was made during the 20^th meeting of the Viet Nam-Russia Inter-governmental Committee for Economic-Commercial and Scientific-Technological Cooperation, held in Ho Chi Minh City on Friday.

Deputy PM Trinh Dinh Dung and Russia's First Deputy PM Igor Shuvalov, who co-chaired the meeting, agreed to continue close coordination in improving the quality of imports and exports.

Reviewing the implementation of priority projects, the two Deputy PMs agreed to boost projects on agriculture, energy, oil and gas, and infrastructure and consider new ones on urban railway development.

Regarding energy cooperation, the two sides agreed to continue support for their joint ventures’ operations and bolster cooperation in building and upgrading thermal and hydro power plants in Viet Nam.

Both sides also agreed that local-to-local cooperation potential remains vast, thus localities should continue maintaining delegation exchanges and trade promotion activities.

After the meeting, the two Deputy PMs signed the meeting minutes and witnessed the signing of a series of cooperation documents.

The two Deputy PMs also co-chaired press conference to announce the outcomes of the meeting.

Both sides agreed that the bilateral relationship has advanced well over the past time based on high political trust.

The two countries have coordinated closely and effectively on the international arena, contributing to peace, stability and prosperity in the world.

The two sides have enjoyed dynamic economic, trade and investment ties with the two-way trade of nearly US$2 billion in the first seven months this year, up 27%.

As of July this year, Russian investors had poured over US$ 1 billion in 115 projects in Viet Nam while Viet Nam has 18 projects in Russia with combined capital of US$2.4 billion./.

By Huong Giang