PM expects Vietnam-Russia annual trade to soon reach 10 billion USD

Prime Minister Nguyen Xuan Phuc (R) meets with Russia Ambassador to Vietnam Konstantin Vnukov in Hanoi on November 11. (Photo: VNA)

Hanoi – Vietnam and Russia should take measures to soon lift the annual bilateral trade to 10 billion USD, Prime Minister Nguyen Xuan Phuc said during his reception in Hanoi for Russia Ambassador to Vietnam Konstantin Vnukov on November 11.

The reception took place shortly after the virtual meeting of the Vietnam – Russia Inter-governmental Committee had wrapped up successfully on the same day.

Speaking to the Russian diplomat, PM Phuc welcomed the meeting, saying it provided a good opportunity for the governments, ministries and agencies of the two sides to exchange views and seek ways to foster cooperation in the coming time.

He also spoke highly of the enthusiastic contributions made by the Russian diplomat during his mission in Vietnam to strengthening the two countries’ Comprehensive Strategic Partnership.

Vietnam and Russia enjoy a high level of political trust and regular exchanges of delegation, particularly at the high level, the leader said, adding that economic cooperation between the two nations has seen positive progress over recent years, with two-way trade growing to 4.5 billion USD in 2019 from 2.5 billion USD in 2014.

Despite the adverse impact of COVID-19, the bilateral trade rose by nearly 10 percent in the first nine months of this year, he added.

The leader went on to say the two countries should further beef up ties in economy, trade, security and defence, and that they need to remove barriers to pave the way for expansion of cooperation.

Russia Ambassador Konstantin Vnukov, for his part, said Russia and Vietnam have a special relationship and the Russian side always treasures this.

He affirmed Russia’s support for Vietnam as the Chair of ASEAN this year, saying ASEAN is one of Russia’ top priorities for cooperation in Asia-Pacific and Vietnam tops ASEAN member states in economic and trade relations with Russia.

Vietnam is among the countries succeeding in combating COVID-19, he continued, adding Russia wants to assist Vietnam in COVID response, particularly in terms of vaccine.

PM Phuc, meanwhile, reiterated that as the ASEAN Chair 2020, Vietnam continues supporting and bolstering the ASEAN-Russia Strategic Partnership.