11:15 (GMT +7) - Saturday 25/11/2017

Vietnam Today

Vietnam & Russia to embark on key projects

Released at: 14:15, 25/11/2016

Vietnam & Russia to embark on key projects

Photo: VNA

Projects and other matters discussed during visit to Russia by Deputy PM and Minister of Foreign Affairs Pham Binh Minh.

by Ha Nguyen

Vietnam and Russia pledged to embark on projects in the fields of energy, industry, and mechanical engineering on November 24 during the visit to the country by Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh.

These include establishing an automobile manufacturing joint venture in Vietnam, opening a Vietnamese light industry complex in Moscow, and facilitating the operations of the TH True Milk farms in Moscow Oblast and Kaluga province, according to the government’s news portal.

Deputy PM Minh met his counterpart, Foreign Minister Sergey Lavrov, in Moscow and the two discussed coordination in the oil and gas sector, which they agreed was of strategic importance to both sides.

In the first ten months of this year two-way trade hit $2.2 billion, according to official figures. The two countries are set to implement the Vietnam-Eurasian Economic Union Free Trade Agreement and expect to lift the figure to $10 billion by 2020.

The two leaders underscored energy ties as one of the strategic pillars in each country’s development and vowed all possible support for Vietnamese and Russian oil and gas firms to enhance coordination.

Both Deputy PM Minh and Mr. Lavrov committed to continuing the existing close cooperation on national defense and security matters, especially from a military technical point of view, as well as the expansion of science and technology, education, training, culture, tourism, and labor ties.

On multilateral cooperation, the two will continue working closely at multilateral forums such as the UN, the APEC Forum, the Asia-Europe Meeting, the East Asia Summit, and the ASEAN Regional Forum.

Vietnam backs Russia’s active role in the Asia-Pacific and stands ready to serve as a bridge connecting it and ASEAN, Mr. Minh told his host.

For his part, Mr. Lavrov hailed Vietnam’s increasing stature in the region and the world. Turning to the East Sea issue, the two sides are unanimous regarding the need for the peaceful settlement of disputes in line with international law, including the 1982 UNCLOS, the full and effective implementation of the Declaration on the Conduct of Parties in the East Sea (DoC), and the early formulation of a Code of Conduct in the East Sea (CoC), according to the Vietnam News Agency.

The two leaders affirmed their governments will create favorable conditions for enterprises of the two countries to invest in fields such as energy, railways, machinery, light industry and agriculture. Mr. Minh and Mr. Lavrov also signed a cooperation scheme between the two foreign ministries for 2017-2018.

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