Vietnam Premier Wraps up Russia Tour; Economic Deals Inked

Tuan Minh

10:11 20/05/2016

BizLIVE - Vietnamese PM Nguyen Xuan Phuc has finished his official visit to Russia, during which a number of economic deals were signed.

Vietnam Premier Wraps up Russia Tour; Economic Deals Inked

PM Nguyen Xuan Phuc meets with President V. Putin at the Russia-ASEAN summit in Sochi on May 19. (Photo: VGP)

Vietnamese Prime Minister Nguyen Xuan Phuc has wrapped up his official visit to Russia, his first overseas trip since being sworn in early last month, with a focus on economic, trade, security and military cooperation.
On the sidelines of the Russia-ASEAN summit in the Russian resort city of Sochi, the Russian Economic Development Ministry and the Vietnamese Ministry of Industry and Trade signed a memorandum on activating bilateral trade and economic cooperation.
The document aims to support Russian and Vietnamese businesses in order to increase the bilateral trade to $10 billion by 2020 and to stimulate economic cooperation between the countries.
“Russia and Vietnam will develop cooperation in such spheres as promotion of expanding practice of using national currencies in payments of two countries, of implementing Russian-Vietnamese investment projects, of creating customs warehouses and logistic centers for transportation of export and import goods,” Sputniknews quoted the statement as saying.
Trade between Vietnam and Russia totaled $2.18 billion in 2015, down 14.39% year-on-year. In the first four months of this year, the bilateral trade reached $836.75 million, up 41.8% from a year earlier, according to data of the General Department of Vietnam Customs.
At a press meeting, Russia’s PM Dmitry Medvedev said the Russian government was willing to cooperate with Vietnam in a wide range of sectors such as telecommunications, banking, finance, automobile assembly, engine manufacturing, shipbuilding, mining and agriculture.
The oil and gas is a priority for cooperation between the two governments, the Russian prime minister stressed.
The following are cooperation agreements signed between the two countries’ government agencies and enterprises in the presence of PM Nguyen Xuan Phuc and his Russian counterpart:
Vietnam's PM Nguyen Xuan Phuc and Russia's PM D. Medvedev witness the signing of an MoU between PetroVietnam and Gazprom. (Photo: VGP)
- An MoU between PetroVietnam and Gazprom on cooperation in the electricity sector.
- An MoU between PetroVietnam and Gazprom on exploring oil and gas in Vietnam and third countries.
- An addiment of an agreement of training between PetroVietnam and Gazprom.
- A strategic cooperation agreement between PetroVietnam and Rosneft.
- A memorandum of understanding (MoU) between TNG Holdings Vietnam and Russia’s Overseas Asset Management Company on building a multi-sectorial center in Hanoi, at a cost of $300 million.
- An MoU between the Russian Direct Investment Fund (RDIF) and Vietnam’s State Capital Investment Corporation (SCIC), on establishing a $500-million fund to boost bilateral trade and investment.
- An agreement between TH Group and Kaluga province on building cow farms and veggie complex.
- An agreement on distribution at Block 16-01/15 between PetroVietnam and a consortium of VSP, PVEP, Bitexco and Sovico.